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The Latest Breaking News from FCA

UK banks are closing more than 1,000 accounts every day

Nigel Farage calls for royal commission as data shows big jump in customers being ‘debanked’

The Guardian - UK

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

Wealth manager WH Ireland cuts jobs after completing ‘urgent’ search for funds

WH Ireland successfully raised £5 million at a steep discount this morning, after warning it was in danger of collapse if it failed to do so

Evening Standard

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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

‘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

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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

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

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The Guardian - 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 Independent 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 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

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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

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

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