Financial Conduct Authority

Firms which offer 'buy now, pay later' deals won't be able to charge backdated interest on money that's already been repaid, under new rules the financial regulator says will come into effect from November. 

Fixed daily and monthly overdraft fees will be banned and replaced with a single interest rate from next April, the financial regulator has announced. 

The Government has announced plans to crack down on high-pressure sales tactics from prepaid funeral plan providers – and wants the financial regulator to oversee the industry.

Unhappy customers who have used claims management firms will be able to escalate their complaints to the financial ombudsman from today, as the sector will now be regulated by the Financial Conduct Authority. 

Mortgage affordability rules are set to be relaxed to allow homeowners to switch to a cheaper deal more easily, the financial regulator has announced. The move would also help free tens of thousands of mortgage prisoners, in an important victory for MoneySavingExpert.com's long-running campaign.

The spending watchdog has said that the regulators for the financial services, energy, water and communications sectors are unable to prove they are offering enough protection for consumers.

Consumers will be able to be awarded up to £350,000 in compensation when they complain to the financial watchdog from next month – an increase from the current maximum of £150,000.

Vulnerable customers who use rent-to-own firms will not pay more in interest than the cost of the original item from April, as part of new rules announced by the financial regulator today.    

The financial regulator has said that "almost all" contactless transactions from the two biggest card schemes are now processed 'online' to combat a security flaw that meant crooks could use cards months after they'd been cancelled.

The Financial Conduct Authority's director of strategy and competition Christopher Woolard (pictured above) gives an update on the regulator's work to protect consumers from contactless card fraud – and what you can do if you think you've been targeted. Views do not necessarily reflect those of MoneySavingExpert.com. For more background on the issue, see our Contactless card security flaw largely fixed, in win for MSE's two-year campaign news story.  It's now nearly two years since our chief executive, Andrew Bailey, wrote for MSE on our work to prevent contactless card fraud. We've been working throughout that time to keep contactless transactions safe, and in the vast majority of cases they are – but it's important that we, and you, stay vigilant.