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The Latest Breaking News from the Financial Conduct Authority

Millions of drivers to get £700 compensation from car mis-selling scandal

Motor finance firms broke the law by not properly informing customers about commission paid by lenders to car dealers

The Independent UK

The U.S. and U.K. are aligning on blockchain—and that is good for the world economy

In an opinion piece, the head of cryptocurrency exchange OKX explains why the US and UK could be poised to explain their longtime dominance of the financial sphere.

Fortune

Many home insurance policies do not cover accidents as standard, warns Which?

The consumer group cautioned that many households may assume they are automatically covered for accidental damage.

The Independent UK

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Budding investors warned high-risk products could be behind ‘glossy promotions’

People selling high-risk, unregulated investments often use enticing websites, marketing campaigns and social media promotions, the FCA said.

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

Hundreds of thousands to receive compensation for car insurance claims

The Financial Conduct Authority (FCA) said that approximately 270,000 drivers are affected

The Independent UK

Around 270,000 motorists to receive compensation after being ‘short-changed’

Insurers have overhauled their claims processes in line with the Financial Conduct Authority’s Consumer Duty.

Evening Standard

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Why UK savers withdrew £70bn from retirement pots over the last year

Some finance experts have urged savers to speak to advisors about their pension pots

The Independent UK

More than £70bn withdrawn from retirement pots in 2024/25 – FCA figures

Some finance experts suggested that speculation around potential tax changes could have influenced some pension savers.

Evening Standard

‘A lack of care’: how big companies still fail bereaved customers

Those trying to report a death can face bureaucracy, costly delays and other shocking mistakes

The Guardian - UK

UK watchdog launches £1m car finance campaign to warn of unnecessary fees

The Financial Conduct Authority has brought in influencers to help spread its message to consumers in the coming months.

Evening Standard

Contactless card payments could become unlimited under plan to scrap £100 cap

The Financial Conduct Authority announced plans to scrap the £100 cap on contactless card payments

The Independent UK

Firms could be given freedom to set their own contactless card limits

The contactless card limit has been raised in steps over the years, currently standing at £100.

Evening Standard

Car finance deal compensation could start next year, says FCA boss

Nikhil Rathi, chief executive of the Financial Conduct Authority, said he hopes that most payouts to drivers will be made during 2026.

Evening Standard

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Evening Standard

FCA ‘focused on proportionate and workable’ motor finance solutions

FCA chief executive Nikhil Rathi said the body recognised the record keeping challenge for some firms.

Evening Standard

'Careful easing' of mortgage stress test rules could help more first-time buyers

A measured easing of stress test rules could allow more people into the mortgage market without a significant increase in arrears, UK Finance has said.

Evening Standard

Thousands targeted by fraudsters impersonating financial regulator

The Financial Conduct Authority (FCA) said it received 4,465 reports of scammers pretending to be the watchdog in the first half of the year.

The Independent UK

Urgent scam warning issued as fraudsters pose as financial regulator

Many vulnerable people were targeted in the scam

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Evening Standard

Cashback concerns raised when people are considering transferring their pension

Some people may not be considering the full financial implications of their decision, the Financial Conduct Authority said.

Evening Standard

Fake motor finance compensation offers being made by scammers, FCA warns

The Financial Conduct Authority is reminding people that it does not currently have a car finance compensation scheme in place.

Evening Standard

Drivers should be ‘very pessimistic’ over car finance claims, say lawyers

Industry analysts also said on Friday that banks will ‘breathe a sigh of relief’ after the landmark Supreme Court ruling.

Evening Standard

Millions of drivers miss out on payout after landmark Supreme Court ruling on car finance

The case was brought by three motorists who all bought their cars for less than £10,000 before 2021

The Guardian - UK

Blow to consumers as supreme court hands partial win to car finance firms over loans

Millions of drivers to miss out on compensation after UK’s highest court sides with finance companies

Evening Standard

Lenders encouraged to improve digital processes to help borrowers’ understanding

The Financial Conduct Authority has shared examples of good and poor practice with lenders.

The National (Scotland)

Santander axes 2000 jobs and warns more cuts are possible

High street lender Santander UK revealed it has axed over 2,000 jobs and warned more roles may need to be cut as part of an ongoing overhaul.

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