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The Latest Breaking News from the Financial Conduct Authority

Ex Barclays chief executive Jes Staley fined £1.8m over relationship with paedophile Jeffrey Epstein

The Financial Conduct Authority found Mr Staley “recklessly approved” letter sent by Barclays to the regulator containing “two misleading statements”

The Independent UK

City watchdog ex-chair says he faced ‘political pressure’ to let in crypto firms

Charles Randell says some of the exchanges the FCA was pressed to allow to trade in the UK are now being investigated in the US

The Guardian - UK

Motor and buildings insurance complaints to ombudsman hit five-year high

From April to June, the Financial Ombudsman Service received 3,869 complaints about car and motorcycle insurance and 1,776 buildings cover cases.

The Independent UK

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Fifth of buy now, pay later customers ‘have used the credit to fund essentials’

Some consumers have faced issues managing payments, been charged a late fee, or used a credit card to fund a repayment, according to research.

The Independent UK

Save or invest: how to time it right

Deciding whether to keep money in cash or take more risk by investing is becoming trickier than ever as saving rates climb.

The Week

The Tories let the City run out of control. Now Labour plans to repeat their mistakes

Deregulation and financialisation cause environmental, economic and social harms – but the party aims to give finance even more power, says Mick McAteer, co-director of The Financial Inclusion Centre

The Guardian - UK

FCA: One in 10 interest-only mortgage holders may be ‘overly optimistic’ on debt

The Financial Conduct Authority said people should discuss options with their lenders.

The Independent UK

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People urged to watch out for loan fee fraud as summer fuels financial pressures

Loan fee fraud, where someone pays a fee for a loan they never receive, typically results in a £260 loss, the Financial Conduct Authority said.

The Independent UK

Bank of England governor backs regulator plan to ensure ‘fairness’ for savers

The Financial Conduct Authority said it will take action if firms offering the lowest savings rates are unable to justify how they offer fair value.

The Independent UK

Jeremy Hunt requests inquiry into ‘debanking’ of politicians

Chancellor wants Financial Conduct Authority to investigate whether practice is ‘widespread’

The Guardian - UK

Debanking poses threat to free speech, Jeremy Hunt says as he asks regulator for probe

The Chancellor has asked the Financial Conduct Authority to look into account closures and report back to him next month

Evening Standard

Interest rate hike adds £24 a month on to average tracker mortgage payment

The 0.25 percentage point rise will add on £23.71 on average to monthly tracker payments, adding up to nearly £285 per year.

The Independent UK

How will the regulator’s cash savings action plan help savers?

Here is a look at the impacts of the 14-point action plan for the cash savings market, which has been set out by the Financial Conduct Authority.

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

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The Conversation

How new 'consumer duty' rules for financial products could reduce debt-related stress

New “consumer duty” rules introduced by the Financial Conduct Authority (FCA) aim to set clear standards for the protection of financial consumers. Banks, building societies, investment and insurance firms, as well as many other types of business, are being told to “put their customers’ needs first”.

The Independent UK

7.4m people ‘have made failed attempts to contact financial services providers’

The Financial Conduct Authority took the estimate from its financial lives survey of more than 19,000 people across the UK.

Evening Standard

Ministers denounce ‘disgraceful’ treatment of Nigel Farage by Coutts bank

The former Ukip leader said after his account was closed there is a danger of the UK moving towards a ‘Chinese-style social credit system’

The Guardian - UK

National Audit Office launches review of financial regulator’s effectiveness

Plans to assess FCA come in light of its growing list of responsibilities including cryptoassets, AI and competitiveness

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The Guardian - UK

Financial firms must boost protections against AI scams, UK regulator to warn

Financial Conduct Authority chief to highlight risks of ‘deepfake’ fraud as well as benefits of Artificial Intelligence

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.

Daily Mirror

The LOWEST interest rates offered to savers by banks - from Santander, to Natwest and Barclays

Bosses at some of the UK's biggest banks, Lloyds, HSBC, NatWest and Barclays are to face questions by the Financial Conduct Authority (FCA) this week on the speed it passes on the rate rises to savers

The Independent UK

Banks set for meeting with financial regulator over ‘profiteering’ claims

High street banks will meet the Financial Conduct Authority over concerns high interest rates are not being passed on to to savers.

The Independent UK

Bankers summoned to watchdog as savings rates trail mortgage costs

The chief executives of HSBC, NatWest, Lloyds and Barclays are expected before the Financial Conduct Authority.

The Independent UK

Insurers warned about support provided to struggling customers

The Financial Conduct Authority said it has found too many examples of customers not getting the service they are entitled to.

Daily Mirror

Direct Line to pay compensation after underpaying drivers - are you due cash?

The Financial Conduct Authority (FCA) issued a notice this week saying Direct Line "must carry out" a review of the total losses of vehicles between September 2017 and August 2022

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