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The Latest Breaking News from FCA

People urged to watch out for loan fee fraud as summer fuels financial pressures

Loan fee fraud, where someone pays a fee for a loan they never receive, typically results in a £260 loss, the Financial Conduct Authority said.

The Independent UK

UK banks to be given two weeks to explain closing of customer accounts

Regulator to write to more than 20 of largest lenders after Nigel Farage’s accounts were threatened with closure

The Guardian - UK

Confused about crypto? ICONOMI is a platform that lets you copy every move of the most skilled traders

lCONOMI’s copy trading platform aims to empower users to invest in cryptocurrencies like a pro

The Independent UK

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‘Up all night worrying’: 92-year-old debanked by NatWest after move to Jamaica

Last year’s decision left Philip Cato, who moved ‘home’ in 1990s after 30 years working in the UK, cut off from his state pension

The Guardian - UK

Energy bill help unlikely this winter, Grant Shapps suggests

The Government doesn’t want to ‘constantly pay energy bills’ but plans to ‘absolutely’ cut taxes, he said

Evening Standard

Bank of England governor backs regulator plan to ensure ‘fairness’ for savers

The Financial Conduct Authority said it will take action if firms offering the lowest savings rates are unable to justify how they offer fair value.

The Independent UK

Jeremy Hunt requests inquiry into ‘debanking’ of politicians

Chancellor wants Financial Conduct Authority to investigate whether practice is ‘widespread’

The Guardian - UK

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Debanking poses threat to free speech, Jeremy Hunt says as he asks regulator for probe

The Chancellor has asked the Financial Conduct Authority to look into account closures and report back to him next month

Evening Standard

Interest rate hike adds £24 a month on to average tracker mortgage payment

The 0.25 percentage point rise will add on £23.71 on average to monthly tracker payments, adding up to nearly £285 per year.

The Independent UK

Buy now, pay later firms stay unregulated – and Britons are racking up debt

Estimates suggest one in 10 consumers who use companies such as Klarna and Clearpay end up with debt collectors as no safeguards in place

The Guardian - UK

£250bn sits in accounts earning no interest as regulator tackles poor rates for savers

‘Progress has been made ... but this needs to speed up’

The Independent UK

Nigel Farage says new Coutts boss has offered to keep his accounts open

Former Ukip leader is still taking legal action against bank demanding compensation and apology

The Guardian - UK

£250bn in savings held in accounts which earn no interest

Around three in 10 adults do not have a savings account of any type, the Financial Conduct Authority said.

The Independent UK

Watchdog is right to squeeze banks on savers’ behalf

City Comment: Let’s hope the FCA sticks to its guns and kick-starts a revival of savings

Evening Standard

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The Independent UK

How will the regulator’s cash savings action plan help savers?

Here is a look at the impacts of the 14-point action plan for the cash savings market, which has been set out by the Financial Conduct Authority.

The Guardian - UK

Banks with lowest savings rates to face ‘robust action’, warns UK financial watchdog

FCA gives banks four weeks to justify savings rates as it lays out 14-point plan to monitor treatment of customers

The Independent UK

Action plan to ensure savers are offered fair value drawn up by regulator

The Financial Conduct Authority has set out a 14-point plan to ensure banks and building societies are passing on interest rate rises appropriately.

The Guardian - UK

UK mortgage approvals jump unexpectedly; eurozone returns to growth as inflation falls – as it happened

UK mortgage approvals rise to eight-month high in June, while eurozone GDP rises after narrowly avoiding winter recession

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The Guardian - UK

UK retail financial services set for biggest overhaul in 20 years

FCA’s new rules aimed at improving value for money for customers and preventing ‘foreseeable harm’

The Independent UK

New consumer duty sets higher and clearer standards for financial firms

Overseen by the Financial Conduct Authority, it aims to ensure consumers are at the heart of what companies do.

The Independent UK

What does the new consumer duty mean for financial firms’ customers?

The way financial firms communicate with customers and their products and services will need to comply with the new consumer duty.

The Guardian - UK

UK banks are closing more than 1,000 accounts every day

Nigel Farage calls for royal commission as data shows big jump in customers being ‘debanked’

The Conversation

How new 'consumer duty' rules for financial products could reduce debt-related stress

New “consumer duty” rules introduced by the Financial Conduct Authority (FCA) aim to set clear standards for the protection of financial consumers. Banks, building societies, investment and insurance firms, as well as many other types of business, are being told to “put their customers’ needs first”.

Evening Standard

Wealth manager WH Ireland cuts jobs after completing ‘urgent’ search for funds

WH Ireland successfully raised £5 million at a steep discount this morning, after warning it was in danger of collapse if it failed to do so

The Week

What the new Consumer Duty rules mean for your finances

New regulations coming into force at the end of July should signal good news for customers of banks and other financial services firms.

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