Financial services firms dealt tens of millions in regulatory fines July 17, 2025 While deregulation may be the political mood, UK watchdogs are sharpening their swords as banking giants bleed millions in regulatory fines. In under just ten days, the Financial Conduct Authority and Bank of England handed out £74.9m worth of fines to a trio of UK financial services firms. Leading the pack, and most recently, was [...]
Rachel Reeves accelerates deregulation push in Leeds Reforms July 15, 2025 Rachel Reeves has laid out plans to “rewire” the financial services system in a deregulation push as part of her Leeds reforms package. The Chancellor said the plans will make the UK the number one destination for financial services businesses by 2035 as the government “doubles down on the UK’s global strengths”. The Leeds Reforms [...]
Exclusive: Lloyds and Barclays bleed millions in complaint fees July 7, 2025 Lloyds and Barclays were among top UK banking giants paying millions to the Financial Ombudsman Service (FOS) in administrative fees in the last year. The banking industry’s ‘Big Six’ – Barclays, HSBC, Lloyds Banking Group, Natwest, Santander and Nationwide – paid the FOS a combined £38.8m in admin fees for the year ending March 31. [...]
Ring-fencing row puts Reeves in midst of Bank of England and City June 25, 2025 Rachel Reeves has found herself in the crosshairs of City chiefs and the Bank of England as she weighs whether to scrap ring-fencing rules. The Chancellor is facing pressure to rip up the rules imposed on British lenders after top banking chiefs branded the system “redundant”. Reeves said she is “open-minded” to ditching the 15-year-old [...]
City regulators’ growth mandate ‘pointless’ without major reform June 13, 2025 The “entrenched culture of risk aversion” at the City’s two flagship regulators has stymied meaningful progress on their mandates to aid economic growth, a House of Lords report has argued, despite persistent pressure from Westminster for them to boost UK competitiveness. In a withering assessment of the efforts made by the Financial Conduct Authority (FCA) [...]
Exclusive: Nikhil Rathi’s FCA is ready to go on the offensive June 10, 2025 Nikhil Rathi’s first five-year term at the helm of the FCA was dominated by difficult situations – most beyond his control, some firmly in it. But after being reappointed by Rachel Reeves in April, and with the added pressure of a new growth mandate from government, he outlines to Ali Lyon what he hopes his [...]
A Wise storm has rocked the London Stock Exchange’s fintech dream June 6, 2025 Hopes of a fintech-powered City markets revival may have been crushed on Thursday after money transfer firm Wise ditched its primary listing. The embattled London Stock Exchange was dealt its latest blow as the UK fintech opted for a dual listing across the Atlantic but with the US acting as its primary base. It’s no [...]
‘Stewardship shouldn’t feel like box-ticking’ – FRC chief June 3, 2025 FRC chief executive exclusively shared with City AM his main focus of overhauling its key City code was "reducing the reporting burden"
London slips from top smart centre spot May 28, 2025 London has lost its place as the world’s top hub for science and tech innovation after a sobering report warned of the City’s slipping global status. The UK’s capital fell behind San Francisco and Zurich which stormed ahead with a gain of 16 and 6 points respectively. Meanwhile, London’s rating shed three points as it [...]
Five policies the Chancellor hopes will fire up the economy January 31, 2025 Chancellor Rachel Reeves committed to going "further and faster" on kickstarting economic growth.