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The Latest Breaking News from FCA

What the new Consumer Duty rules mean for your finances

New regulations coming into force at the end of July should signal good news for customers of banks and other financial services firms.

The Week

Sunak and Hunt accused of ‘damaging UK plc’ over NatWest boss’s exit

Concerns raised over anonymous briefings that triggered early-hours resignation of Dame Alison Rose

The Guardian - UK

NatWest boss Dame Alison Rose quits after admitting Nigel Farage leak to BBC

An emergency board meeting was called late on Tuesday, with the announcement of Dame Alison Rose’s resignation a few hours later

Evening Standard

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read the most diverse news in one place.

‘Significant concerns’ in Downing Street as NatWest boss quits over Farage leak

Dame Alison Rose resigns after admitting ‘serious error of judgment’

The Independent UK

NatWest boss Alison Rose quits after admitting Farage leak to BBC

Nigel Farage says the entire NatWest Board ‘needs to go’ following Dame Alison Rose’s resignation

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.

The Independent UK

NatWest Group chief faces resignation calls over Nigel Farage leak

Dame Alison Rose said she had made a ‘serious error of judgment’

Evening Standard

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Charities warn over adverts promising ‘quick fixes’ for debt problems

Some adverts may mimic the branding of debt help charities or push people towards solutions that could worsen their problems, charities said.

The Independent UK

Credit cards: new UK rules could mean end of O% interest deals

Regulations could allow wider access to online-only bank accounts – but no-fee balance transfer deals may have to go

The Guardian - UK

Jeep-like Mahindra Roxor May Be Sold In US, Court Rules

This dispute has been going back and forth for years.

Motor1

What are the rules on bank account closures and what rights do people have?

The UK’s banking rules have come under scrutiny after Nigel Farage accused Coutts of closing his account unfairly.

The Independent UK

What are the UK rules on access to banking and how are disputes settled?

Everyone has a right to a basic account but banks can deny customers additional services

The Guardian - UK

Sunak, Braverman and City regulator wade into Farage banking row

FCA chief says banks cannot ‘discriminate’ against political views, but chair argues it’s up to Coutts ‘who they do business with’

The Guardian - UK

Regulator is ‘ready to go’ to bring buy now, pay later firms under its scope

FCA boss Nikhil Rathi said the regulator will make sure there is proportionate regulation supporting innovation and encouraging responsible lending.

The Independent UK

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The Guardian - UK

FCA warns it will crack down on banks that fail to pass on savings rates

Nikhil Rathi tells Treasury committee there are ways to assess whether customers are being treated fairly

The Independent UK

Savings providers must keep customers informed about available rates – watchdog

FCA boss Nikhil Rathi said firms will need a strategy to ensure customers are adequately informed of available rates across their product set.

Evening Standard

UK financial regulator faces probe into its effectiveness

The ability of the UK’s financial regulator to do its job is set to come under close scrutiny in a new probe.

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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news in one place.

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The Independent UK

Banks should be clearer on how customers can challenge account closures – Which?

The consumer group has offered some suggestions on what banking customers can do if they find their bank account has been closed.

The Guardian - UK

Parliament launches new inquiry into sexism and misogyny in the City

Treasury committee requests evidence from women in business to determine whether progress has been made since its 2018 investigation

The Conversation

What is a 'politically exposed person' and why do the likes of Jeremy Hunt and Nigel Farage claim the status prevents them getting bank accounts?

Reports vary as to why the private bank Coutts decided to close the account of former UKIP leader Nigel Farage. He claims he was excluded for his political views, the bank says the problem was a lack of funds. But either way, his case does highlight a wider and longstanding…

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

Motor1

FCA Says Don't Drive 2003 Dodge Ram After Airbag-Related Death

There are an estimated 84,000 trucks that still haven't had the Takata airbag recall performed.

Evening Standard

Fintech firms voice frustration as regulatory approvals plunge to fresh lows

Just seven applications were approved in the first quarter of 2023, in signs fintech firms face a near-impossible pathway to getting regulatory clearance to operate in the UK

The Independent UK

Mortgage rates could surpass mini-Budget peak to hit 15-year high, experts warn

Two-year fixed-rate residential mortgage reaches 6.63 per cent on Monday

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