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The Latest Breaking News from FCA

Starling Bank is simply not fit to float

Damning report into financial crime controls revealed a shambles at the top and surely ends any dream of a flotation soon

The Guardian - UK

Starling Bank fined £29m for ‘shockingly lax’ financial crime controls

Challenger bank apologises after City regulator says lack of checks ‘left system wide open to criminals and those subject to sanctions’

The Guardian - UK

Annuity sales jump amid improved rates ‘as pension savers rush for security’

Annuities sales increased by 38.7% between 2022/23 and 2023/24.

The Independent UK

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Minister urges UK financial regulator to rethink ‘naming and shaming’ plan

Tulip Siddiq says she will make a decision after Financial Conduct Authority reports back to her

The Guardian - UK

Lack of City of London oversight hurting efforts to halt dirty money, FCA warns

Bodies responsible for monitoring accounting and legal sectors not doing enough to stop money laundering, watchdog says

The Guardian - UK

Unsure how to start investing your savings? An expert shares 5 key tips

With as much as £430 billion sitting in cash accounts that could potentially be invested, here are some suggestions on how to get started.

The Independent UK

Savers around £4bn better off following improvements to easy access rates – FCA

The regulator has seen improvements in both the rates available to savers and the volume and timing of firms’ communications to savings customers.

The Independent UK

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Communities given new powers to help protect access to cash

Residents, businesses, local representatives and charities who feel there is a gap in cash access can request a review under new rules.

The Independent UK

Feds Probe Potential Fire Risks in Hundreds of Thousands of Jeeps

NHTSA has received multiple reports of underhood fires starting with the ignition off.

Motor1

Ram Just Recalled 1.2 Million Pickup Trucks

The recall affects half-ton trucks back to 2019 for problems with the stability control system.

Motor1

Banks warned over denying sex workers business accounts

FCA gives detailed guidance to lenders after hearing lack of access could lead to ‘significant harm’ for individuals

The Guardian - UK

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

70% surge in complaints about financial products recorded by ombudsman

Credit cards were the most complained-about product between April and June, the Financial Ombudsman Service said.

The Independent UK

City watchdog raises concerns over £4bn life insurance market

FCA to launch market study into pure protection products to discover if they ‘provide fair value’ to consumers

The Guardian - UK

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The Independent UK

Financial watchdog to review pure protection insurance market

Around £4 billion was paid out in pure protection insurance claims in 2022, according to the FCA

The Guardian - UK

PwC fined £15m for failing to report suspected fraud at City firm

Fine is FCA’s first against an auditor and follows PwC being hit with £4.9m penalty over audit by another regulator

Motor1

Ford and Chrysler Are the Recall Kings of 2024 (So Far)

Ford just issued four recalls last week. FCA has five since August 1.

The Independent UK

Government change to workplace pension system could benefit millions

Last year, over £130 billion was saved into workplace pension schemes

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news in one place.

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The Independent UK

Pension schemes to be rated red, amber or green in plans to improve transparency

The plans aim to give greater transparency over how schemes are performing and cut the number of savers in poor-value pensions.

Fortune

U.K. government meets Big Tech—including a16z crypto: ‘Unlike in the U.S., it’s not political’

As crypto remains politicized in the U.S., across the pond, it’s bridging the gap.

Evening Standard

Bank branch closures, August 2024: full list of UK sites shutting including Lloyds, Halifax and Barclays

A host of big name banks are closing their doors for good at a number of sites around the UK in the coming weeks

Motor1

And So It Begins: Stellantis Offers Buyout Packages for US Employees

It's voluntary, but that could change if too few people take the package.

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

Consumer duty applies to older ‘off-sale’ financial products from Wednesday

From July 31 2024, the duty applies to older products that were sold before July 31 2023 and have not been marketed or sold to new customers since.

The Guardian - UK

Insurance costs are soaring – so here’s how my family cut them

Tips and tricks for getting the best deals when renewing home insurance and car cover

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