Barclays and Lloyds picked for City watchdog’s AI live testing April 21, 2026 Barclays has joined the second cohort of firms selected by the UK’s financial watchdog to get a safe run at testing AI as banking giants battle to bulk up their tech capacity. The FTSE 100 constituent will join its peer Lloyds Banking Group – which will be represented by its subsidiary Scottish Widows – as [...]
S&U takes ‘Margaret Thatcher’ approach as profit swells April 21, 2026 Specialist lender S&U recorded a major bump to profit in the last year as the bank said it was following the teachings of former Prime Minister Margaret Thatcher. The London-listed bank – which was founded in 1938 and once known as Sports and Utilities – posted a pre-tax profit of £31.8m in the year ending 5 [...]
Santander UK tipped for ‘large’ hike to motor finance provisions April 16, 2026 Santander UK is expected to top up its provisions for the motor finance scandal following the final outline of the financial watchdog’s redress scheme. The Spanish-headquartered banking giant has been one of the most vocal critics throughout the scandal, which relates to the use of discretionary commission arrangements (DCAS) in car financing. Banks were accused [...]
Exclusive: Treasury and regulator to hold crunch talks with UK fintech unicorns April 16, 2026 Top fintech bosses will lock horns with Treasury and watchdog officials next week as the industry lobbies for key regulatory reforms, City AM can reveal. Several of the nation’s fastest-growing companies are set to meet City Minister Lucy Rigby on Tuesday as part of a flurry of key summits in UK fintech week. The City [...]
‘Make the process look less scary’: UK banking licence applications hit zero in 2025 April 8, 2026 The number of applicants for UK banking licences plummeted to zero in 2025, raising questions over the government and regulators’ capacity to foster competition and attract overseas investment. The fresh figures – revealed in a Freedom of Information request by financial regulation consultancy Pathlight Associates – show a steep fall from the 11 licence bids [...]
Close Brothers shares soar as bank ‘well positioned’ for £320m motor finance hit April 8, 2026 Close Brothers has insisted it is “well positioned” to absorb the financial hit from the City watchdog’s motor finance redress scheme but added to speculation another legal battle could be on the horizon. The FTSE 250 lender told markets on Wednesday morning that it estimates the cost of the Financial Conduct Authority’s (FCA) redress scheme [...]
Blue Owl caps private credit redemptions after investors try to pull $5.4bn April 2, 2026 Investors in Blue Owl’s multi-billion dollar private credit fund have asked to withdraw around a fifth of their money in another dramatic escalation of jitters across Wall Street and the financial ecosystem. The asset manager’s flagship $36bn fund saw redemption requests hit 21.9 per cent of outstanding shares in the first quarter, while its tech-focused [...]
UK banks blast regulations for ‘penalising’ good risk management April 2, 2026 Top lenders have laid bare their frustrations with UK banking regulation in a bombshell new report that urges the removal of “excessive conservatism”. In response to the Bank of England’s review of capital requirements, the Association for Financial Markets in Europe (AFME) – which represents over 150 global banks, including the UK’s Big Four – [...]
Lloyds and Close Brothers shares rally as banks ‘assess’ impact of motor finance redress March 31, 2026 Shares in UK motor finance lenders had a volatile opening this morning as markets digested the final rules of the financial watchdog’s industry-wide redress scheme. Lloyds Banking Group – the owner of the nation’s largest motor finance lender Black Horse – crept up over one per cent in early trading to tip over the 92p [...]
FCA slashes banks’ motor finance payouts as compensation scheme finalised March 30, 2026 City banks are set to face a more than £9bn motor finance bill after the UK’s financial watchdog laid out plans for its long-awaited motor finance redress scheme in a major U-turn after months of backlash. The Financial Conduct Authority (FCA) revealed the details of its industry-wide redress scheme for the car mis-selling saga on [...]