so, why, according to the fca, isn't competition working in the insurance industry? that loyalty pays off and if you are a loyalty pays off and if you are a loyal customer you would get something back in return. we should know by now that isn't always the case. absolutely, we should listen to the people telling us to shop around. but you forget these things are coming up for renewal, and your friendly and helpful insurance company sends you a letter or e—mail saying, don't worry, we have got this taken care of, just say yes and we can do this. sometimes it automatically happens. you don't need to do anything unless you opt out. what the fca has done, the city watchdog, they have said they have looked into this because there had been a number of complaints, there was a super complaint filed to the competition and markets authority, saying that we are paying too much when we are loyal customers, not just for things like insurance, things like mortgages, your mobile phone contract. there are lots of investigations going on. this one focuses just on the insurance market.

fourth largest carmakers will be based in the netherlands and listed in paris, france and new york and fca says it expects the deal to lead to 3.7 billion euros in annual synergies a quick look at how the share price is now performing. after the big spike we saw yesterday and declined today that has moved a little bit. 28% higher, so very, very strong worth noting some of those comments from the french government who was saying they want to protect the footprint in france saying they won't have any closures also around thecreation of battery technology >> karen, jimmy has joined us around the desk. we were talking about why psa is down so strongly fiat is indicated to open as much as 10%. that's the only indication we are waiting for a trade at this point you made an interesting point about why we might necessarily see a divergence on this news. when you see that kind of sudden up/down reaction, that is due to the bias of how one country is treat treated versus the other >> what would be your broad analysis of the benefits or otherwise for europe >> any kind of proactive consolidation in e

the financial watchdog, the fca, says millions of customers are overpaying for car and home insuranceected to be strongly criticised in a report about its handling of allegations about a vip paedophile ring, which turned out not to exist. we'll be speaking to one of the panorama journalists

what is fca and what happened last night? >> fca is the fellowship of christian athletes.sports. what we do with our, our group of fca is we have bible studies where we come together to talk about how our passions for christ and passions for sports connect and are able to experience life through that. last night at hofstra we had the pleasure of hosting our first fields of faith event which that is a national event that brings communities together and people to experience our faith in christ in different ways. we had musicians and speakers and student testimonies and different experiences for the students to come together and really the goal of that is for all student to be able to open up their life to christ. we encourage that peers, are able to develop that relationship with christ. ainsley: so it is on the field. last night, y'all were all gathered together on the field. what happened? >> it was really a powerful experience. we did have some weather complications that pushed us a little bit towards the pavilion. ainsley: it was raining here. >> we were able to be on ou

that is why the fca has conducted this review.they provide you with better deals and cheaper options. sometimes they give you free gifts. whatever it is, it is not working at the moment and it really needs to be tackled. whether it is prices, the way they operate in terms of incentives, it is not working and needs to change. katie martin, thank you. other business news. the uk hasjoined the us and australia in putting pressure on facebook not to encrypt all messages across its apps, including whatsapp and messenger. in an open letter, the countries argue that it threatens "lives and the safety of our children". they said it could hamper international efforts to grant law enforcers faster access to private messages on social media. facebook said "people have the right to have a private conversation online". personal computer maker hp will cut up to 9,000 jobs around the world as part of a push to slash costs and boost sales. that's about one in six of its workers. the company said the job reductions would help the firm save about £

the fca are proposing some key changes. they will put those out to consultation.oblem. people come to the end of their term and not moving. the problem is that if we don't have auto renews, then people are left un—insured, if they are not in the habit of checking and comparing? this is where it differs, we talk about switching utilities, gas, electricity or broadband, but in those cases, you don't get cut off, one firm will take it up. you are right, they could be a gap, if you get your dates wrong, one will run out before the others start. you got to play the numbers game. at the point is, there is a payday, if you are willing to spend 30 minutes chopping around, you can save quite a lot of money. a lot of people are the sharp end of this. we will speak to the association of british insurers just before nine o'clock. they are reading the report at the same time we are. boris johnson's chief europe advisor will hold another round of talks in brussels today, as the government tries to break the brexit deadlock. david frost's visit comes as the eu's chief negotiator

the fca knew more than a year ago that neil woodford's fund had too many ha rd—to—sell investments, butnto what went wrong. the public had no idea any of this was going on, so it was all being done behind closed doors. how do the financial conduct authority come out of this? they come out of this terribly. i think that they should have sacked woodford. they should have called him in and said, "you're unfit to run this fund any longer, we don't trust you to sort it out on your own". but they've just let him carry on. what do you think about the way you've been protected ? well, i haven't been protected at all, have i? what we found is a world where some fund managers seem to be able to do as they please. we only get to see glimpses of their gambles, so we decided to look more closely at those who pull the strings. we found another fund manager breaking rules designed to protect investors. his name is mark denning. i feel we're in a growth starved world and people will be paying big premiums for growth, so i'm trying to find companies that are perhaps somewhat misunderstood. he's worked a

