Motor finance lenders gear up for ‘forensic test of discipline’ over redress scheme October 8, 2025 The Financial Conduct Authority has softened the motor finance blow for lenders but experts say firms won’t be able to shift into a new gear just yet. The City watchdog has priced the cost of its industry-wide redress scheme at £11bn – a hefty sum but far below the eye-watering £44bn previously floated. Just over [...]
Autumn Budget: Why are banks in Rachel Reeves’ tax crosshairs? October 7, 2025 The “pass the parcel” of Budget speculation has fallen back into the lap of the banking industry with the nation’s top lenders finding themselves as a potential subject of a November cash grab. Fresh reports have indicated Rachel Reeves is actively considering a raid on Britain’s banking giants – even as she continues to make [...]
Regulators target motor finance CMCs amid redress costs concern October 6, 2025 The Financial Conduct Authority is teaming up with a fleet of regulators to crackdown on misleading claims firms in the motor finance saga – even as the sector’s displeasure on the redress scheme rumbles on. The City watchdog will join the Solicitors Regulation Authority (SRA), Information Commissioner’s Office and the Advertising Standards Authority to tackle [...]
Close Brothers looks to ‘accelerate’ after ‘messy’ year October 1, 2025 Close Brothers is hoping to switch gears and “accelerate” after the motor finance scandal had the bank stuck in a rut. The specialist lender’s share price has swerved between a low of 185.00 and peak of 555.00 over the last 12 months. The car misselling saga has been the driving force of stock woes, sending [...]
Stalling Starling revs up Engine in rebrand September 24, 2025 Veteran of the UK fintech industry Starling has overhauled its brand with a fresh colour palette, a new slogan and even a new name. The digital lender announced last week it would drop the word “Bank” from its banking arm’s name in a move analysts have described as a “significant” step in its evolution. The [...]
Banking watchdog launches deregulation push as tax fears grow September 22, 2025 Britain’s banking watchdog has laid out plans to slash regulation across the industry in a bid to sweeten the sector’s operating environment. In fresh proposals hoping to cut the red tape on the sector, the PRA identified 37 “individual reporting templates” which have “overlapping and complex requirements” in a bid to ease the administrative cost [...]
Natwest and HSBC shares dip as bank tax chatter heats up September 22, 2025 Shares in Natwest and HSBC dipped on Monday morning as traders digested renewed chatter of a tax hike on Britain’s banking giants. Natwest tumbled as much as 1.3 per cent to 506p when markets opened, while HSBC fell 0.6 per cent to 1,022p. Barclays fell nearly 0.2 per cent to 381p. Lloyds was broadly flat [...]
Rachel Reeves warned on bank tax by lobby group boss September 4, 2025 Rachel Reeves has been hit with a firm warning from the banking industry to avoid taxes on the sector or risk harming economic growth. The Chancellor has received a letter from the boss of UK Finance – a lobby group for the banking industry – which details the harm of tax on the sector. David [...]
Lloyds Bank: 3,000 jobs at risk in performance overhaul September 4, 2025 Lloyds Bank is planning a major overhaul of its operations that could put five per cent of workers on the chopping block. The bank is set to review its approach to performance management with the bottom 3,000 of the firm’s 63,000 employees at risk of losing their role. The new plans, as reported by the [...]
The spectre of 2008 haunts banks’ push into private credit September 2, 2025 Britain’s biggest banks are trying to grab a slice of the rapidly expanding private credit market, but as they look to grow, memories of the financial crisis are coming back to haunt the lenders. The global private credit market notched $2 trillion (£1.5 trillion) assets under management in 2024 and is expected to grow to $2.8 trillion [...]