Equity release advice may be causing ‘significant harm’: Regulator warns some customers are rushed through without the proper checks The results of an FCA review of equity release advice firms found ‘significant areas of concern’ in the way some were selling equity release Many advisers were told they are not doing enough to ensure customers … Read more
Britain’s largest guarantor lender Amigo Loans is being investigated by regulators over its lending practices. In an announcement to the London Stock Exchange, Amigo said the Financial Conduct Authority launched an investigation on 29 May into ‘whether or not Amigo’s creditworthiness assessment process, and the governance and oversight of this, was compliant with regulatory requirements.’ … Read more
Siân Williams-Jones initially thought her business was covered as her policy included a ‘notifiable disease’ clause Multiple insurers have began to pay out to businesses on policies they previously claimed didn’t cover coronavirus-forced closures, as the financial watchdog revealed those it will test them in court. There has been a series of disputes in recent months … Read more
ALEX BRUMMER: Interim FCA boss Chris Woolard would boost his long-term job prospects by unveiling some post-Woodford reforms By Alex Brummer for the Daily Mail Published: 21:51 BST, 1 June 2020 | Updated: 21:51 BST, 1 June 2020 The Financial Conduct Authority’s interim chief executive, Chris Woolard, is in overdrive. He has taken command of … Read more
Fiat and Alfa Romeo to waive up to 7 MONTHS of car finance payments if customers lose their job in the next year due to the coronavirus pandemic Third of motorists surveyed say they are interested in buying a new car but are concerned about their job security FCA Group – including Fiat, Alfa Romeo, … Read more
ALEX BRUMMER: It’s time to reshape the FCA that was too slow to see investing crises coming and imposed weak penalties Successive Chancellors have heaped more responsibility on the City regulator Andrew Bailey should recommend creating a new consumer protection agency The FCA’s predecessor, the FSA proved incompetent in regulating the big banks By Alex … Read more
Has your insurer refused to pay after your business closed? You can now engage with the watchdog directly as it prepares to launch court action The FCA is planning to bring the first instance trial to the High Court as early as July, This is Money understands More than a million businesses forced to close … Read more
More than a million businesses forced to close during the coronavirus lockdown may know whether insurers will have to pay previously rejected business interruption claims in a matter of months. Earlier this month the City watchdog announced it was seeking a legal judgment from the British courts to clarify whether insurers should pay claims made … Read more
FCA tells insurers: See you in court, after thousands of desperate firms have their Covid claims rejected By James Salmon for the Daily Mail Published: 21:50 BST, 1 May 2020 | Updated: 21:50 BST, 1 May 2020 Desperate businesses battling to survive the Covid-19 crisis were given a glimmer of hope yesterday as the City … Read more
Borrowers of £48billion in car finance will be able to freeze their payments for three months if they are struggling to cover their installments due to coronavirus, the Financial Conduct Authority proposed today. The city regulator said those who used Personal Contract Purchase, Hire Purchase or Conditional Sale agreements to purchase a car would be … Read more