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. [...]
Government pledges to back UK fintech with regulation overhaul July 1, 2025 The government has pledged a regulation shakeup to support UK fintech as it seeks to slash the red tape blocking innovation. Speaking at City Week, technology secretary Peter Kyle said the government’s new Regulatory Innovation Office (RIO) would develop new smart tools to make navigating regulatory procedures “faster, clearer and more accessible”. This will include [...]
Ring-fencing row puts Reeves in midst of Bank of England and City June 25, 2025 Rachel Reeves has found herself in the crosshairs of City chiefs and the Bank of England as she weighs whether to scrap ring-fencing rules. The Chancellor is facing pressure to rip up the rules imposed on British lenders after top banking chiefs branded the system “redundant”. Reeves said she is “open-minded” to ditching the 15-year-old [...]
Bank Aston to be first locally licensed Guernsey bank in 30 years June 12, 2025 Bank Aston has secured a banking licence from the Guernsey regulator that will make it the first locally licensed bank in the jurisdiction within 30 years. Bank Aston positions itself as a specialist provider for offshore trustees, investment funds, and family offices, which are key sectors in the Channel Islands’ financial services industry. The firm [...]
AI regulation needs to be smarter in the UK, urges Deepmind boss June 3, 2025 Demis Hassabis, chief executive of Google Deepmind, has called on UK policymakers and business heavyweights to embrace the “smart regulation” of AI, warning that a failure to do so could prompt unintended harm, or the loss of public trust. He announced at London’s inaugural SXSW event on Monday: “AI is the most important technology humanity [...]
London slips from top smart centre spot May 28, 2025 London has lost its place as the world’s top hub for science and tech innovation after a sobering report warned of the City’s slipping global status. The UK’s capital fell behind San Francisco and Zurich which stormed ahead with a gain of 16 and 6 points respectively. Meanwhile, London’s rating shed three points as it [...]
What will stricter buy now pay later regulations mean for Klarna? May 20, 2025 The government is clamping down on the “wild west” of buy now, pay later (BNPL) but this could spark trouble for industry veterans in a competitive sector. The Treasury is set to bring BNPL providers under the supervision of the Financial Conduct Authority, meaning they will have to adhere to the stricter frameworks of the [...]
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 [...]
Natwest and Lloyds to rake in millions from a ring-fencing shakeup May 16, 2025 Natwest and Lloyds are set for a major cash bump if Chancellor Rachel Reeves rips up the ring-fencing regime imposed on lenders, fresh data shows. FTSE 100 banking giants have lobbied the Chancellor to axe the system, which they described as a “drag on banks”. The bosses of HSBC, Lloyds, Natwest and Santander slammed the [...]
Rank: Grosvenor casino owner hits jackpot as laws relaxed May 14, 2025 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 [...]