chris: i think that is up to the fca to comment on. what i do know that at st.oing dialogue with fca about all different aspects of the business. i talked to them about our investment approach and my colleagues talk about the way we remunerate our advisors. that is an ongoing discussion. they are very aware of the way in which we have compensated our advisors over a long period of time. the fcapersonally see is necessarily behind the sec in the way it deals with this. francine: hasn't had an impact on how many people use -- has it had an impact on how many people use your services? chris: not at all. results showed good, positive inflows into the business. business is strong and we continue to deliver great results. clients, for me, our our existing clients continue to give us assets to manage and recommend their friends, family, and colleagues to us. i see clients all the time. what is being written about in the media is different from the experience the vast majority of our clients have. tom: chris ralph, thank you so much, comments on a huge debate in the uni

so the fca wants to ban that commission, stockbrokers being able to charge it.more, the fca putting a figure of £165 million per year. the finance leasing association, the body representing carl fearns, says it is good news for the industry and consumers, delivering clear rules and a consistent approach. watch this space. the duke and duchess of cambridge continue their official visit to pakistan today, where they're due to meet the prime minister, imran khan. (tx the couple visited a school and chatted to pupils in islamabad. they'll also travel to the city of lahore, amid tight security. the last royal visit to the country was made by prince charles and camilla in 2006. the fa chairman greg clarke called it one of the most appalling nights he'd seen in football, as england players were subjected to vile abuse from bulgarian fans during yesterday's euro 2020 qualifier in sofia. a small section of bulgarian fans, it should be said. monkey chants and nazi salutes came from some of the home supporters, forcing the game to be stopped twice. let's speak now to our s

but the fca said competition wasn't working well enough for consumers either.s to cut £100 million a year from its costs. it's told some landlords that it will withhold part of their service charges — the fees on top of rent for things like heating and security. some landlords have warned they'll take legal action to get their money in full. car industry leaders say that new sales figures are "pretty awful". so far this year, sales are down by 2.5%. the society of motor manufacturers and traders says that consumer confidence is being undermined by political and economic uncertainty. when did you last switch to a different provider for your home or car insurance? if it's been a while, you might want to double checkjust how much your paying for your cover. that's because the city regulator found that loyal customers are often taken advantage of. and you may well be paying a lot more than you should if, for example, you just let your policy renew automatically. in fact, it's such a problem the watchdog is suggesting solutions including a ban on automatic price ris

where are we now fca is now talking to psa.his is the peugeot business there are all sorts of financial assets ahead the french government while it doesn't have a financial controlling stake, it does have a stake that gives them a seat at the table potentially the government could still be partially in the driver's seat on this arrangement. the other big issue we have to come to terms with is whether the markets decide if this is ultimately in the best interest of companies we had volkswagen numbers. the word is that they see auto deliveries slowing in many of their key markets. that's why we got excitement here in their deal everybody understands not only the cost rising but you are seeing slowing sales globally. a combination of these two businesses might ultimately give them some pmomentum and scale moving forward >> not many players left vw, audi and porsche what we would see is a europe with effectively two major car companies. i'll put renault still with nissan this is a major consolidation. >> it is astonishing it tells

the italian/american carmaker fca pulled out of the deal one of the other issues had been around that size too and whether authorities would get involved that involves around changing at the table. we are still waiting for fiat chrysler reaction. let's get to the likes of exor up 6.1% in italy deutsche bank, 2.9% south as they are dealing with a deeper than expected third quarter loss the german lender also saw revenue on its bond at 13% this was always going to be a fairly challenging quarter analysts were guessing what it might look like. what is your read as you've been pouring through these numbers? >> to actually predict how big that income will be for that bank which is in full restructuring mode which is a little like looking into a crystal ball bottom line is that the position is surprisingly strong for deutsche bank but the investment bank is very weak. that's why the shares will probably be dragged down if you compare bond trading revenues to their peers, it was surprisingly strong for others and weak for deutsche bank we have to get used to a new normality. they are aiming

