Legacy banks must ‘radically modernise’ or lose to fintech stars, says former Barclays boss Banking A decade ago, Antony Jenkins was ousted from his role as chief executive of Barclays and months later warned the banking sector was reaching an “Uber moment”. Jenkins declared technology would be an “unstoppable force” in the banking sector and could lead to hundreds of branch closures and potentially slash the industry’s workforce by half. [...]
Financial services to plough cash into UK defence in 2026 Banking Financial services are planning to pump cash into the UK’s defence sector next year after facing pressure to ramp up investment amid increased geopolitical tensions. Nearly two-thirds of financial services leaders expect the sector to increase investment in UK defence in 2026, with more than a quarter anticipating that investment will rise “much more” over [...]
Motor finance: What’s next for banks and consumers in 2026? Banking The City watchdog wrapped up the consultation on its motor finance redress in December but the two-year long scandal threatens to rumble on into the new year. The Financial Conduct Authority (FCA) pushed the deadline for feedback on its scheme to 12 December after it was originally pencilled in for 18 November. The delay came [...]
Regulators show their teeth – financial services fines in 2025 December 24, 2025 UK watchdogs sharpened their sword in 2025 and slapped a handful of financial services firms with hefty fines and a thorough dressing down. In just under a week alone in July, the Financial Conduct Authority and Bank of England handed out £74.9m worth of fines to a trio of financial services giants. But it was [...]
Wrexham-based Chetwood Bank takes on London rivals with £1bn jump in deposits December 23, 2025 Chetwood Bank has seen a near-£1bn jump in customer deposits as the Wrexham-based business wrestled market share from London fintech rivals. The Welsh digital bank, owned by US investment fund Elliott, posted a £960m increase in customer deposits in the year to March, bringing them to £3.8bn, a rise of just over a third, according [...]
Is it time to invest in Asia in 2026? December 23, 2025 Over the last few months, investors and portfolio managers have taken renewed interest in Asia amid fears of an AI crash, seeking to diversify away from the highly concentrated Nasdaq, home to the Magnificent Seven stocks. With a large number of analysts remaining bullish on AI’s prospects for the next financial year, citing the sector’s [...]
Metro Bank handed capital boost from banking watchdog December 19, 2025 High street lender Metro Bank is set for a major capital boost after a reclassification from the banking watchdog. The FTSE 250 firm said on Friday it has received confirmation from the Prudential Regulation Authority (PRA) that it would be listed as a transfer firm under the newly introduced MREL regime from 2026. Introduced in [...]
Banks to set own contactless limit as FCA scraps cap December 19, 2025 UK banks will be able to set their own contactless limits under new rules set to be introduced by the City watchdog next year. In the current system, banks place a cap on payments of up to £100 per transaction when consumers are using physical contactless cards. But changes introduced by the Financial Conduct Authority [...]
HSBC chair poured cash into failed tax avoidance investment scheme December 18, 2025 The new chair of HSBC lost money in a tax-avoiding investment scheme that ultimately collapsed, City AM can reveal. Brendon Nelson became a partner and investor in a biofuel exploration business called Future Fuels, itself part of a wider scheme called Elysian Fuels which was operated by Future Capital Partners. The unregulated investment scheme was [...]
FCA: Motor finance lenders ‘very focused’ on negatives of redress December 16, 2025 The boss of the UK’s financial watchdog has taken a swipe at motor finance lenders that are begrudged with the regulator’s redress scheme, stating they are “very focused” on the negatives. In a session with the Treasury Select Committee, Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA) opened the door to changing the [...]