it shows our financial conduct authority. it shows oui’ message, financial conduct authority.ou will save money. the findings will not be out until 2020 but until then we promote the message to consumers, for all forms of insurance and other products, you should shop around because we are sure you can reduce your premium renewals and we will give you £20 as well. thank you, amanda. do you shop around? i do. sometimes you pick up the phone, tell them you want a better deal and magically the quote comes down. does it make you grumpy? always. me too. you're watching worklife. a reminder of our top story: on the un's international day of the girl, we're minding the gap. the world's gender pay gap was at 51% last year. now let's talk about social media influencers. it's a world where brands are now cashing in by using online star power to sell everything from shoes to fancy glasses. it's a thriving market worth billions and our next guest is one of those who's made a business out of it. sedge beswick runs seen connects, a company that helps brands work with influencers. thanks for

how do the financial conduct authority come out of this? they come out of this terribly.e 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 at one of the biggest investment companies in the world for 36 years. advert: what does the word partner really mean? someone i can trust... who's with me for the long term. capital group manages almost $2 trillion of assets. with capital group, i can. mr denning has

the findings of the financial conduct authority, published in a report today.r customers pay a penalty for loyalty and whether pricing is fair, suggests as many as six milliion insurance policyholders are not getting a good deal. joining us now is louise o'shea, ceo, of confused.com. welcome to you so tell us more about these interim findings. thank you very much and good to be here. basically, the fca have been looking at the penalty that customers face if they are loyal to their insurer and they recommend insurers make it much easierfor and they recommend insurers make it much easier for customers to leave them on the point of renewal which is incredibly important because you can save a lot of money by switching your insurance. the total sums are quite staggering. the estimate is consumers are overpaying by more than £1 billion a year. absolutely. and this is something, the whole reason we exist, it is something we have been fighting against for many, many years, and we provide our customers with automatic reminders to say you are coming up to your date of re

the financial conduct authority estimates that six million of us are each paying an average of £200 toos if they don't switch providers. but the fca said competition wasn't working well enough for consumers either. the retail giantjohn lewis is demanding a discount from its landlords, as it tries 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

a lot of insurers down as the financial conduct authority finds that competition is not working for all when it comes to motor and home insurance, and they are setting out new remedies. called onld trump has china to investigate joe biden and his son. the president implied that biden used his position to encourage chinese officials to benefit his son's benefit do -- his son's dealings in the country. joining us is derek wall bank. we saw president trump speaking openly about china and ukraine and biden yesterday in front of the cameras. what is the latest? reporter: that is exactly right. he was standing in the white house and said that china probably ought to look into everything that is going on. this is part of that long-running investigation that democrats are doing that is under this umbrella of an impeachment probe into president trump trying to solicit foreign governments to dig up dirt on one of his democratic political rivals, a guy who has for a long time been considered a front runner for the democratic nomination. donald trump got into hot water initially for suggesting in a

the financial conduct authority thinks a crackdown will save drivers £165 million.in the uk between june and august, which was unexpected. unemployment went up to 3.9%. but average wages are still going up faster than average prices — earnings excluding bonuses grew at an annual pace of 3.8%. if you're taking out a car loan you might use a broker or dealer to help you find the best rate. but it seems that some buyers are being overcharged by up to £1000. that is what the financial watchdog found earlier this year and it is 110w found earlier this year and it is now proposing to ban the setup where brokers and dealers earn commission thatis brokers and dealers earn commission that is linked to the interest rate on the loan which they can set. now, not all of them did that way, but in some cases it gives an incentive to charge the customer more. the finance and leasing association says the crackdown would be good news for the crackdown would be good news for the industry and consumers as it delivers clear rules and i consistent approach to commissions. let us find out

that's the finding from a report by the city watchdog, the financial conduct authority.ry isn't working and that customers are being penalised for loyalty. it's calculated that some six million consumers are each paying on average £200 a year more than they should on premiums. our economics correspondent dharshini david is here. so, why, according to the fca, isn't competition working in the insurance industry? you know what it's like, you always like to think 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 loo

christopher woolard from the financial conduct authority joins me from central london now.me insurance. as you said in your introduction, about 6 million people we believe are paying high prices are very high prices. loyalty is one part of the story, so people just saying with the same insurer year after year after year, but we can also see that around one in three of the people we're talking about a potentially vulnerable. certainly you pay higher prices on average if you've got lower income, and also people who are less familiar or less comfortable using the internet are also higher prices. and these cases, though, we're not just talking about a few quid here or there. a lot of people getting in touch this morning. steve says he has been with the same insurer for 13 years. his insurance premium jumped by £85 and renewal. eugene says he had not switched for 18 yea rs. says he had not switched for 18 years. shopped around and it went to £17 a month. there are so many exa m ples of £17 a month. there are so many examples of this. alan says he got a 34% rise in his car insura

the financial conduct authority estimates that 6 million of us are each paying an average of £200 tooandlords 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. 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.

