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The Latest Breaking News from FCA

What is a 'politically exposed person' and why do the likes of Jeremy Hunt and Nigel Farage claim the status prevents them getting bank accounts?

Reports vary as to why the private bank Coutts decided to close the account of former UKIP leader Nigel Farage. He claims he was excluded for his political views, the bank says the problem was a lack of funds. But either way, his case does highlight a wider and longstanding…

The Conversation

Financial firms must boost protections against AI scams, UK regulator to warn

Financial Conduct Authority chief to highlight risks of ‘deepfake’ fraud as well as benefits of Artificial Intelligence

The Guardian - UK

FCA Says Don't Drive 2003 Dodge Ram After Airbag-Related Death

There are an estimated 84,000 trucks that still haven't had the Takata airbag recall performed.

Motor1

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Fintech firms voice frustration as regulatory approvals plunge to fresh lows

Just seven applications were approved in the first quarter of 2023, in signs fintech firms face a near-impossible pathway to getting regulatory clearance to operate in the UK

Evening Standard

Mortgage rates could surpass mini-Budget peak to hit 15-year high, experts warn

Two-year fixed-rate residential mortgage reaches 6.63 per cent on Monday

The Independent UK

People using unregistered crypto ATMs risk losing their money, FCA warns

The regulator said it often sees no effective channels of communication for people to get in touch with the operators of machines.

The Independent UK

Average two-year fixed mortgage rate close to surpassing post-mini-budget peak

The typical two-year fixed-rate residential mortgage on the market has reached 6.63%, Moneyfactscompare.co.uk said.

The Independent UK

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‘I tried to cut my debt but was charged £3,000 in fees’

Woman’s case highlights ‘wild west’ sector when more people are struggling with bills

The Guardian - UK

Banks recognise savers need more help accessing best rates - FCA

Yesterday saw a flurry of new savings rate announcements from banks and building societies

Insider UK

Banks recognise savers need more help accessing best rates, says City regulator

The Financial Conduct Authority said it had held a ‘constructive’ meeting with savings providers.

The Independent UK

UK banks urged to ‘accelerate’ savings rates by financial regulator

FCA tells NatWest, Lloyds, HSBC and Barclays to act more quickly to support consumers after profiteering claims

The Guardian - UK

FTSE 100 hits lowest closing level of 2023 as interest rate rise fears grip markets – business live

FTSE 100 index posts biggest one-day fall since March, as strong US jobs report fuels fears of even higher US interest rates

The Guardian - UK

Financial watchdog to discuss savings rates concerns with bank chiefs

Some people have raised concerns about ‘profiteering’ due to interest rates on savings lagging behind those charged for mortgages.

The Independent UK

FCA investigates Crispin Odey over fitness to work in financial services

Regulator’s investigation of hedge fund manager follows allegations of sexual misconduct, which he denies

The Guardian - UK

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Evening Standard

City firms that tolerate harassment are a bad risk says watchdog

A quarter of complaints per quarter to the FCA are about sexual misconduct

Evening Standard

Nigel Farage doesn’t deny report he’s not wealthy enough to keep account at exclusive bank

The former leader of UKIP accuses Coutts of being ‘very dishonest’ about his bank account

The Independent UK

Banks set for meeting with financial regulator over ‘profiteering’ claims

High street banks will meet the Financial Conduct Authority over concerns high interest rates are not being passed on to to savers.

The Guardian - UK

Watchdog summons UK bank bosses to discuss weak savings rates

Financial Conduct Authority to meet executives on Thursday as part of its investigation into savings market

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The Guardian - UK

MPs accuse banks of ‘blatant profiteering’ as savings rates remain low

Commons Treasury committee writes to four largest banks, saying they risk falling foul of incoming City rules

The Independent UK

Insurers warned about support provided to struggling customers

The Financial Conduct Authority said it has found too many examples of customers not getting the service they are entitled to.

The Guardian - UK

Almost 13 million adults now struggling to pay bills, debt charity warns

Cost of living crisis and rising interest rates forcing more people to become ‘trapped in poverty’

The Guardian - UK

Direct Line ordered to review five years of car claims after underpayments

Insurer told to reassess vehicle write-offs to identify any unfair settlements

Birmingham Post

Newcastle superclub and pub The Lofts and The Hustle closed with £7m deficit, documents show

The venues closed after becoming involved in an ongoing FCA investigation into a separate business owned by company director John Dance

The Independent UK

Financial Conduct Authority enables firms to provide mortgage breathing space

Lenders should make the options available to borrowers clear and accessible and struggling customers should contact their lender, the FCA said.

Daily Mirror

Direct Line to pay compensation after underpaying drivers - are you due cash?

The Financial Conduct Authority (FCA) issued a notice this week saying Direct Line "must carry out" a review of the total losses of vehicles between September 2017 and August 2022

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