Banks and watchdog exploring expanding open banking to savings accounts to boost competition August 1, 2023 Banks have committed to explore the expansion of open banking into the savings market, the City watchdog revealed yesterday. In its report on the savings market, the regulator confirmed that banks and building societies have committed to explore how investment in open banking can be used to support savings customers. This includes carrying out a [...]
Savings rates: Nine big banks face ‘robust’ action if they can’t prove fair value July 31, 2023 The nine largest banks have passed on just 28 per cent of base rate increases in easy access savings accounts since the beginning of last year, as the City watchdog issued a new set of rules to ensure savers get a fair deal. Under new rules coming into place, the Financial Conduct Authority (FCA) said [...]
Consumer Duty comes into force in biggest regulatory shake-up for a decade July 31, 2023 The City watchdog’s flagship new regulation, the Consumer Duty, comes into force today with experts describing it as the most important regulatory change in a decade. The new principle aims to ensure firms deliver good outcomes for consumers on the quality and price of products and services, and make sure a higher standard of consumer [...]
City firms feel the pinch as FCA ramps up action July 20, 2023 The Financial Conduct Authority has tightened the screws on City firms over the past 12 months as it shut off nearly 30 per cent more companies than the previous year.
Banks must tell savers if better deals are available under Consumer Duty, FCA says July 18, 2023 The Financial Conduct Authority (FCA) has warned banks that they must inform savers if better deals are available once the new Consumer Duty comes into force at the end of the month. In a letter to the Treasury Select Committee, the FCA said it is “more critical than ever that borrowers and savers are offered [...]
National Audit Office launches probe into FCA as regulator sizes up crypto and AI July 17, 2023 The National Audit Office (NAO) has launched a probe into the functions of the City regulator as its remit swells to take on oversight of technologies like cryptoassets and artificial intelligence.
FCA chief: AI could disrupt financial services ‘at a scale not seen before’ July 12, 2023 The chief of the Financial Conduct Authority has said that artificial intelligence could disrupt the financial services sector in “ways and at a scale not seen before”, warning that the regulator would look to take action against AI-based scams.
UK must prioritise financial inclusion over the City’s competitiveness, says former FCA chair July 11, 2023 The UK “can’t go on” prioritising the competitiveness of the City over the financial access of millions of vulnerable people during a cost of living crunch, the former chair of the Financial Conduct Authority has warned.
Watchdog opens fewer cases than last year but still keeping close eye on wrongdoers July 9, 2023 The number of enforcement cases opened by the Financial Conduct Authority’s (FCA) dropped last year, but experts suggested the regulator was not resting on its laurels. According to a Freedom of Information request submitted by law firm Reed Smith, in the year to March, the number of cases opened against firms dropped 67 per cent [...]
Savings rates: Banks recognise they need ‘to do more’ after meeting with regulator July 7, 2023 Bank bosses admitted to the regulator that they needed to “do more” to help customers access the best deals on savings products. In a statement after yesterday’s meeting, the regulator said “those in the room recognised that they needed to do more to help their consumers access the best rates.” Savings rates have lagged the [...]