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The Latest Breaking News from FCA

NatWest Group chief faces resignation calls over Nigel Farage leak

Dame Alison Rose said she had made a ‘serious error of judgment’

Evening Standard

Charities warn over adverts promising ‘quick fixes’ for debt problems

Some adverts may mimic the branding of debt help charities or push people towards solutions that could worsen their problems, charities said.

The Independent UK

Credit cards: new UK rules could mean end of O% interest deals

Regulations could allow wider access to online-only bank accounts – but no-fee balance transfer deals may have to go

The Guardian - UK

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Jeep-like Mahindra Roxor May Be Sold In US, Court Rules

This dispute has been going back and forth for years.

Motor1

What are the rules on bank account closures and what rights do people have?

The UK’s banking rules have come under scrutiny after Nigel Farage accused Coutts of closing his account unfairly.

The Independent UK

What are the UK rules on access to banking and how are disputes settled?

Everyone has a right to a basic account but banks can deny customers additional services

The Guardian - UK

Sunak, Braverman and City regulator wade into Farage banking row

FCA chief says banks cannot ‘discriminate’ against political views, but chair argues it’s up to Coutts ‘who they do business with’

The Guardian - UK

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Regulator is ‘ready to go’ to bring buy now, pay later firms under its scope

FCA boss Nikhil Rathi said the regulator will make sure there is proportionate regulation supporting innovation and encouraging responsible lending.

The Independent UK

FCA warns it will crack down on banks that fail to pass on savings rates

Nikhil Rathi tells Treasury committee there are ways to assess whether customers are being treated fairly

The Guardian - UK

Savings providers must keep customers informed about available rates – watchdog

FCA boss Nikhil Rathi said firms will need a strategy to ensure customers are adequately informed of available rates across their product set.

The Independent UK

UK financial regulator faces probe into its effectiveness

The ability of the UK’s financial regulator to do its job is set to come under close scrutiny in a new probe.

Evening Standard

National Audit Office launches review of financial regulator’s effectiveness

Plans to assess FCA come in light of its growing list of responsibilities including cryptoassets, AI and competitiveness

The Guardian - UK

Banks should be clearer on how customers can challenge account closures – Which?

The consumer group has offered some suggestions on what banking customers can do if they find their bank account has been closed.

The Independent UK

Parliament launches new inquiry into sexism and misogyny in the City

Treasury committee requests evidence from women in business to determine whether progress has been made since its 2018 investigation

The Guardian - UK

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The Conversation

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 Guardian - UK

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

Motor1

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.

Evening Standard

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

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The Independent UK

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 Guardian - UK

‘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

Insider 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

The Independent 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 Guardian - 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

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