All the updated news related to financial services compensation scheme

All the news related to financial services compensation scheme updated in real time

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Personal Finance

Pension savers may be vulnerable to scammers as living costs bite, FCA warns

Cost-of-living concerns could drive some pension savers into scammers’ clutches, research from the City regulator suggests. A quarter (25%) of people said they would consider withdrawing their pension savings earlier than planned to cover living ...

06 Oct 2022 at 01:01

Personal Finance

Only buy a pre-paid funeral plan from an authorised provider, says watchdog

People considering buying a pre-paid funeral plan should check a list of authorised providers, the City regulator has urged. The Financial Conduct Authority (FCA) took over regulation of the sector from Friday and will hold firms to new high ...

29 Jul 2022 at 10:43

New measures to protect consumers from fake reviews and subscription traps

Consumers are to be better protected from fake reviews and subscription traps under new measures that give the competition watchdog greater powers to crack down directly on rogue traders. The measures include making it “clearly illegal” to ...

19 Apr 2022 at 23:55

Personal Finance

Fee cap for claims management firms comes into force

People using claims management firms will be protected from excessive amounts of their compensation being swallowed up by fees, under new rules. The changes brought into force on Tuesday by the Financial Conduct Authority (FCA) will cap ...

01 Mar 2022 at 12:55

Personal Finance

Watchdog sets out £71m plan to help British Steel pension savers

British Steel pension savers are to be compensated if they were poorly advised to switch their pension pots away from the company’s more lucrative defined benefits plans. The watchdog Financial Conduct Authority (FCA) has set out a ...

31 Mar 2022 at 09:25

City

Many pension savers do not know whether they have protection if a firm goes bust

Two-fifths of pension savers have never checked whether their money is protected by a body which compensates people when firms go bust. Some 40% of those saving into a pension have not checked whether their pension is protected by ...

26 Jan 2022 at 01:26

Personal Finance

British Steel pensioners had a ‘gun to the head’ says former watchdog Bailey

The former boss of the City watchdog has said that British Steel pensioners had a gun to their head as they made one of the most complex financial decisions of their lives. Andrew Bailey, who now leads the Bank of England, told ...

14 Jun 2022 at 10:05

Financial advisers fined £1m for advice which cost customers £50m

Five men will have to pay more than £1 million between them for “reprehensively” betraying the interests of customers who went to them for financial advice, the City watchdog has said. A tribunal upheld the decision of the ...

09 May 2022 at 14:25

City

FCA censures ‘unfair and misleading’ promotions for failed £237m bond scheme

The City watchdog has censured collapsed bond scheme London Capital and Finance (LCF) for “unfair and misleading” promotions, but let it off without a fine. The Financial Conduct Authority (FCA) said fining the business ...

11 Oct 2023 at 17:24

Personal Finance

City watchdog failed British Steel pension savers, MPs say

MPs have accused the City watchdog of letting down British Steel pension savers who were ripped off by poor advice from companies they thought they could trust. The Financial Conduct Authority (FCA) did not protect the ...

21 Jul 2022 at 08:45

Personal Finance

New rules to prevent claims managers gaining if linked to past poor conduct

New rules preventing claims management companies (CMCs) from being paid to help in cases where they are connected to a customer losing out in the first place will come into force next month. The changes, introduced ...

07 Jun 2022 at 14:31

Personal Finance

Financial Services Compensation Scheme slashes levy it expects firms will pay

A lifeboat scheme which compensates customers when financial firms go bust has slashed the total levy amount that it expects will be paid by the industry. The Financial Services Compensation Scheme (FSCS) is able ...

25 May 2023 at 13:06

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