Barclays near-quadruples provisions for motor finance scandal October 22, 2025 Barclays has followed suit with its banking peers with a major hike to its motor finance provisions after the financial watchdog launched its industry redress scheme. The FTSE 100 titan set aside an extra £235m for the car mis-selling scandal, taking total provisions to £325m. Barclays operated in the motor finance market under Clydesdale Financial [...]
Lloyds boss: Motor finance redress wipes 20-year profit off industry October 21, 2025 The boss of Lloyds Banking Group has warned the financial watchdog’s motor finance redress scheme could knock two decades of profitability off the car finance industry. Charlie Nunn, the bank’s chief, has doubled down on the lender’s previous warning shots, adding he didn’t think the scheme was “proportionate”. The FTSE 100 titan has pulled no [...]
Bank of England: Global crisis ‘alarm bells’ in private credit October 21, 2025 The Governor of the Bank of England has warned of “alarm bells” in the private credit market as he cautioned of consequences parallel to the 2008 global financial crisis. Andrew Bailey told lawmakers on Tuesday the collapse of US car parts maker First Brands and auto-dealership Tricolor could be “the canary in the coalmine” as [...]
Analysts dampen outlook for FTSE 100 banks as tax clouds gather October 21, 2025 The UK’s top banks are gearing up for a third-quarter reporting season where all eyes will be on the Labour government’s second Autumn Budget. Speculation of a bank tax hike has dominated chatter around the sector in recent months and elevated fears across the City. It also comes alongside flaring tensions between the lending industry [...]
Lords grill FCA on ‘deep lack of clarity’ in motor finance redress October 15, 2025 A committee of lawmakers has blasted the Financial Conduct Authority over the “deep lack of clarity” it provided over its motor finance redress scheme. Lord Forsyth, the chair of the House of Lords Financial Services Regulation committee, said at an evidence session the City watchdog had “made it considerably more complicated and costly” in its [...]
UK banks tax rate rises as fears of a budget raid spike October 15, 2025 The tax rate on the UK banking sector rose in the last financial year as the industry braces for a potential hike to its financial burden in the Autumn Budget. A fresh study from banking industry body UK Finance and PwC revealed London lender’s total tax rate rose 0.6 per cent to 46.4 per cent [...]
Lloyds Bank shares edge up despite £800m motor finance hit October 13, 2025 Lloyds Banking Group has taken a swipe at the City watchdog after being forced to hike its provisions for the motor finance scandal to £2bn. The banking giant said the redress scheme was not proportional or reasonable in ensuring customers were rightly compensated and it did not reflect the “actual loss” of borrowers. It added [...]
Lloyds banking group acquires remaining stake in Schroders personal wealth October 9, 2025 Lloyds Banking Group has completed the full acquisition of Schroders’ personal wealth arm, six years after the establishment of the unit. Lloyds acquired the remaining 49.9 per cent of Schroders Personal Wealth (SPW) from the asset manager, handing the bank sole control of the business. Lloyds noted the acquisition will support the group’s “ambition to [...]
Close Brothers shares plunge on new ‘material’ motor finance hit October 9, 2025 Shares in FTSE 250 lender Close Brothers sank on Thursday after the firm said it expects to increase its provisions for the motor finance scandal. The bank – which has a £9.5bn loan book with over 20 per cent car finance loans – sunk nearly ten per cent to 472.60p. It follows the Financial Conduct [...]
Lloyds Bank set to increase motor finance provisions October 9, 2025 Lloyds Banking Group said on Thursday morning it would “likely… be required” to hike its motor finance provisions following further updates on the regulatory redress scheme. The FTSE 100 banking titan – which owns the UK’s largest motor finance lender Black Horse – currently leads the pack for £1.2bn in provisions. The Financial Conduct Authority [...]