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...Welcome to Money Clinic, the weekly podcast from the Financial Times about personal finance and investing. I’m Claer Barrett, the FT’s consumer editor....
...Gary Gensler told the Financial Times that without swift intervention it was “nearly unavoidable” that AI would trigger a financial crisis within a decade....
...Support for Reg PDA has come largely from consumer groups, who say current investor protections do not go far enough....
...In recent years, its performance has also been hit by higher than expected compensation payouts linked to mis-sold payment protection insurance....
...US Securities and Exchange Commission chair Gary Gensler has hit the financial sector with more new major rules and regulatory proposals than any predecessor since the response to the 2008 global financial...
...But consumer protection and investor groups have warned that making the product available via an ETF would encourage retail investors to move money into a sector known for repeated scandals and massive price...
...This article is part of the Financial Times free schools access programme. Details/registration here....
...US financial watchdogs are pushing ahead with a crackdown on deceptive fund names, despite industry warnings that it will discourage stock picking, violate free speech protections and force funds to sell...
...“It is truth in advertising,” said Gary Gensler, SEC chair. “This proposal benefits issuers and investors alike.”...
...Additional contributions from Benjamin Wilhelm and Gary Jones...
...If this weekend’s “Barbenheimer” box office blowout is any evidence, the US consumer is nowhere near done spending....
...In particular, three of his closest former associates — Caroline Ellison, Gary Wang and Nishad Singh — all said under oath they committed financial crimes alongside the former chief executive....
...“Given PayPal’s size and reach, federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns.”...
...SEC chair Gary Gensler has said the regulator was considering “adjustments” based on the feedback, with a decision expected in October....
...But better to incorporate protections such as self-exclusion tools into the tougher financial framework. Dividing responsibility between regulators would be a mistake....
...The day ahead Economic data The US publishes consumer price inflation data for November....
...Some think deposit insurance is a consumer protection tool, like limits on credit card fraud losses....
...Just this week, the Consumer Financial Protection Bureau slammed Wells Fargo with a record-breaking $1.7bn fine....
...Regulators around the world have also criticised the wider group’s anti-money laundering and consumer protection policies....
...I’m uncomfortable tossing aside consumer protection just because the product is especially stupid....
...Monzo won the brand protection case....
...Last month the FTX chief proposed a series of standards for the industry, including regulatory oversight, consumer protection and “reliable lists of addresses associated with illicit finance”....
...Stabenow’s staff working on the bill, called the Digital Commodities Consumer Protection Act, said Steven Adamske, a commission spokesman....
...Consumers may need protection....
...But we do agree that consumer protection matters too. As Unhedged thought this over, we differed on just how to do this....
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