The Bank of England and FCA will regulate major tech firms like Amazon and Google from Monday, overseeing critical third parties to ensure financial stability and consumer protection against cyber-attacks and outages.
FCA focuses on marketing, misleading ads, unfair exit fees and people being signed up without their permissionThe City regulator has launched a review of claims management companies amid concerns that firms are misleading victims of financial scandals, such as car finance, about their compensation.The Financial Conduct Authority (FCA) said some companies were pursuing “aggressive marketing, misleading advertising and unfair exit fees”. Continue reading...
The FCA is facing four legal challenges to its £9.1bn compensation scheme for motor finance scandal victims. Consumer group Consumer Voice and lenders Volkswagen Financial Services, Mercedes-Benz Financial Services and Crédit Agricole Auto Finance are contesting the programme, which would pay borrowers an average of £830 each for loans mis-sold through commission payments between lenders and car dealers from 2007-2024. The regulator said it will defend the scheme "robustly" as the "fastest, simplest route for consumers", but the legal actions create uncertainty for millions of borrowers and could delay payouts expected to begin this summer.
UK authorities have carried out their first coordinated operation against suspected illegal peer-to-peer crypto trading, sending a clear and simple message to the market: once a person turns crypto dealing into a business, the state expects names, checks, records, and accountability. The Financial Conduct Authority (FCA) said it worked with police and tax officials to […] The post Anyone regularly swapping business cash for crypto without an FCA license risks police raids and charges in UK appeared first on CryptoSlate.
UK authorities have carried out their first coordinated operation against suspected illegal peer-to-peer crypto trading, sending a clear and simple message to the market: once a person turns crypto dealing into a business, the state expects names, checks, records, and accountability. The Financial Conduct Authority (FCA) said it worked with police and tax officials to […] The post UK police raids on people trading crypto for cash raises a hard question about financial freedom appeared first on CryptoSlate.
Consumer Voice is preparing to challenge the FCA in court over its £9.1bn compensation scheme for victims of the UK car loan scandal, arguing the average £830 payout per victim is too low. The group, partnering with Courmacs Legal, claims the regulator gave excessive weight to banks' concerns over compensation size rather than consumer protection. If filed before the April 27 deadline, it would be the first time a consumer group challenges the FCA over a compensation scheme in UK courts, potentially delaying summer payouts to millions of drivers.
