Natwest boss becomes latest City figure caught in AI social media scam July 3, 2026 The boss of Natwest has become the latest City figure to be depicted in an AI scam across social media. Paul Thwaite – the chief executive of the FTSE 100 bank – was posted on X alongside journalist Emily Maitlis in a deepfake picture attempting to create a BBC radio interview. The picture was shared [...]
City watchdog suspends parts of £9bn motor finance scheme after industry backlash July 2, 2026 The UK’s financial watchdog has suspended parts of its under-fire £9bn motor finance redress scheme amid fierce backlash from industry and consumer groups. In a statement on Thursday, the Financial Conduct Authority (FCA) said the suspension will require firms to continue preparations for its scheme but avoid work that “may need to be repeated” if [...]
Lloyds accused of debanking left-wing media outlet The Canary June 30, 2026 Lloyds Banking Group has been accused of debanking the left-wing news website The Canary in a move that has left the media outlet with “barely any funds”. The bank was slammed by the media firm on Tuesday for allegedly “withholding a substantial amount of our money” and debanking them after nearly a decade of use. [...]
Mercedes-Benz slammed for swerving payout for car with ‘serious safety risk’ June 29, 2026 Mercedes-Benz’s finance arm has been slammed by the UK’s banks ombudsman for “very poor” handling of a motor finance dispute where a consumer’s car showed “serious” electrical faults. The financial services arm of the German carmaker has been ordered to refund with interest 50 per cent of all monthly payments made by a customer after [...]
Badenoch sets sights on battle with the Bank June 24, 2026 The City is in the mood for a regulatory bonfire and Kemi Badenoch hopes to be the one to light the flame. In this week’s column, Samuel Norman looks at the roadblocks she may face on her pursuit. “Don’t forget about Andrew Bailey.” That was the parting shot I got from a former Bank of [...]
‘Very concerned’: City watchdog scolds motor finance lenders over £9bn redress scheme June 22, 2026 The City watchdog has warned motor finance lenders it is “very concerned” with how prepared the industry is to implement its £9bn redress scheme, City AM can reveal. The Financial Conduct Authority (FCA) fired out letters to over 100 firms last Friday following a review of the sector’s plans to implement its under-fire redress program. [...]
Motor finance revs up City watchdog’s PR spend June 22, 2026 The motor finance scandal has helped rev up the financial watchdog’s spend on public relations agencies as it fought to warn consumers of the risks of using claims management firms. The car mis-selling saga – where City banks have been put on the hook for billions in compensation over the use of ‘secret’ car deals [...]
House of Lords lashes out at Labour for ‘eliminating’ its oversight of financial watchdogs June 18, 2026 An influential group of peers have hit out at the government for ditching the Lords’ oversight of financial watchdogs as part of legislation passed in the King’s Speech. Writing in her capacity as chair of the Lords’ Financial Services Regulation Committee, Baroness Noakes said the government had “eliminated” an “integral” part of the regulatory system. [...]
HSBC coughs up $25m over Australian scam failures June 18, 2026 HSBC has agreed to cough up just shy of $25m after admitting to failures in protecting customers in Australia from scammers. The Australian arm of Europe’s biggest lender was investigated by the watchdog over alleged “widespread and systematic failures” to shield its customers targeted by fraudsters. The Australian Securities and Investments Commission (ASIC) said it [...]
Revolut pays compensation for waking customer up with push notifications June 17, 2026 The Treasury might be hoping to ease the Financial Ombudsman Service’s workload but there has been no slowdown in perplexing cases. In this week’s column, Samuel Norman tells the tale of Revolut and a sleep-starved customer. Is there an inappropriate time for a push notification? There is, according to one bank customer. Revolut found itself [...]