Three major initiatives dominate this week’s roundup as the FCA asks for detail on bank account closures, launches an initiative to prevent loan fee fraud, and publishes the latest review of fund manager’s value assessments.

Enforcement

Notification of two companies going into administration was published; the Hastings and Rother Credit Union and Hamsard 3225 (Trading as CLC Finance).

Rules and Consultations

The regulator has asked the UK’s largest banks and building societies to provide details of account closures. It has requested information on the number of customer accounts terminated, suspended or denied service, together with reasons for those decisions and details of any complaints subsequently received.

There’s a particular focus on whether accounts have been closed because of political or other opinions expressed by the account holder. The move comes in the wake of controversy over the application of politically exposed persons rules in the UK. Data gathered will be shared with the UK Chancellor.

Speeches and media

A campaign to help consumers spot and avoid loan fee fraud was launched, which included a three-step loan fraud checklist . FCA data shows a 26% increase in complaints about loan fee fraud, and the rising cost of living is making more people vulnerable to fraudsters. FCA research has found 55% of UK adults are more worried about personal finances this year than they were last year.

The latest review of fund manager’s value assessments has been published. The FCA says is shows that “many firms have now fully integrated considerations on assessment of value into their product development and fund governance processes” which has saved consumers millions of pounds.