Half a million consumers paying less credit card interest following FCA intervention

The FCA explained in its latest annual review how it has worked over the past 12 months to meet its objectives of protecting consumers, enhancing market integrity and promoting competition.

The review said that over the past 12 months it had changed insurance rules to stop firms from overcharging loyal customers. Millions of customers are now being offered better deals, with the average cost of renewing motor insurance down to £55. The FCA also carried out its first-ever criminal prosecution under anti-money laundering legislation and worked on an updated listing regime to ensure that the UK remains a trusted and attractive place to list companies. 

The FCA review also said that along with support for innovation that benefits consumers, markets and competition, the authority had demonstrated a more robust approach to authorisations with 80 per cent of crypto firms applying to be registered by the FCA for anti-money laundering purposes either dropping their application or were declined after the FCA had reviewed their anti-financial crime systems and controls and found them wanting.  

The FCA has also highlighted areas that fall outside the scope of its regulation but may present risks to consumers. These include exclusions in the financial promotions’ regime, general insurance products and third-party firms who provide services like IT to regulated firms. The FCA’s remit is set by Parliament and the Perimeter Report supports regular dialogue with the government on the FCA’s regime.