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The Latest Breaking News from Financial Conduct Authority

Watchdog brings forward deadline for motor finance firms to handle complaints

The Financial Conduct Authority will be lifting a pause on the handling of certain motor finance complaints on May 31, rather than July 31.

Evening Standard

FCA launches tool to help investors recognise signs of investment hype

The tool, which has been designed for mobile use, mirrors group chat-style discussions that investors have with their peers.

Evening Standard

City watchdog ‘nakedly’ siding with lenders on car finance redress, MPs say

Cross-party group says Financial Conduct Authority had been ‘patently influenced’ by concerns over profits

The Guardian - UK

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Santander urges ministers to intervene in UK car finance compensation scheme

Lender’s chief executive says redress proposals could affect jobs, supply chains and broader UK economy

The Guardian - UK

Banks ‘missed chances’ to prevent romance fraud – as victim loses £72k

More than £106m was lost to romance fraud over the last financial year

The Independent UK

Lloyds challenges car loan compensation bill as it warns of £2bn hit

The high street banking giant raised concerns about the Financial Conduct Authority’s calculations for how much consumers lost out.

Evening Standard

BMW sets aside more than £200m for UK motor finance scandal

The financial regulator, the Financial Conduct Authority (FCA), is currently consulting on an industry-wide redress scheme.

The Independent UK

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Communities are using rules to successfully maintain access to cash – regulator

Monmouth in Wales is the 121st banking hub to open in 12 months, with new Financial Conduct Authority rules having come into force a year ago.

The Independent UK

Car loans: Why could drivers still get compensation after court ruling?

The UK’s financial regulator is to consult on consultation payments after a landmark court ruling on motor finance agreements.

Evening Standard

Some firms ‘earn much more money than it costs to provide pay monthly insurance’

For many customers, especially those in more vulnerable groups, spreading the cost of insurance is a necessity, the Financial Conduct Authority said.

The Independent UK

Use buy now pay later? Expert tips to avoid getting into debt

New proposals by the Financial Conduct Authority will give buy now pay later shoppers more protection

The Independent UK

City watchdog extends rules on bullying and harassment across financial sector

The Financial Conduct Authority said serious incidents qualify as misconduct under its rules across the industry.

Evening Standard

UK’s financial watchdog launches probe into troubled Wood Group

The Financial Conduct Authority’s probe will look into the period between January 2023 and November 2024.

Evening Standard

Crackdown launched on ‘rogue financial promotions’ by some influencers

Many finfluencers act legitimately but others tout products or services illegally and without authorisation, the Financial Conduct Authority said.

Evening Standard

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Evening Standard

Millions ‘walking financial tightrope’ as one in four adults have low resilience

The Financial Conduct Authority estimates that 24% of UK adults have low financial resilience and one in 10 has no cash savings.

Evening Standard

Proposals to make mortgage changes easier, faster and cheaper set out by FCA

The Financial Conduct Authority has launched a consultation into its proposals.

The Independent UK

Planned changes will make it easier for homeowners to modify their mortgages

Homeowners could find it easier to lower the total cost of their borrowing by reducing their mortgage term

The Independent UK

Some banks ‘adding to stress’ of bereaved, warns regulator

The Financial Conduct Authority said some banks and building societies have clear policies and procedures but there are areas for improvement.

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Evening Standard

FCA boss highlights issue of young people turning to crypto for investments

Financial Conduct Authority boss Nikhil Rathi said people risked losing their money.

Evening Standard

‘Healthy debate’ needed around risks and benefits of drive for growth – FCA boss

Nikhil Rathi highlighted how growth could benefit people and businesses long-term, but also said ‘one or two more things’ could go wrong.

The Independent UK

City watchdogs axe proposals for new diversity and inclusion rules

The Financial Conduct Authority and Prudential Regulation Authority said they have ‘no plans to take the work further’.

Evening Standard

Vulnerable customers encouraged to seek support from financial services firms

The Financial Conduct Authority has highlighted examples of good practice by firms dealing with vulnerable customers and areas in need of improvement.

Fortune

Barclays ex-CEO Jes Staley mounts fight to distance himself from Jeffrey Epstein, contesting the UK regulator banning him from running a bank

The Financial Conduct Authority fined Staley $2.2 million and banned him from senior banking roles after finding he misled regulators about his relationship with Epstein.

International Business Times

Barclays Faces Money-Laundering Investigation

It acknowledged that watchdog Financial Conduct Authority is examining whether the bank's UK division had broken any laws by being too lax

Evening Standard

Financial watchdog in ‘denial’ of problems claim MPs in fresh criticism

A cross-party group of MPs renewed their criticism of the Financial Conduct Authority, as the watchdog denied claims it has not offered to meet them.

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