Financial

UK financial advisers have been urged to help shape future regulation as part of a review by the Financial Conduct Authority (FCA).

A 75-year-old woman is warning others of the dangers of an online scam that has cost her her life savings.

https://www.bbc.co.uk/news/uk-england-devon-51205126

Customers who fall victim to scammers are not paid back because banks say they have been “careless”.

Reed Slatkin studied with Scientology's founder L. Ron Hubbard and became an ordained minister in the cult 1975. He used his position to set up an unlicensed investment club.

https://moneyweek.com/520446/great-frauds-in-history-reed-slatkins-investment-club

Innocent victims who are tricked into transferring money to scammers receive less than half their money back on average, research shows.

https://www.yourmoney.com/saving-banking/fraud-victims-face-3bn-compensation-shortfall-despite-new-refund-code/

Open Banking, which was brought into inception two years ago, was predicted by many to spark a revolution in consumer finance. However, its full potential remains largely untapped. Open Banking platforms have the capacity to address unmet needs of SMEs, provide better outcomes for those in problem debt, and be at the forefront of the fight against financial fraud in 2020. 

https://www.finextra.com/blogposting/18320/2020-to-release-full-potential-of-open-banking

The UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have increased pressure on firms with a 16% increase in the number of independent reviews ordered last year.

https://www.pinsentmasons.com/out-law/news/regulators-increase-focus-on-compliance-with-rise-in-independent-reviews

The Financial Conduct Authority (FCA) has confirmed its first fines of claims management companies (CMCs) for poor practices since it became responsible for their regulation in April 2019.

https://www.pinsentmasons.com/out-law/news/fca-confirms-first-fines-of-claims-management-companies

Not addressing non-financial misconduct may lead managers to fail the SM&CR.

Welcome to the first roundup of the Sunday Money pages of 2020.