Bank of England hits Mastercard subsidiary with £12m fine July 9, 2025 A Mastercard-owned company has been fined almost £12m by the Bank of England after it failed to fully comply with a regulatory order to fix weaknesses in its risk management. Vocalink – which was acquired by Mastercard in 2017 – has been slapped with the £11.9m fine due to failing to meet directions from the [...]
Fintechs lobby Rachel Reeves for tax incentives to boost listings July 9, 2025 Top British fintech firms have urged Rachel Reeves to provide incentives to list in London or risk losing them to rival markets overseas. Executives from Clearbank, Atom, Revolut and Zilch met the Chancellor on Wednesday morning ahead of the Treasury’s Financial Services Growth and Competitiveness Strategy, in which fintech is expected to play a starring [...]
Reeves warned ‘undermining cash ISAs a serious mistake’ July 9, 2025 Chancellor Rachel Reeves has been warned that “undermining” cash ISAs would be a “serious mistake” and could hike the cost of mortgages and make them harder to access. Skipton Building Society has joined the chorus of institutions voicing their concerns ahead of the Chancellor’s Mansion House speech next week where she is expected to announce a [...]
Close Brothers to scale back lending after motor finance hit July 9, 2025 Close Brothers is set to scale back its premium finance division in a bid to cut costs and focus on its offerings for businesses. The lender said on Wednesday it would begin to prioritise insurance products designed for businesses in its commercial lines, which the firm said offered better risk-adjusted returns and long-term growth potential. This will [...]
Labour’s Mansion House will be lift-off or letdown for banks July 9, 2025 Britain’s banking sector will be keeping a close eye on Rachel Reeves’ Mansion House speech on July 15 in which the Chancellor will lay out Labour’s roadmap for financial services. Banks are set to take centre stage in the Treasury’s Financial Services Growth & Competitiveness Strategy as Reeves looks to harness the sector to power [...]
Rishi Sunak will donate Goldman Sachs salary to charity July 8, 2025 Former Prime Minister Rishi Sunak has rejoined Goldman Sachs as a senior adviser, adding to post-government roles he holds while still sitting as an MP, though his salary from the investment banking giant will be donated to a maths charity. Sunak worked at Goldman Sachs as a summer intern in 2000 and as an analyst [...]
Revolut banking licence bid goes down to the wire as key deadline looms July 8, 2025 Revolut is facing a fresh regulatory headache in the UK amid mounting expectations it may miss a key deadline in the ongoing process to become a fully operational bank. The digital banking juggernaut received the green light for its UK banking licence from Britain’s banking watchdog last year after a three-year wait, which triggered a 12-month [...]
Rachel Reeves warned cash ISA reforms will hike mortgage costs July 7, 2025 Rachel Reeves’ plans to cut the cash ISA limit have been blasted by the bosses of Britain’s top building societies over fears they will hike borrowing costs. The Chancellor has been warned her proposals to slash savers’ annual cash ISA allowance from the existing tax-free threshold will drive up costs for homeowners and businesses. Concerns [...]
Financial services brace for more job cuts as clouds gather July 7, 2025 Financial services firms are expecting a rapid increase in jobs losses over the coming months as investment plans and optimism levels sink to fresh lows. The sector’s activity fell at the fastest rate since December 2023 in the three months to June, according to the Confederation of British Industry (CBI). This marked the first time [...]
Rachel Reeves urged to rip up ring-fencing in banking growth push July 7, 2025 Rachel Reeves is facing renewed pressure to scrap the ring-fencing regime imposed on British banking giants in a bid to bolster the sector’s international competitiveness and bolster economic growth. The Chancellor has been lobbied by top banking chiefs to ditch the “redundant” 15-year-old legislation, which requires major banks to separate their retail banking operations from [...]