Financial Conduct Authority

Barclays has been fined £26 million by the financial regulator over the poor treatment of 1.5 million borrowers who had fallen into arrears or financial difficulties over a period of four years - and affected customers have also been refunded. 

The Financial Conduct Authority has said firms should consider a range of support options – including waiving or reducing payments – under new proposals to help mortgage customers who are still struggling once coronavirus-related payment holidays end on 31 October 2020.

The financial regulator has announced it will ban commission models that give car finance dealers an incentive to raise customers' costs from next year.

Insurance customers struggling financially due to the pandemic will have until the end of October to ask for help such as a payment holiday or review of their premium under new proposals from the regulator. But it's NOT proposing that those already on a payment holiday should be able to extend it beyond three months.

The financial regulator has confirmed further measures to support borrowers struggling to make payments on car finance deals, buy-now-pay-later agreements and other credit products due to the coronavirus pandemic, with many able to get another three-month payment holiday if needed.

The financial regulator has confirmed it will introduce measures to help insurance customers struggling during the coronavirus pandemic – meaning insurers will need to assess whether they can change what's covered to offer customers lower premiums. Insurers may also be expected to offer customers payment holidays of up to three months.

Investors who lost £1,000s with the collapsed bond firm London Capital & Finance (LCF) will start hearing whether they're eligible for compensation for claims relating to 'misleading advice' later this month.  

The financial regulator has written to credit card firms telling them to review how they treat customers in 'persistent debt', amid fears some lenders are planning a 'blanket' suspension of cards.

The financial regulator has warned that banks must act to help consumers hurt by its overhaul of overdraft costs, after several announced they will bring in interest rates of 40%.

Treasury Minister John Glen has said that he is willing to consider extending the limits of the financial regulator's powers to help more 'mortgage prisoners' who are stuck on expensive deals with unregulated lenders and lenders that no longer offer new mortgages.