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 [...]
Senior MPs condemn banks quango chair over dodging questions July 14, 2025 Senior MPs have blasted the chair of the Financial Ombudsman Service (FOS), the banks quango which settles complaints made by consumers against banks, for obstructing scrutiny after Abby Thomas was dismissed as chief executive. Zahida Manzoor, Baroness Manzoor, the Tory peer who leads governance of the public body settling complaints between consumers and banks, has [...]
Labour’s Mansion House will be lift-off or letdown for banks July 9, 2025 Britain’s banking sector will be keeping a close eye on Rachel Reeves’ Mansion House speech on July 15 in which the Chancellor will lay out Labour’s roadmap for financial services. Banks are set to take centre stage in the Treasury’s Financial Services Growth & Competitiveness Strategy as Reeves looks to harness the sector to power [...]
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. [...]
UK becomes ‘most attractive country’ for investment as risk appetite grows July 7, 2025 The UK has risen up the ranks to become the joint top location for investment among CFOs around the world, a new survey has suggested, with financial officers open to taking on greater risks. City leaders and policymakers have widely spoken about their desire to take on bigger gambles to drive returns and improve growth [...]
Mansion House gives Rachel Reeves a chance to change the course July 4, 2025 Rachel Reeves has a chance to move from ambition to action at this year's Mansion House Speech. Lets hope she takes it, writes David Postings.
Motor finance drags FOS complaints to highest since PPI scandal July 2, 2025 The motor finance row has dragged complaints to the Financial Ombudsman Service (FOS) to the highest level since the PPI scandal. Consumers lodged 305,726 complaints with the FOS in the year ending March 31 2025, which edged towards highs of 388,392 in year ending March 2019. Complaints regarding motor finance led the spike at 73,328. [...]
City minister opens door to weakening banks ombudsman June 26, 2025 City minister Emma Reynolds has suggested the government could remove powers from the banks ombudsman as part of efforts to ease regulatory burdens faces by financial services. Reynolds told an audience of bankers and investors that the end of a review on the Financial Ombudsman Service (FOS), which acts to settle complaints made by consumers [...]
Klarna, Zilch, Clearpay: What does the buy now pay later crackdown mean for UK fintech? May 20, 2025 The Treasury’s regulatory shakeup of buy now pay later services is set to reshape the UK fintech landscape and industry leaders have been left with questions. The UK government will enact legislation that brings buy now pay later firms under the scrutiny of the Financial Conduct Authority. This means firms such as Klarna and Clearpay [...]
Analysts say ‘Buy’ Vanquis shares after payday loan turnaround May 15, 2025 Vanquis shares could finally be about to turn a corner, according to one group of City analysts. The shares peaked at more than 2,600p in 2015, and have since fallen by more than 96 per cent as Vanquis has endured soaring complaints and regulatory backlash thanks to its sub-prime lending and payday loan market exposure. [...]