Motor finance redress scheme to cost up to £18bn, FCA says August 3, 2025 The Financial Conduct Authority has confirmed it will consult on an industry-wide redress scheme following the Supreme Court’s motor finance ruling last Friday. The City watchdog is aiming to publish a consultation by early October, with total costs of the redress expected to be between £9bn and £18bn. The regulator said in June that any [...]
Motor finance lenders still on the hook after Supreme Court ruling August 2, 2025 A lukewarm win in the landmark motor finance case has allowed City banks to skirt a nightmare scenario, whilst still remaining open to a regulatory redress scheme. The Supreme Court found that the customers’ claims against the lenders couldn’t succeed based on fairness, known as equity, or tort, which refers to any wrongful actions worthy [...]
Relief for banks after lukewarm motor finance win August 1, 2025 Lenders across the City are breathing a sigh of relief after today's landmark Supreme Court ruling, which upheld the appeals of two banks in the high-profile motor finance commission case.
Klarna to revive New York IPO attempt as soon as September July 31, 2025 Swedish fintech Klarna is gearing up for a second swing at a public listing in New York after original plans were derailed by the market meltdown following President Donald Trump’s tariff onslaught. The buy now, pay later (BNPL) giant is aiming to launch on the US stock market in September or October if market conditions [...]
Regulators crack down on ‘bad practice’ in motor finance claims ahead of ruling July 31, 2025 The SRA and FCA teamed up to issue warnings over 'poor practices' in motor finance claims ahead of the Supreme Court ruling
Motor finance: ‘Nothing is certain’ as banks await historic ruling July 30, 2025 The Supreme Court will hand down what could be the “most consequential ruling for lenders” in recent history on Friday in the dramatic culmination of the motor finance saga. In a twist, the highest court in the land surprised the market last Friday evening after updating its system with the information that it will announce [...]
FCA names interim FOS chair after abrupt leadership shake-up July 28, 2025 The Financial Conduct Authority has named a new interim chair of the Financial Ombudsman Service after its initial recruitment campaign “proved unsuccessful”. The City regulator appointed Liam Coleman as the watchdog’s temporary chair, which comes as controversy surrounds the departures of former leadership. Coleman will replace Baroness Zahida Manzoor who abruptly announced in February she [...]
FCA urges UK insurers to improve motor insurance claim handling July 22, 2025 UK insurers have been urged to improve their claim handling skills after the UK’s financial watchdog found “concerning evidence” of poor practice in the motor insurance market. The Financial Conduct Authority (FCA) said hikes in motor insurance premiums were down to how claims are handled by insurers, adding that “insufficient management information” was resulting in [...]
FCA softens remortgaging rules in dash for growth July 22, 2025 The Financial Conduct Authority (FCA) is set to remove red tape on remortgaging in the latest sign public bodies are tearing up their rulebooks to align with the government’s growth agenda. In new measures introduced by the City regulator, mortgage holders will be able to reduce the terms of their borrowing and switch to new [...]
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 [...]