Tag: FCA
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UK Consumers Warned: AI Chatbots Giving Inaccurate Financial Advice
UK Consumers Face Risk from AI Chatbots Providing Financial Guidance Public scrutiny is growing over the reliability of artificial intelligence chatbots when it comes to handling money matters. Recent tests conducted on the most popular AI chatbots have revealed a troubling pattern: British users are receiving inaccurate financial guidance, including misleading tax advice and suggestions…
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Lloyds Warns of a Greater Hit From Car Loan Finance Scandal
Overview: Lloyds flags a potentially bigger bill Lloyds Banking Group has signalled that the cost of the motor finance mis-selling scandal could exceed its previous provisions, amid ongoing regulatory scrutiny and the evolving compensation scheme. While the lender had already set aside around £1.2bn to cover expected payments, it warned that an additional provision is…
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Lloyds Warns of Bigger Hit from Car Finance Scandal as FCA Figures Lag Behind
Overview: Lloyds tightens its stance on the car finance scandal Lloyds Banking Group has warned that the financial impact of the motor finance mis-selling scandal could be more severe than it had previously anticipated. After initially setting aside about £1.2bn to cover compensation payments, the lender indicated on Thursday that an additional provision is likely…
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Lloyds Warns of Bigger Hit from Motor Finance Scandal as Provisions Rise
Overview: Lloyds signals a potentially larger bill from car loan mis-selling Lloyds Banking Group has indicated that its financial exposure to the motor finance scandal could be larger than previously anticipated. The group signalled that additional provisions may be required as investigations advance and the scope of potential payouts becomes clearer. This development adds another…
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Unlimited Contactless Card Payments: What You Need to Know
Introduction to Unlimited Contactless Payments In a significant move, the Financial Conduct Authority (FCA) has proposed a change that could revolutionize the way we use contactless card payments. Currently limited to £100 per transaction, the new proposals suggest that these limits could be lifted entirely. This change aims to enhance user convenience while ensuring security…