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The Latest Breaking News from FCA

Bosses at City firms could face fines for failing to prioritise consumers

FCA’s new rules are expected to help reduce call wait times, end rip-off charges and make it easier to change investments

The Guardian - UK

New consumer duty for firms ‘will lead to major shift in financial services’

City regulator outlines new rules which should improve how firms treat their customers

Insider UK

Financial counselling 'cleaned up so much mess' after Jacqueline's life was devastated by unexpected trauma

Jacqueline Goodwin became a widow with two babies at the age of 25. She says a financial counsellor helped her overcome extreme budget stress and she's not alone, with experts expecting a spike in mortgage repossessions amid the rising cost of living.

ABC News

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City watchdog failed British Steel pension savers, MPs say

The Financial Conduct Authority has been criticised by MPs on the the Public Accounts Committee.

The Independent UK

Ripped-off steelworkers lost £80,000 pension cash as watchdog failed to act

An investigation published today ruled that the Financial Conduct Authority (FCA) failed to protect the British Steel pension scheme - with some members missing out on as much as £489,000 in life savings

Daily Mirror

Amigo learns lessons from FCA run in

Lender posts £170 million profit but moves quickly to explain anomaly

Evening Standard

City watchdog recruits new chair from Hong Kong regulator

Ashley Alder moving back to London to top job at FCA

Evening Standard

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Financial Conduct Authority names Hong Kong regulator as chair

Ashley Alder will join UK watchdog, which is mired in internal strife, in January 2023

The Guardian - UK

Financial watchdog urges consumers struggling with rising prices to seek help

Sheldon Mills, executive director of consumers and competition at the FCA, told the PA news agency the organisation and lenders have to be proactive.

The Independent UK

Provident confirms payouts for mis-sold loans will hit bank accounts from this week

Customers of short-term lender Provident will be getting back just 4.25% of what they hoped for mis-sold loans, with brands Glo, Greenwood and Satsuma also affected

Daily Mirror

Experts issue urgent warning amid circulating loan scam targeting 'financially vulnerable'

Experts have issued an urgent warning amid as scam that has been on the go for the last year targeting people who are in need of financial help - many of which have seen hundreds if not thousand being drained from their banks.

Edinburgh Live

Drivers issued with urgent warning amid car insurance scam 'too good to be true'

There's a well-known saying that if something is 'too good to be true' then there's a good chance that it is and therefore you should avoid it and instead start doing your research - now experts have said one type of scam is on the rise.

Edinburgh Live

Drivers warned of cheap car insurance scams that are 'too good to be true'

Drivers are being targeted by 'ghost brokers' who claim to offer insurance deals that are cheaper than anything they've seen before. But new research has found these are in fact too good to be true and puts drivers at risk.

Glasgow Live

More UK households are turning to high-cost lenders, says charity

Warning comes as Amigo plans lending comeback offering loan with annual interest rate of 49.9%

The Guardian - UK

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The Guardian - UK

What exactly is the FCA investigating about Kristo Käärmann’s tax records?

And why did it take so long to act over Wise co-founder’s unpaid tax bill from 2017-18?

The Guardian - UK

How Wise co-founder went from tech darling to tax list of shame

FCA could bar Kristo Käärmann from senior role after claim he failed to pay £720,000 in tax

Evening Standard

City watchdog opens probe into tax affairs of Wise founder Kristo Käärmann

Company says entrepreneur “intends to cooperate fully” with the investigation.

The Guardian - UK

FCA investigates Wise cofounder after tax default

Kristo Käärmann was included on HMRC’s list of deliberate tax defaulters in September 2021

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Birmingham Post

UK housing market is 'house of cards', says property expert

Average annual house prices in Britain have risen again, new ONS data shows

Daily Mirror

Martin Lewis warns buy now, pay later crackdown won't protect families from 'bleak winter'

Martin Lewis has hit out at the “painfully slow” process of regulating the buy now, pay later (BNPL) sector. The MoneySavingExpert said families face a “bleak winter” as the new measures to protect people from taking on debt they can’t afford won’t

Evening Standard

Mortgage affordabilty tests: Bank of England abandons ‘stress test’ recommendation for mortgage approvals

The change could help some borrowers get loans but strict loan-to-income limits remain in place

The Guardian - UK

Martin Lewis frustrated at slow pace of buy now, pay later rules

Government outlines two-year wait for curbs on multibillion-pound industry as consumers face ‘bleak winter’

The Guardian - UK

UK banks must be more flexible to help struggling borrowers, says City watchdog

FCA calls for payment holidays and waiving interest charges for customers hit hardest by cost of living crisis

Daily Mirror

World's richest Bitcoin investor loses £5BILLION as cryptocurrency crashes

A mystery billionaire cryptocurrency trader with the world's biggest stack of Bitcoin has seen their fortune halved as the price of the digital currency takes a battering

Daily Mirror

Bitcoin prices crash to 18-month low - what experts think will happen next

Bitcoin prices are falling after a series of blows, and now financial professionals say cryptocurrencies could crash even further as investors stand to lose even more money

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