Volkswagen takes £725m hit from motor finance scandal Banking The finance arm of Volkswagen has taken a mammoth hit from the motor finance scandal plunging it to a loss for the year. Volkswagen Financial Services UK (VWFS) set aside £725m for expected expenses under the City watchdog’s industry-wide car finance redress scheme, according to new account filings. The provision swung the firm to a [...]
‘Serious concern’: City watchdog accused of withholding information in motor finance row Banking The City watchdog is coming under pressure to release its communications with the Treasury and modelling data for its controversial motor finance redress scheme, City AM can reveal. The Financial Conduct Authority (FCA) is facing legal challenges from the finance arms of Volkswagen and Mercedes Benz as well as French-owned CA Auto Finance over its [...]
City watchdog launches probe after whistleblower’s death raises questions Legal The Financial Conduct Authority (FCA) has launched a probe into how the regulatory body interacted with a whistleblower who recently took his own life. Simon Andriesz, a former managing director at BGC Partners, had blown the whistle on alleged links between the US secretary of commerce Howard Lutnick and convicted sex offender Jeffrey Epstein. He [...]
Motonovo hikes motor finance provision as buyers circle Aldermore September 30, 2026 Car finance firm Motonovo has ramped up its provisions for the motor finance scandal as top banks and private equity firms explore a takeover of its parent company Aldermore. The Cardiff-headquartered company recognised a £153.2m charge in its latest accounts for historical motor finance commissions. This was more than double the £60.6m recorded last year. [...]
£250m lawsuit against crypto firm Binance grows with 1000 new investors September 30, 2026 A thousand new UK-based retail investors have been added to a group legal claim against crypto trading platform Binace and its founder, alleging they were sold high-risk, complex products that did not have regulatory authorisation from the financial watchdog. There are now approximately 2,700 claimants in the case in England and Wales, with the total [...]
Aldermore’s sale interest shows banks are over motor finance September 17, 2026 Lloyds, Nationwide and Investec are all tipped to be circling Aldemore as its South African over prepares a sale. Samuel Norman takes a look at the runners and riders and what it could do for the market. Has the banking industry finally moved on from motor finance? The number of suiters circling Aldermore suggest as [...]
FCA bans former law firm owner for misusing £28m of client money September 15, 2026 The financial watchdog has banned the former owner of London-based law firm Kingly Solicitors from working in financial services after finding he allowed £28m of client money to be misused. The Financial Conduct Authority (FCA) said on Tuesday it has barred Nurul Miah, also known as Neil Mia and Neil Miah, the former owner of [...]
City lawyer pleads not guilty to insider dealing charges September 11, 2026 A City lawyer has pleaded not guilty to five counts of alleged insider dealing for trading in the assets of maternity fashion brand Seraphine Group. The Financial Conduct Authority (FCA) revealed in July that it charged Richard Bloomfield, 38, with allegedly using inside information he obtained while advising on the buyout of London-listed maternity brand [...]
Treasury sought to cap motor finance payouts, court filings claim September 1, 2026 The government sought to cap payouts in the motor finance scandal at a level lenders could absorb and the City regulator acted “unlawfully” in failing to protect consumers, new court filings seen by City AM allege. Both the Treasury and Financial Conduct Authority (FCA) are facing fresh scrutiny over the motor finance redress scheme as [...]
City firms face FCA clampdown on bullying and harassment September 1, 2026 City bosses are set for fresh scrutiny over the conduct of their staff as the financial regulator extends a clampdown on non-financial misconduct issues like bullying and harassment. After years of consultation, surveys and industry feedback, the Financial Conduct Authority’s (FCA) new rules on non-financial misconduct in non-banking firms take effect on Tuesday for around [...]