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The Latest Breaking News from the Financial Conduct Authority

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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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 Conversation

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.

The Independent UK

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’

Evening Standard

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

The Guardian - UK

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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 Guardian - 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.

The Independent UK

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

Daily Mirror

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.

The Independent UK

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

Daily Mirror

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The Guardian - UK

UK mortgage holders to get 12-month grace period before repossessions after sharp rate hike – as it happened

Chancellor met with lenders to discuss what they can do to support struggling households

Daily Mirror

Brits to save thousands of pounds under new debt rules – what it means for you

The Financial Conduct Authority (FCA) is banning certain providers of debt advice from receiving referral fees from debt solution providers with the new rules kicking in from today

Birmingham Post

Administrators find £81m potential shortfall in WealthTek client money as director's assets frozen

The Financial Conduct Authority says it is investigating the firm and its founder John Dance over potential regulatory breaches relating to client money and custody assets, and criminal offences of fraud and money laundering.

Daily Mirror

Best savings rates as banks STILL short-changing customers by £100s each year

The warning from Which? comes after the Financial Conduct Authority (FCA) wrote to high street banks to ask them to justify their lower savings rates ahead of the new Consumer Duty

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The Independent UK

New rules proposed to strengthen protections for struggling borrowers

The Financial Conduct Authority is proposing to make requirements for lenders that were put in place during the pandemic permanent.

The Independent UK

Younger adults ‘more likely to think long-term when dating than when investing’

The Financial Conduct Authority is encouraging people to apply the same principles to investing as they would to dating.

Evening Standard

London’s financial dominance is under siege

City Voices: There’s a growing narrative that London is closing the door on business and our institutions are doing nothing to counter it. This vacuum is being filled by influential executive public anger.

The Guardian - UK

Give customers a fair deal or else, finance regulator warns sector

The Financial Conduct Authority will soon launch the ‘consumer duty’, a tough new regime supposed to ensure firms put people’s needs first

Evening Standard

How to trade cryptocurrency

If you want to trade cryptocurrency, all you need is a connection to the internet, a computer or smartphone and a sum of money to invest that you’re very comfortable losing. Here’s more on trading cryptocurrency.

The Guardian - UK

Barclays AGM disrupted by Spice Girl-themed climate protests; oil and gas prices slide – as it happened

Protesters demand an end to Barclays funding fossil fuel projects

Irish Mirror

Bravemansgame given green light to face Galopin Des Champs in Punchestown Gold Cup

English raider Bravemansgame will run at Punchestown for Paul Nicholls

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