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The Latest Breaking News from FCA

The Guardian view on City deregulation: a recipe for recklessness

Editorial: The Treasury seems to think relaxing financial rules will boost growth. There’s little evidence for this idea – and every reason to believe it could exacerbate risks

The Guardian - UK

Cutting business ties with China would be ‘foolish’, Reeves says amid reports of US pressure

Chancellor supports economic ties with Beijing as she prepares to fly to US next week for trade deal talks

The Guardian - 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.

The Independent UK

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Shein closer to London IPO after securing watchdog’s approval, reports say

The company has been in talks over an initial public offering (IPO) on the London Stock Exchange over the past year.

Evening Standard

Shein on course for London IPO after watchdog approval

It represents a significant milestone in the Chinese-founded company’s ambitions to list on the London Stock Exchange

The Independent UK

Financial Conduct Authority chief Nikhil Rathi reappointed for second term

The Treasury confirmed that Mr Rathi will keep the role for another five years after his current term ends in September.

Evening Standard

The insurance fine print that could see homeowners’ claims rejected

A Which? investigation has revealed potential loopholes in numerous policies

The Independent UK

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Some insurance claims may risk wrong-kind-of-weather rejection – Which?

The consumer group believes that some wording about floods and storms in policies could be potentially unfair.

Evening Standard

Ex-Metro Bank CEO says FCA ruling has left him unable to secure permanent job

Craig Donaldson challenging ruling by UK regulator, which accused him of misleading investors over £900m accounting blunder

The Guardian - UK

How looser affordability rules may widen home ownership in the UK

Mortgage lenders encouraged by regulator to loosen affordability tests so would-be homebuyers can borrow more

The Guardian - UK

Ex-Barclays boss ‘took a chance’ in lying about his links to Jeffrey Epstein, court hears

UK financial regulator claims Jes Staley feared telling the truth could end his career and fuel potential lawsuits by victims

The Guardian - UK

Former Barclays CEO ‘rolled the dice’ on misleading regulator, tribunal hears

The hearing is due to conclude on Thursday, with a ruling expected at a later date.

The Independent UK

Motor finance compensation ruling ‘goes too far’, says City regulator

Financial Conduct Authority tells supreme court the £44bn bill could spook businesses and threaten UK investment

The Guardian - UK

Motor finance compensation ruling ‘goes too far’, watchdog tells Supreme Court

Two lenders have taken a row over whether drivers could be entitled to money back on their hire-purchase agreements to the UK’s highest Court.

The Independent UK

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The Guardian - UK

Banks aim to reverse crunch appeal court victory for car buyers

Fears of a £44bn compensation bill over dealer commissions has prompted a high-profile appeal, which will be heard this week

The Guardian - UK

Santander eases mortgage rules so it can lend up to £35,000 more

Bank cuts its stress testing rate for home buyers after FCA urged lenders not to be ‘unduly restricting’

The Independent UK

Santander becomes first major bank to loosen key mortgage rule over customer borrowing limits

Part of a mortgage application includes passing an affordability test - this change may make it easier to loan more money

Evening Standard

Housebuilding to hit 40-year high as red tape cut, but buyers ‘need support’

The Office for Budget Responsibility has forecast that Labour’s planning reforms will boost housebuilding by 170,000 over the next five years.

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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.

Evening Standard

Comparing deals could become easier for financial customers under regulator plan

The Financial Conduct Authority is exploring how firms’ communications can be simplified.

Evening Standard

London Metal Exchange fined £9.2m by City watchdog over nickel price spike

The FCA said the London Metal Exchange ‘should have been better prepared to address the serious risks posed by extreme volatility’.

The Guardian - UK

London Metal Exchange fined £9.2m for role in nickel market chaos

Exchange was ‘unprepared’ for the risks that emerged when Russia’s invasion of Ukraine caused a price rise

Evening Standard

First-time buyers look beyond London to get on property ladder

In 2023, 12.7 per cent of first-time buyer mortgages were taken out for homes located in London, down from 16.8 per cent a decade earlier

The Guardian - UK

Car finance firm Close Brothers slumps to loss after taking £165m hit

Company’s shares plunge as it estimates total costs of £200m this year from motor finance scandal

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