the financial conduct authority has issued warnings to some independent financial advisors and a parliamentaryiant port talbot steelworks, the biggest of the tata's uk plants. the company said the old gold—plated british steel pension scheme was unsustainable, leaving workers here and at other sites a range of options, including transferring out altogether. with around 130,000 workers affected, huge pension pots and lucrative commissions for financial advisors have been at stake. it's cost me in the region of £200,000, so it's a lot of money. richard bevan is one of those workers. after 39 years at the trostre steelworks, near llanelli, he wanted a secure future. he went to this local firm, celtic wealth management, who he thought were regulated financial advisors, but they're not. they introduced clients to a firm of regulated advisors based in the midlands, called active wealth uk. between them, they failed to give richard a suitability report on which he could properly base his decision and advised him to transfer his pension out of the company scheme even though a recalculation was due, wh

the city watchdog, the financial conduct authority, is worried that steelworkers are particularly atke a decision one way or the other, that gives rise to particular complexities. so, yes, they are particularly vulnerable i think at this stage. there is growing concern that hundreds of steelworkers could be affected by a feeding frenzy surrounding the british steel pension scheme and millions of pounds of their hard—earned savings potentially at risk. sian lloyd, bbc news, port talbot. treating type 2 diabetes costs the nhs billions of pounds a year. the condition is normally controlled with medication, but a new trial, carried out in newcastle and glasgow, has shown be reversed through dieting. 0ur health correspondent, james gallagher, has been looking at the findings. isobel murray thought she was facing a lifetime of type 2 diabetes, but she's lost more than four stone on the trial and has now completely changed her relationship with food. her disease is in remission. it's freedom to live your life again and know that you're not in that cycle any more and know that i can control

the financial conduct authority has intervened to stop several firms of financial advisers offering advicettee questioned the regulator about fiuig'ifiisgé féfiulflm iwi “iii: they if theywould sorts of questions they wouldjike see us sorts of questions they wouldjike see us those were sorts of questions they wouldjike see us - those were exactly to see us asking, those were exactly the questions we ask. we go in and when we see high numbers of transfers going through, we ask them expressly why it is in the context of transfers were for most people most of the time staying in a tv scheme is a better outcome, they have satisfied themselves it is suitable in so many cases to transfer and that's exactly where we go with our line of questioning and with our file questioning. as a result of this for firms have stopped offering pensions advice as a direct result of our intervention, either by direct limitations on their permissions, or by voluntary and separate arrangement provided to us. and separate arrangement provided to us. a conservative mp asked british steel pensions director whether workers

yes, we have an interview from the head of supervision at the financial conduct authority.nsfer advice in the area and we‘ll be listing those on the website today. people should get advice from the good people visiting, high cornwalled ifas in the —— high qualified ifas in the area. ( (you're watching breakfast from bbc news. now for a look at the newspapers. writer and broadcaster paul vallely is here to tell us what‘s caught his eye. good morning. we‘ll speak to him in a minute, first let‘s look at the front pages. it's it‘s a mixed bag. daily mail dwelling with issues that the royal wedding clashes with cup final day. the times looking at a rape case scanned arrest. this is the case a student put on trial for rape because police had evidence that had been withheld and this evidence has come out. the case has collapsed. but liam allen, aged 2 #2, spent almost two years on bail and was on trial for almost two years on bail and was on trialfor a series of almost two years on bail and was on trial for a series of alleged rapes before police handed over these text mess sajs w

i think the financial regulator, the financial conduct authority, itself found, they are concerned thereopments in banking technology, the cost of administering these charges are no longer there. we also think these high charges, if you are regularly being hit by them, you are pushing people further into debt. it should bea sign people further into debt. it should be a sign people are struggling and banks should be helping people rather than pushing them further into difficulties. if someone is listening and they recognised this pattern, what is the first thing they should do? firstly, we would say co nta ct they should do? firstly, we would say contact your bank, contact your provider. see if they can help you, see what they can offer you. if you don't feel that is enough and you're struggling with your debts, there are out there that can help you. like stepchange and citizens advice. thank you. a quick look at the markets. the ftse up ever so slightly. hammerson have just announced they are going to take over their rivals. hammerson home the birmingham bullring and brent cross shopping

the british subprime lender, which is facing a probe into its credit card unit, said the financial conduct authority commenced a separate investigation into its car finance provider money bar. customers who have struggled to gain accidents -- who have struggled to gain access. its doorstep lending business, after a botched rollout in new technology. it also scrapped its interim dividend earlier this year. , well theie business movie theater business. movieng to buy the theater market regal. a 26% premium. the day before discussions became public. senna world down by 9/10 of 1%. --cineworld down. time is moving closer toward the big brexit exit in march 2019. let's talk brexit a bit further. the next stop on the brexit narrative. 14, 15 december. this is the big deadline the pound traders seek. they have failed to attain a deal in brussels. the options trade expire after next week. against the dollar, rising to the highest level since august as shown by this so called butterfly. it will be a fascinating week as evidenced by the options market. 90 days into the u.s. trading market. vonnie: we have gre

i spoke to andrew bailey, chief executive of the financial conduct authority, an important regulator.bitcoin‘s meteoric rise in value. it's actually not regulated by us in its bitcoin form. where we come in is where there are instruments that are referenced to bitcoin. it's a very volatile commodity in terms of its pricing, if you look at what's happened this year. and i would caution to people, we know relatively little about what, in a sense, forms the price of bitcoin. it's an odd commodity as well because the eventual supply is fixed. if you want to invest in bitcoin, be prepared to lose all your money. that would be my serious warning. what evidence do you have at the fca about who is actually buying bitcoin? we don't regulate bitcoin, as such. isn't that the problem, mr bailey, that you don't regulate? the technology is ahead of you. well, i'll come back to that. i think the decision on what we regulate is appropriately for government and parliament. and we don't regulate commodities. we regulate instruments that are referenced to commodities. so if you buy a future or an option

the financial regulator, the financial conduct authority, they are concerned there isn‘t a justify justification are struggling and banks should be helping people. we‘ve had a ruling in europe‘s top court — the european court ofjustice — luxury goods firms have won a significant court battle over how their products are sold. what was the issue? here to talk us through it is samira hussain. this is a case that was brought by coty, the us cosmetics firm. what are the issues round this case, what do they want to achieve? coty was saying that look, there are all these third party sellers that are trying to sell some of their luxury goods, some of the names include rimle and —— rimmel and goods, some of the names include rimle and —— rimmeland markjacob, what coty was arguing is that it really sort of devalues their brand, if you can get it on third party sites, well, the ecj ruled in favourite of coty, saying it is not an unreasonable question. they said these third party sellers shouldn‘t be able to sell their goods. what we re be able to sell their goods. what were the arguments from the online re

rishaad: conducting a search of the financial system in 2011. they authoredhe so-called stress test. what can you tell us? growthern about credit and banks that are not fully capitalized. they use a mock test to ask what would happen to bank in certain worst-case scenario. all have enough capital and 27 of 33 chinese banks failed on at least one measure. would face a capital shortfall equal to 2.5% of gdp. chinese banks, the co-author of this report. deputy director of the imf monetary and capital markets group. china is already heading in the right direction. >> in a stress testing scenario. this is under a very adverse stress test. falls below 3% and stays there for two years. it is in that scenario. anticipate that, we that the shortfalls are about 2.5% of gdp. which is manageable. and then we separately stress situation where there are losses on wealth management projects. some of which were borne by banks. and there they capital shortfalls were a little more than 4% of gdp. >> under this scenario, a very adverse scenario. the third biggest bond market in