Monzo ditches US operations after boardroom reshuffle April 1, 2026 UK fintech Monzo has abandoned its ambitions to expand into the US after ailing efforts to crack the market. The digital bank is set to close its accounts for existing customers by June, whilst new customers will stop being on-boarded. The move to shutter US operations will lead to the axing of around 50 employees. [...]
Monzo and Revolut take banking battle to the playground April 1, 2026 Banks are turning their attention to the younger generation and in this week’s column Samuel Norman takes a look at the money to be made with Gen Alpha. The Tooth Fairy is losing her magic touch. After centuries of cultural dominance in the under-the-pillow money market, the primary dealer of calcium-for-cash faces a hostile takeover. [...]
Motor finance compensation scheme set to fuel even more legal action March 31, 2026 The City watchdog has revealed its long-awaited motor finance redress scheme, but despite the bill for lenders coming in lower than predicted the scandal is not going away any time soon, as further legal action is expected. After a 2024 legal case ruled that car sales firms couldn’t lawfully receive commissions from finance firms unless they had [...]
Deutsche Bank hit with £700m lawsuit in London by former executives March 31, 2026 Four former Deutsche Bank executives have filed a £700m legal action in the High Court alleging the bank conspired to injure them by “unlawful means.” The history of the claim stems from a decade-long saga that began with the Monte dei Paschi di Siena (MPS) scandal, which led to criminal convictions that have now been [...]
Motor finance compensation to ‘to fire starting gun’ on banking M&A March 31, 2026 The financial watchdog’s long-awaited motor finance redress scheme is predicted to “fire the starting gun” on a wave of deals throughout the banking sector. The Financial Conduct Authority (FCA) launched the final rules for its redress programme on Monday, with the bill for lenders expected to come in at just north of £9bn, down from [...]
Lloyds and Close Brothers shares rally as banks ‘assess’ impact of motor finance redress March 31, 2026 Shares in UK motor finance lenders had a volatile opening this morning as markets digested the final rules of the financial watchdog’s industry-wide redress scheme. Lloyds Banking Group – the owner of the nation’s largest motor finance lender Black Horse – crept up over one per cent in early trading to tip over the 92p [...]
FCA slashes banks’ motor finance payouts as compensation scheme finalised March 30, 2026 City banks are set to face a more than £9bn motor finance bill after the UK’s financial watchdog laid out plans for its long-awaited motor finance redress scheme in a major U-turn after months of backlash. The Financial Conduct Authority (FCA) revealed the details of its industry-wide redress scheme for the car mis-selling saga on [...]
Sanctioned Russian oligarch’s charity launches legal action against Barclays March 30, 2026 The Potanin Foundation, a UK charity of its Russian sister organisation, the Vladimir Potanin Foundation, has launched legal action against Barclays Bank in London via advisory firm Forvis Mazars. Founded in 2006 by the former Deputy Prime Minister of Russia, Vladimir Potanin, the organisation has focused on education, culture, and philanthropy. The charity was intervened [...]
For FSCS sake: Meet the body that protects Britain’s savers in a financial crisis March 30, 2026 As echoes of 2008 percolate through the banking system, the body that serves to protect Britain in a financial crisis says it’s ready to weather any storm. A combination of fears around private credit, the “stretched” value of artificial intelligence firms and more recently, concerns around a global energy shock, have made top bankers sound [...]
Arbuthnot chief: High street banks’ push into wealth is no threat March 30, 2026 One of London’s oldest private banking institutions has sounded off on the influx of the British banking giants looking to grab a slice of the wealth management pie. Andrew Salmon, the boss of Arbuthnot Latham, told City AM that when big bank rivals attempt to go “stratospheric” with their thresholds, it would benefit from its [...]