fca is up by about 9%. peugeot is down by about 11.5%.arket clearly believes that the french are taking over here. is that the correct interpretation? believesthe market that fiat shareholders are gaining from the deal, and peugeot shareholders not. why? because fiat shareholders are getting 5 billion euros of special dividends, about 1/4 of the market cap of fiat, and get a premium in the valuation to the for the combined entity of about 5 billion euros. that is why fiat shares are up and peugeot shares are down. the reason why there is this premium is that peugeot is much more valued then fiat by investors. managed to turn around peugeot, and he is making margins in europe, which is not common for a carmaker -- for a mass carmaker. now he needs a bigger canvas, and fiat chrysler has the opportunity to give him the assets for the north american and south american market, especially. vonnie: is this the end of partnerships, or could there be more soon? clearly allean, analysts and investors have been waiting for a round of consolidation i

but the fca said competition wasn't working well enough for consumers either.ney in full. car industry leaders say that new sales figures are "pretty awful". so far this year, sales are down by 2.5%. the society of motor manufacturers and traders says that consumer confidence is being undermined by political and economic uncertainty. a bit ofa a bit of a chore, but you'd better check your insurance. yes, one of those things you put off. you know it is coming up, you get a letter and you think i will look into it later. but unless there is an absolutely astronomical pleasantries, most absolutely astronomical pleasa ntries, most people absolutely astronomical pleasantries, most people will not change the deal. in the financial regulator has said today that companies are taking advantage of this. they estimated £1.2 billion is effectively overcharged to consumers every year. £200 too much per person, if you're one of those affected. it is one of those things in general, you often feel like royalty to a company sometimes is not rewarded. we get this with utility bi

let me just read the other statement that has just dropped from the fca. they said...miss sacoolas, had diplomatic immunity whilst in the country under the vienna convention on diplomatic relations. what do you make of that? that is flatly disputed by our side. we have a serious disagreement with the foreign office on that point. we simply say that mr sacoolas was not a diplomat. we understand he is a technical officer, and as such, has no benefit of diplomatic immunity. so you are saying he didn't have diplomatic immunity, let alone her? let alone her. right. so let's trace this back. the fco get in touch with northamptonshire police and say, they cannot investigate this any further because she has diplomatic immunity. the technical term further because she has diplomatic immunity. the technicalterm is advised. so the foreign office advised. so the foreign office advised northamptonshire police that this lady, mrs sacoolas, had the benefit of diplomatic immunity. this action that we are taking, or that we are about to take, is effectively... way say that that decision

for psa the fca presence with ram and jeep in the u.s. and north america.ry attractive for fiat chrysler it needs to get larger as peugeot does as they try combat the rising cost of developing electric and autonomous vehicles. different reaction from investors of both companies. look at the reaction of the psa investors. they are not real crazy about this, though they need to do this and fiat chrysler investors they look at this and say this is the logical next step i'm not sure we'll see a whole lot of deals of this size any time in the foreseeable future and this still needs be approved by the french and u.s. governments. >> phil, thanks so much for that we got just under three minutes left on trade. let's get to mike. >> obviously been a pressured market all day but look at the up and down volume definitely to the negative but not necessarily a wash out earlier it was more like 20% upside volume now closer 30 administers. backing off on a broad scale but not that intense in terms of lop side trading equal waited s&p 500 to the standard one the equal wait

>> gm workers are the same as they are at ford and fca and very close to what they are at toyota andonda gm's average hourly labor cost is the highest in the united states, partially because they paid out almost $11,000 in profit sharing last year and they're also carrying the costs of more workers -- there's more people in the numerator, the cost side of things, than there are in the denominator, hours side of thing. it's all labor costs divided by the number of hours work. >> i want to thank you for your time today nice to see you. >> nice to see you as well, thank you. >>> coming up, futures jumping sharply ahead of the open. live update from beijing on the trade negotiations moving the markets. in this case, higher today >>> plus, fallout from the vaping illness epidemic on the market leader, juul and ecigarettes. "squawk box" will beig bk. rhtac we're carvana, the company who invented car vending machines and buying a car 100% online. now we've created a brand new way for you to sell your car. whether it's a year old or a few years old, we want to buy your car. so go to carvana

particularly when the fca have identified people are not having the consequences of not keeping up thateen following, neil woodford's flagship fund is to be shut down and he's been removed as investment manager, in a major humiliation for the uk's best—known stockpicker. but investors will not get any money back until mid—january at the earliest. withdrawals from the woodford equity income fund have been frozen since earlyjune, after rising numbers at its peak, the fund had more than £10 billion of people's money in it. bank of england governor mark carney says he expects large swings in financial markets as the brexit process reaches a critical stage. he told a committee of mps there could be an impact on "the value of the pound, the value of shares, and the cost of debt for uk banks and companies, in either direction" depending on how things go. there's long—haul travel — then there's ultra long—haul travel. qantas will fly direct from new york to sydney this friday — a nonstop flight lasting 20 hours. no airline has ever done that journey without stopping. a few dozen passengers on b