Ministers to be handed ‘statutory powers’ to steer regulator’s growth agenda May 13, 2026 Ministers will be handed new “statutory powers” to steer UK watchdog’s growth agenda and define what it means in different “regulatory contexts“. In the King’s Speech, the government revealed its Regulating for Growth Bill – a cross-sector piece of legislation designed to beef up the UK’s regulatory system’s fostering of growth. The government’s report takes [...]
‘Dual squeeze’: FCA approvals for e-money licences plummet May 13, 2026 The number of successful applicants for e-money licences has plummeted in the last few years raising further questions over a slow down in market growth. Fresh figures – revealed in a Freedom of Information request by financial regulation consultancy Pathlight Associates – showed just 35 applicants were able to bag an electric money institution (EMI) [...]
JP Morgan chief threatens to pull £3bn investment if Labour becomes ‘hostile to banks’ May 13, 2026 The chief executive of JP Morgan has threatened to pull a major investment from the UK if Labour government policy turns “hostile to banks”. Jamie Dimon – the influential American banker – revealed plans for a £3bn square feet tower in Canary Wharf last year, which is projected to inject as much as £10bn over [...]
AI in banks? It’s all marketing and FOMO May 13, 2026 As banks are rush to beef up their AI capacity Samuel Norman recounts the sentiment shared across the industry at a conference in Copenhagen last week. Like all sectors, banks are chasing the promises of AI. The industry is shrugging off growing fears around job losses and rushing to beef up their AI credentials. Last [...]
Barclays and Lloyds shares sink as political storm puts banks in tax sights May 12, 2026 The UK’s banking giants led a major sell-off across the FTSE 100 this morning as a combination of political hazards hit the London stock market. Barclays was the top faller on the index shortly after market open, shedding over four per cent to 410.65p. Natwest was not far behind, also losing over four per cent [...]
Barclays consumer spending drops for first time since 2024 May 12, 2026 Consumers using Barclays credit and debit cards cut their spending for the first time in 17 months in the latest sign of turmoil facing the global economy. Total spending was down 0.1 per cent year-on-year marking the first drop since November 2024, where Brits were feeling the pinch of Labour’s first Budget. Consumers mainly drew [...]
‘Twenty years of caution’: Banking industry ramps up efforts to fix ‘anaemic’ UK growth May 11, 2026 The UK’s industry body for banking has stepped up its lobbying efforts for the government to improve “anaemic” growth figures and bolster the financial services sector. A new report published by UK Finance – the body representing around 300 firms that provide UK banking services – has issued a nine-point plan, which calls for “clear [...]
Motor finance compensation scheme hanging by a thread amid legal row May 8, 2026 The City watchdog has told lenders to prepare for the “alternative scenario of no scheme” in the long-running motor finance scandal as another legal showdown brews. The Financial Conduct Authority (FCA) has received four legal challenges including from lenders Volkswagen Financial Services, Mercedes-Benz Financial Services and Crédit Agricole Auto Finance. On the consumer side, the [...]
FTSE 100 banks are facing £2.5bn of headwinds – HSBC and Barclays are in the firing line May 6, 2026 The FTSE 100’s Big Five banks toasted a healthy profit stash in the first-quarter, but, says Samuel Norman, storm clouds are gathering on the horizon for the sector. The London market’s five biggest banks swallowed a bitter cocktail of economic risks in the first three months of the year leaving a bumper cash haul overshadowed [...]
Santander to axe TSB from British high street ending 215 year run May 6, 2026 Santander plans to erase the TSB brand from Britain’s high streets after more than two centuries, just one week after completing its takeover over the UK lender. The Spanish bank is gearing up to drop the brand and run the combined business as Santander UK, once the integration of the two businesses is complete, according [...]