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The Latest Breaking News from Financial Conduct Authority

Banks urged to increase awareness of ‘no frills’ accounts

The Financial Conduct Authority is encouraging account providers to do more to support those who want a bank account but do not have one.

The Independent UK

Consumer duty already having ‘tangible impact’ on customer outcomes

Financial Conduct Authority boss Sheldon Mills was speaking a year after the launch of the measure to improve consumer protection standards.

The Independent UK

‘The key thing is to have a plan’: the former City watchdog now helping to guide Keir Starmer

Charles Randell, ex-chair of the Financial Conduct Authority, cut his teeth helping the Treasury fight the financial crisis and is now a Labour election policy adviser

The Guardian - UK

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Martin Lewis urges drivers to claim payout that ‘millions’ could be owed

Money expert Martin Lewis warned this could lead to a ‘PPI-type’ scandal as ‘millions’ of drivers could be owed financial compensation

The Independent UK

FCA to review whether car finance customers could be owed compensation

The Financial Conduct Authority will look at historical discretionary commission arrangements in the motor finance market.

The Independent UK

Scale of bullying and harassment of women in City ‘shocks and alarms’ MPs

Cross-party Treasury committee says its private hearings suggest there has been no improvement in 20 years

The Guardian - UK

Building societies top Which? mortgage provider consumer satisfaction survey

Nationwide, Skipton and Yorkshire building societies received the highest scores in the annual survey from Which?

The Independent UK

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Komainu Secures FCA Approval, Expands Digital Asset Custody Services

Komainu gains UK regulatory approval as custodian wallet provider

Zenger

£250bn in savings held in accounts which earn no interest

Around three in 10 adults do not have a savings account of any type, the Financial Conduct Authority said.

The Independent UK

Action plan to ensure savers are offered fair value drawn up by regulator

The Financial Conduct Authority has set out a 14-point plan to ensure banks and building societies are passing on interest rate rises appropriately.

The Independent UK

New consumer duty sets higher and clearer standards for financial firms

Overseen by the Financial Conduct Authority, it aims to ensure consumers are at the heart of what companies do.

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 Independent UK

More women on UK boards but number of female bosses flatlines

Proportion of women on boards of 585 FTSE all-share listed companies rises from 36% to 40%, data shows

The Guardian - UK

Crackdown on firms marketing cryptoassets to be introduced by City regulator

Crypto firms will also have to place appropriate risk warnings in marketing, and a cooling-off period will be introduced under the plans.

The Independent UK

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Daily Mirror

Ban on John Dance's horses running lifted by racing chiefs as FCA probe continues

A statement from the British Horseracing Authority said that funds have been released to cover the costs of John Dance's racing interests. Gold Cup second Bravemansgame was one of his best horses

The Independent UK

‘Harm to loyal savers will have increased with interest rate rises’

Financial Conduct Authority chief executive Nikhil Rathi was responding to the Treasury Committee, which has been looking into savings rates.

Wales Online

Martin Lewis says plan to help struggling mortgage borrowers 'lacks meat'

The Financial Conduct Authority believes an additional 356,000 people will struggle to pay their mortgage by June 2024

Evening Standard

Beleaguered London fintech Railsr agrees rescue sale in bid to avoid collapse

Struggling fintech Railsr is set to be rescued from collapse after it agreed a sale to a consortium of investors.

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Chronicle Live

Klarna joins Laybuy and Clearpay in charging a fee to late payers

New £5 charge from March 16 will reduce the likelihood of borrowers falling behind, according to Klarna boss

Daily Mirror

Martin Lewis calls for urgent help for mortgage prisoners trapped on 'inescapable' rates

Martin Lewis has been campaigner for help for mortgage prisoners, a term used for homeowners who have been trapped on high rates since the 2008 financial crisis

Birmingham Post

The equity release myths and your questions

Peter McGahan, chief executive of Cornwall-based Worldwide Financial Planning, addresses ‘a few old tales’ circulating around equity release

Daily Mirror

Charity slams insurers for refusing to cover losses suffered during lockdown

'The insurers seem to be saying we should have carried on regardless'

Evening Standard

Neil Woodford funds scandal moving to an end as Waystone bids for Link

The UK fund industry has learnt the lessons of the Woodford disaster, says Waystone boss

Evening Standard

New buy now pay later regulations will be a wake-up call for lenders

City Comment: Some consumers don’t understand the potential dangerous implications of entering into multiple BNPL agreements

Birmingham Post

Crackdown on illegal crypto currency ATM operators in Leeds

The Financial Conduct Authority has previously warned operators of UK crypto ATMs to shut down or face enforcement action

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