As it happened: FTSE 100 rallies as oil falls back after Trump’s Iran war pledge October 9, 2026 Welcome back to the City AM liveblog. Donald Trump has said the US has engaged in “productive discussions” with Iran and would refrain from attacking the country before the midterm elections, bringing relief to the oil market. It’s taken the price of Brent crude back slightly, though it has remained around $103 per barrel after [...]
MFS founder accuses administrators of ‘internecine warfare’ October 8, 2026 The founder of collapsed shadow bank MFS has accused administrators of “internecine warfare” and harassment as the firm’s creditors fight to unlock billions of pounds in frozen funds, City AM can reveal. Paresh Raja, the chief executive of Market Financial Solutions who has denied claims he siphoned “vast sums” from the mortgage firm, has asked [...]
Interest rate fears dampen UK house buying demand October 8, 2026 Brits held off inquiring about buying new homes last month as fears over higher mortgage rates dampened the market. Housing demand dropped in September, according to a survey from the Royal Institution of Chartered Surveyors (RICS), which found that 22 per cent of property professionals saw buyer inquiries fall last month. That figure was up [...]
Former City traders’ fraud convictions overturned October 7, 2026 A group of five former City traders previously convicted of rigging the Libor and Euribor interest rates have had their fraud convictions overturned by the Court of Appeal. The five investment bankers, who previously worked at Barclays, had their convictions quashed having served jailtime for conspiring to rig the now-defunct interest rates in the run-up [...]
HSBC set to axe UK wealth jobs as AI takes hold October 7, 2026 HSBC is putting a raft of roles in its UK wealth division on the chopping block following a push to slash costs with artificial intelligence. Europe’s biggest lender is consulting on changes to its wealth management operations that would lead to a shake-up for hundreds of relationship managers and financial advisers across the UK. The [...]
Volkswagen takes £725m hit from motor finance scandal October 7, 2026 The finance arm of Volkswagen has taken a mammoth hit from the motor finance scandal plunging it to a loss for the year. Volkswagen Financial Services UK (VWFS) set aside £725m for expected expenses under the City watchdog’s industry-wide car finance redress scheme, according to new account filings. The provision swung the firm to a [...]
As it happened: FTSE 100 slide as oil price jumps; Global bond yields higher October 7, 2026 Welcome back to City AM‘s FTSE 100 liveblog. Global markets are swimming in the red as the price of oil trends higher following tensions in the Middle East offsetting a rise in supply. Brent crude – the international benchmark for oil prices – tipped over $101 per barrel on Wednesday following intensified attacks on tankers in the [...]
‘Serious concern’: City watchdog accused of withholding information in motor finance row October 7, 2026 The City watchdog is coming under pressure to release its communications with the Treasury and modelling data for its controversial motor finance redress scheme, City AM can reveal. The Financial Conduct Authority (FCA) is facing legal challenges from the finance arms of Volkswagen and Mercedes Benz as well as French-owned CA Auto Finance over its [...]
Stages of tax grief: Is it time for bankers to bargain? October 7, 2026 Banks are in the firing line at the Budget and in a meeting with bosses on Tuesday chancellor John Healey played coy on any increased rates. In this week’s column Samuel Norman looks at what trade-off could be made. Also on the cards, fresh data shows fintechs are lurching ahead of the incumbents on customer [...]
UK fintech Wise in tie-up with Oaknorth as it beefs up infrastructure division October 6, 2026 UK fintech Wise is set to reveal a partnership with small business lender Oaknorth as the group looks to make its infrastructure arm a driving force. The cross-border finance firm’s tie-up with Oaknorth will see the latter adopt Wise’s international payments engine directly into its own banking platform for small businesses. Fintechs and challengers have [...]