FCA boss: Buy now, pay later regulation is a trade off Banking The chief executive of the Financial Conduct Authority (FCA) said the new clamp down on buy now, pay later (BNPL) regulation would be a “trade off” as he faced a grilling from MPs. Nikhil Rathi, who was reappointed as the regulator’s boss in April, told the Treasury Committee the crackdown would have “beneficiaries and downside [...]
Reeves must provide ‘more stable’ tax policy, finance bosses say Economics Rachel Reeves is facing pressure to provide a “clearer, more stable tax environment,” when she delivers her growth strategy in July. The Chancellor is once again in the spotlight after a damning report from finance bosses indicated the industry was prepped to support growth ambitions, but structural barriers were holding them back. Top players in [...]
Rank: Grosvenor casino owner hits jackpot as laws relaxed Markets Rank Group – the owner of UK-based chain Grosvenor casinos – is set to ramp up the number of gaming machines in its casinos after the government said it would relax gambling laws. Shares in the group soared nearly eight per cent on Wednesday morning. The firm said the government’s review of the 2005 Gambling [...]
Rachel Reeves has promised UK fintech the world – now she must deliver May 4, 2025 Judgement day looms for Rachel Reeves, and UK fintech will be handing her the verdict. In a keynote speech at Innovate Finance’s 11th global summit, the Chancellor confirmed the Treasury’s inaugural Financial Services Growth and Competitiveness Strategy would be published on 15 July. Reeves has lauded the industry’s growth and touted the achievements of fintech [...]
Banks turn to AI to lead fraud prevention efforts March 23, 2025 As Britain’s biggest banks scale up their technology, lenders are turning to AI to fight fraud, a new report has found. NTT Data’s ‘Banking Trends 2025’ report found over half of UK banks thought generative AI was key to fraud prevention. Lenders have been urged to up their consumer protection abilities after Chair of the [...]
Reeves to meet regulators as Starmer pledges to cut red tape March 17, 2025 Rachel Reeves will meet with regulators on Monday, as the government sets out to cut the cost of regulation on businesses by a quarter. The Chancellor has summoned eight regulators to Number 11 Downing Street, including the Financial Conduct Authority (FCA) and the Health and Safety Executive. Sir Keir Starmer told City AM in an [...]
Payments regulator reportedly could be scrapped as No10 slashes red tape February 23, 2025 The UK’s payments regulator could be scrapped and folded into another regulator as part of efforts by No10 to slash red tape, according to Sky News. Ministers are mulling whether to abolish the Payment Systems Regulator (PSR) and amalgamate it into the Financial Conduct Authority (FCA), the broadcaster has reported. A decision could come within [...]
Payments regulator in Treasury crosshairs as firms revolt December 16, 2024 As the government hunts for ways to make Britain more competitive, the country's payments regulator has become caught in the crosshairs.
Regulator set to limit card fees after Visa and Mastercard price hikes December 13, 2024 The UK’s payments regulator has confirmed plans to introduce price caps on card fees paid by British merchants when European consumers make online purchases, after Visa and Mastercard hiked prices post-Brexit. After proposing some restrictions a year ago, the Payment Systems Regulator (PSR) is moving ahead with a consultation to decide at what level they [...]
Complaints about banks’ handling of fraud hit record high November 27, 2024 Official complaints about banks' handling of fraud have hit a quarterly record as the sector comes under new rules to reimburse scam victims.