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The Latest Breaking News from the Financial Conduct Authority

Ex-Barclays boss had ‘close relationship’ with paedophile Jeffrey Epstein, according to Bank of England governor

The governor of the Bank of England Andrew Bailey gave evidence about Jes Staley’s relationship with Epstein

The Independent UK

Bank of England head had ‘clear impression’ that Staley was ‘close’ to Epstein

Andrew Bailey, who was chief executive of the Financial Conduct Authority from 2016 to 2020, appeared at the Upper Tribunal in London on Friday.

Evening Standard

Regulator pledges ‘swift action’ to support home ownership

Among the steps it is taking, the Financial Conduct Authority will open a public discussion on the future of the mortgage market in June.

Evening Standard

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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.

Evening Standard

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.

Fortune

Government expresses support for FCA proposal to review mortgage rules

The Government said it wants the Financial Conduct Authority review to be as ambitious and rapid as possible to help people achieve homeownership.

Evening Standard

Number of misleading financial ads removed by watchdog doubled last year

False or misleading adverts for compensation claims, cryptocurrency and debt relief products are on the up, said the Financial Conduct Authority.

Evening Standard

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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.

Evening Standard

City regulators to start oversight of tech firms that provide ‘critical’ services to UK

New powers come amid concerns that cyber-attacks and outages could put the country’s financial stability at risk

The Guardian - UK

66% of young investors ‘take less than 24 hours to make investment decisions’

Some £550 is being spent on hyped investments on average, according to research for the Financial Conduct Authority.

Evening Standard

Millions of people could get more support with their pensions under FCA plans

The Financial Conduct Authority expects to consult next summer on new rules to give pension savers targeted support.

Evening Standard

UK finance watchdog softens ‘name and shame’ plans after City pressure

The Financial Conduct Authority said it is making changes, having ‘heard the strength of feedback’ about its original plans.

The Independent UK

UK’s financial watchdog is ‘incompetent’ and ‘dishonest’, MPs and peers claim

A cross-party parliamentary group, comprising 30 MPs and 14 peers, produced the damning report after examining the Financial Conduct Authority.

Evening Standard

Estimated 7m UK adults own cryptoassets, says FCA

Some 12% of UK adults own crypto, up from 10% in 2022, according to research for the Financial Conduct Authority.

Evening Standard

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Evening Standard

Barclays fined £40m for ‘reckless’ Qatari deals during 2008 financial crash

The bank had been due to challenge the case brought by the Financial Conduct Authority in court this week.

Evening Standard

Life insurers must avoid unnecessary delays with claims, says City regulator

The Financial Conduct Authority said many firms have further to go to meet its expectations.

Evening Standard

Many will be vulnerable to ‘loan sharks’ without regulations, Labour MP says

Stella Creasy criticised the Government’s plan to implement the regulations in 2026, claiming they should be put in place sooner.

Evening Standard

One in 10 cash machines in UK closed since 2021, figures show

Rutland has fared the worst of any area in the country, losing half of the 18 cash machines it had in June 2021.

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Evening Standard

Issues with mass financial complaints to be put under spotlight

Sudden and significant increases in complaints can cause firms to struggle to effectively respond, delaying any customer redress, the ombudsman said.

Evening Standard

UK watchdog to urge Supreme Court to act quickly in car finance mis-selling case

The Financial Conduct Authority also said it was preparing to give lenders more time to deal with an expected flurry of customer complaints.

TechRadar

NatWest has banned staff from using Facebook Messenger and WhatsApp to communicate

One of Britain’s biggest banks is cracking down on off-channel communications by banning WhatsApp.

The Guardian - UK

City watchdog warns Crispin Odey it will punish him for his ‘lack of integrity’

FCA says financier showed reckless disregard for rules over inquiry into alleged sexual misconduct

The Guardian - UK

Could you be entitled to a payout after court ruling on car finance?

After ‘secret’ commissions paid to dealers by lenders were ruled unlawful, billions might be available in compensation

Evening Standard

Wise boss Kristo Käärmann fined £350,000 by City watchdog over tax blunder

Fintech boss failed to tell the FCA about his earlier fine from HMRC for failing to disclose a CGT liability

Evening Standard

Wise boss fined £350,000 over failure to report ‘significant tax issue’

The Financial Conduct Authority said Kristo Kaarmann failed to initially notify the regulator about a previous tax issue and fine.

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