Banks ombudsman on the hook for millions in legal fees to Barclays and Santander Banking The UK’s banks ombudsman could be forced to pay millions to a group of the UK’s top lenders after the High Court quashed four decisions the body made earlier this year on overdrafts and credit cards. The Financial Ombudsman Service (FOS) has been put on the hook for what could top £2m in legal fees after the court [...]
Asda credit card firm Jaja faces 15 per cent loan interest as debt pile swells Fintech The company behind the Asda credit card has added to its debt pile after posting a widening loss. Jaja Finance, which operates the supermarket’s card alongside its own credit card services, has drawn down nearly £50m from a debt facility since March, for which it pays an eye-watering 15 per cent annual interest rate. That’s [...]
Klarna cuts revenue target as it forecasts softer European volumes Fintech Klarna has downgraded its revenue target for the year following unfavourable currency shifts and reduced activity from softer European volumes. The Swedish fintech unicorn said it expects to make between $4.08bn and $4.16bn for the current financial year, down from its previous forecast of over $4.34bn (£3.21bn). This came alongside a reduction in predicted gross [...]
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 [...]
UK consumers cut spending amid wider economic nerves December 30, 2025 UK consumers’ debit and credit card spending slumped in 2025 for the first time since the Covid-19 pandemic as wider economic nerves knocked confidence. Card spending fell 0.2 per cent in the last 12 months, according to Barclays, a sharp contrast to the 1.6 per cent growth recorded in 2024. Just a quarter of British [...]
SMEs’ rising use of credit cards spells trouble for the UK economy January 17, 2025 More and more small businesses are becoming reliant on credit cards, and it's the whole economy that will suffer, writes Rob Burlison.
Regulator set to limit card fees after Visa and Mastercard price hikes December 13, 2024 The UK’s payments regulator has confirmed plans to introduce price caps on card fees paid by British merchants when European consumers make online purchases, after Visa and Mastercard hiked prices post-Brexit. After proposing some restrictions a year ago, the Payment Systems Regulator (PSR) is moving ahead with a consultation to decide at what level they [...]
TSB Bank handed huge fine for failing customers in arrears October 10, 2024 The financial watchdog has fined bank TSB almost £11m over its treatment of customers, but the penalty could have been even worse. TSB Bank will have to pay £10,910,500 after the Financial Conduct Authority (FCA) found it had failed to ensure customers in arrears were treated fairly. The FCA said it also didn’t have sufficient [...]
UK lenders must do more to support people in debt, ombudsman chief says September 19, 2024 The head of the UK's financial ombudsman has urged lenders to do more to help consumers struggling with debt after a surge in official complaints.