the financial conduct authority thinks a crackdown will save drivers £165 million.gher the commission. there is a rise in the number of people unemployed in the uk between june and number of people unemployed in the uk betweenjune and august. which was unexpected, unemployment went up to 3.9% but average wages are still going up faster than average prices. earnings, excluding bonuses, with an annual pace of 3.8%. i don't know what your bedside reading is but at the moment i would not recommend the international monetary fund report because it is a bit gloomy. yes, enough to give you nightmares. it has lowered its expectations and said expects the world economy will grow this year at the slowest pace since the global financial crisis of 2008, 2009 stops of it is now predicting that the economy around the web will grow 3% this year rather than the earlier forecast of 3.2%. if this were a weather forecast, the imf is basically saying it is becoming much more overcast and it could darken considerably if the trade tensions don't get sorted out. we are not in the eye of t

does the fca, financial conduct authority, do they need to catch up with the sec?o the fca to comment on. what i do know that at st. james place, we have an ongoing 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

the financial conduct authority estimates that six million of us are each paying an average of £200 tooetition wasn't working well enough for consumers either. the retail giantjohn lewis is telling landlords that own the stores it leases they will have to give the retailer a discount, as it tries to cut £100 million a year from its costs. john lewis has told some landlords that it will withhold part of the next service charge, which is paid on top of rent for services like heating and security. some landlords could take legal action to get the money. bp's chief executive, bob dudley, will step down next year, after running the oil company during one of the most turbulent periods in its history. mr dudley has been chief executive for nine years. he took over after the deepwater horizon drilling accident. bp insider bernard looney will replace him in february. mr dudley is the third ftse 100 chief this week to step down. 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 co

this is an issue the financial conduct authority, the fca, has been looking into for a couple of yearsinstead of buying a car outright, you pay a deposit and effectively rent the vehicle from a finance company over a three or four—year period. 80% are now bought in that way and it isa 80% are now bought in that way and it is a huge change in the way the market is working. at the end, consumers can either hand the car back, pay the rest of the contract off, or roll over what is left into a new pcp on a new car. in march, the fca found that customers could be paying a lot more than they should be, because dealers are also allowed to set the interest rates of the contract. in some intstances, dealers are overcharging in interest so they can boost their commission. basically if they charge more interest, they make more commission. the finance and leasing association, the trade body which represents car finance firms, said the report in march was based on out—of—date information, and car dealers had already made progress on the issue. but we could find out whether the regulator will step in

conduct a rigorous review of quantitative market data and analysts sense of the financial incentives dragging market behavior. since during the commission, i have argued that the ftc should be using our authority under section six be of our act to get the data we need to effectively police these markets and report our findings to you and the public. when it comes to enforcement, i am more optimistic, now that scores of states, both republican and democrat are teaming up to investigate anti competitive conduct. in this moment, it is all hands on deck, and i stay in constant communication with that. decades ago, our state eighties played a pivotal role in ending microsoft chokehold over the future of the internet, and without that action, there would likely be no google, no facebook, and no amazon. while the ftc is a recent settlements with facebook and google's youtube included finds that made for a great headlines, they did little to fix the core problems that fueled these companies to data abuses. big fines are not big penalties for the world's biggest companies, and as we've seen time and again when a template company can pay a fine from its gains this is not a penalty, this is an incentive.

conduct a rigorous review of quantitative market data and an analysis of the financial incentives driving market distorting behavior. since joining the commission, i have argued that the ftc should be using our authority under section 6b of our act to get the data we need to effectively police these markets and report our findings to you and the public. when it comes to enforcements, i am more optimistic. now that scores of states attorneys general both republican and democrat are teaming up to investigate anti-competitive conduct in the digital economy. in this moment, it is an all -- it's all hands on deck. and i stay in constant communication with them. decades ago our state ags played a pivotal role in ending microsoft's chokehold over the future of the internet. without that action, there would likely be more facebook, google or amazon. while the ftc's recent settlements with google's youtube gave headlines, they did little to fix the problems that fuel these companies' data abuses. big fines are not big penalties for the world's biggest companies. as we've seen time and again, when a company can simply pay a fine from its ill gotten gains, this isn't a penalty, this is a incenti incentive. as co

and as the financial conduct authority begins its crackdown on loyalty penalties, the survey found nearlyrs just months after the chain announced dozens of branch closures. spanning 25,000 sq ft across one floor — almost the size of 12 tennis courts — hmv vault in birmingham promises to become a nirvana for music and film fans, with dedicated spaces for vinyl, cds and dvds as well as a performance area for bands to take to the stage. they are hoping for a real renaissance. let's check in with the financial markets now, and hopes that britain will seal a brexit deal pushed london—listed companies with exposure to the domestic economy to a premium on london's blue—chip index. companies' exposure to the domestic economy are at a premium. but also markets around the world have edged higher amid renewed optimism over the outcome of the us—china trade talks. president donald trump sounded a positive note at the end of the first day of us—china discussions in washington dc. but overall gains on the index have been limited as there was a 4% drop in ad firm wpp after french rival publicis cut its