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The Latest Breaking News from FCA

Santander UK fined £108m over anti-money laundering failings

Financial Conduct Authority found ‘serious and persistent gaps’ in bank’s controls

The Guardian - UK

Santander hit with fine over ‘serious and persistent’ money laundering failures

SANTANDER was today whacked with a £108 million fine for what the Citywatchdog called “serious and persistent” money laundering failures.

Evening Standard

Martin Lewis issues mortgage 'payment shock' warning as banks consider aid measures

Money Saving Expert says families will face being unable to pay for their homes

Nottingham Post

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Santander hit with huge fine over 'ineffective' failings

The financial watchdog penalised the major bank over gaps in its anti money laundering controls

Liverpool Echo

Santander fined £107 million for anti-money laundering failures

More than half a million UK business banking customers were subject to poor account oversight

Insider UK

Santander fined £107.8m by finance watchdog over money laundering failings

The failures impacted the oversight of more than 560,000 business customers

Wales Online

Mortgage ‘summit’ to discuss payment support for homeowners next year

Chancellor Jeremy Hunt met banking CEOs along with Martin Lewis and the FCA to discuss the issue.

Daily Record

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One in four home insurance claims are turned down, worrying figures reveal

Almost a quarter of buildings and contents insurance claims are not accepted and paid out by insurers, according to new stats published by the Financial Conduct Authority

Daily Mirror

Warning issued over Facebook and Instagram ads which give misleading financial advice

Consumer experts found a number of investment ads which it says could 'mislead' Facebook and Instagram users.

Daily Record

Hunt to urge banks to aid mortgage borrowers amid cost-of-living crisis

Exclusive: Chancellor to meet heads of UK’s major lenders and consumer champion Martin Lewis on Wednesday

The Guardian - UK

Stronger rules proposed to protect people from rogue financial promotions

Proposals will ensure firms approving adverts have the appropriate expertise and are held accountable for the promotions they sign off, the FCA said.

The Independent UK

Insurers told to stop shortchanging UK drivers by undervaluing write-offs

City watchdog says firms have broken rules as consumers grapple with cost of living crisis

The Guardian - UK

Insurers warned they must offer fair settlements when cars are written off

The Financial Conduct Authority has seen evidence some people are being offered a price lower than the vehicle’s fair market value.

The Independent UK

The “gamification” of the stock market -- why watchdogs are worried

The City regulator is worried about the “gamification” of the stock market. What does that mean?

Evening Standard

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The National (Scotland)

HSBC announces Dundee branch among more than 100 bank closures across the UK

HSBC has said that around 100 staff could leave the bank as a result of plans to axe 114 UK branches from April next year.

The Independent UK

Proposals to make financial advice more accessible set out by City regulator

Some 4.2 million people in the UK hold more than £10,000 in cash and are open to investing some of it.

Daily Mirror

More than 1,000 British Steel pensioners to get £49million compensation over bad advice

Hundreds of British Steel pensioners will get around £45,000 back under compensation plans finalised today by the financial regulator - but retirees face a long wait

The Guardian - UK

FCA reveals £49m redress scheme for British Steel pensions

Financial advisers to pay about £45,000 a worker to 1,000 staff who received unsuitable advice

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Evening Standard

Elephants in the sustainable funds room -- why green funds fail

City Voices: Neither the fund industry nor the regulator is fit for purpose

The Guardian - UK

Dr Martens can’t complain about getting a kicking from investors

Share plunge may look like an overreaction but profits are forecast to fall and the boot maker was clearly overpriced at IPO

Daily Mirror

MP breached ethics code over Russian pal's £150k loan for his mortgage deposit

David Warburton took a £150,000 loan to help fund a buy-to-let mortgage from a Seychelles-based firm belonging to Roman Joukovski. He will not face punishment after he apologised

The Independent UK

MP apologises after failing to declare £150k loan from Russian-born businessman

Standards watchdog finds David Warburton twice breached the MPs’ code of conduct but did not engage in paid advocacy.

Evening Standard

What the FTX downfall can teach us about crypto regulation

City comment: Far from quashing innovation, crypto regulation will set essential ground rules and protections for market participants

The Guardian - UK

No formal sanction for Tory MP who broke rules on declaring interests

Standards commissioner finds David Warburton violated code of conduct twice but accepted his agreement to rectify the breaches

The Independent UK

Game-like design features in stock trading apps should be reviewed, says FCA

Some product design features could be contributing to problematic, even gambling-like, investor behaviour, the regulator said.

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