UK fintech investment slumps despite push from Rachel Reeves August 11, 2025 Fintech investment across the UK suffered another downturn in the first half of the year despite Chancellor Rachel Reeves’ bold ambitions for the sector. Total UK fintech investment fell to $7.2bn (£5.36bn) – a drop of five per cent from the same period in 2024. The decline, revealed in KPMG’s bi-annual Pulse of Fintech report, [...]
Motor finance: Lords sound alarm on FCA’s redress scheme August 8, 2025 The House of Lords’ Financial Services Regulation Committee has sounded the alarm on “market uncertainty” around the UK financial watchdog’s upcoming motor finance redress scheme. In a letter addressed to the Financial Conduct Authority’s chief executive Nikhil Rathi, the committee “considers it of importance” to receive further insight into the forthcoming scheme. The City watchdog [...]
Revolut drafts in EY amid banking licence push August 7, 2025 Revolut has tapped accountancy giant EY to replace BDO as its auditor as the firm pushes to secure its UK banking licence. The UK fintech juggernaut said EY will act as the firm’s auditor for the financial year ending December 2026 after a formal bidding process. This comes as Revolut expects to launch as a [...]
Metro Bank trebles profit amid pivot to specialist lending August 6, 2025 Metro Bank more than trebled its profit in the first six months of the year as its transformation strategy gained pace. The high street lender recorded an underlying profit before tax of £45m, compared with £12.8m in the second half of 2024. Revenue grew 22 per cent to £286m whilst operating costs fell eight per [...]
FCA boss rejects criticism of motor finance redress August 5, 2025 The head of the UK’s financial watchdog has pushed back at industry claims that the wide scope of the motor finance redress scheme is “impractical”. Nikhil Rathi, chief executive of the Financial Conduct Authority said: “We know it is difficult. But you can’t say the law has been broken and it is too difficult to [...]
S&U: Motor finance redress scheme must show a changed FCA August 5, 2025 The chair of specialist lender S&U has said the motor finance redress scheme offers the UK’s financial watchdog the prime opportunity to turn its ‘regulate for growth’ rhetoric into action. Anthony Coombs hailed the “common sense” car finance ruling from the Supreme Court as attention turns to the response by the Financial Conduct Authority (FCA). But [...]
Revolut mulling plans to take on China’s fintech giants July 30, 2025 UK fintech juggernaut Revolut is weighing expansion into China in a move that would see the company take on the likes of Ant Group-owned Alipay and Wechat. The firm told investors on a pitchdeck during its secondary share sale last year it was assessing “hiring, licensing [and] scoping” opportunities in China. The fintech was also [...]
Motor finance: ‘Nothing is certain’ as banks await historic ruling July 30, 2025 The Supreme Court will hand down what could be the “most consequential ruling for lenders” in recent history on Friday in the dramatic culmination of the motor finance saga. In a twist, the highest court in the land surprised the market last Friday evening after updating its system with the information that it will announce [...]
Rachel Reeves at odds with Bank of England over Revolut licence bid July 29, 2025 Rachel Reeves has clashed with the governor of the Bank of England after trying to support Revolut in its protracted regulatory process to secure a full banking licence. The Chancellor is reported to have attempted to secure a meeting between financial watchdogs and Revolut in hopes of pushing forward its banking licence bid. But the [...]
FCA names interim FOS chair after abrupt leadership shake-up July 28, 2025 The Financial Conduct Authority has named a new interim chair of the Financial Ombudsman Service after its initial recruitment campaign “proved unsuccessful”. The City regulator appointed Liam Coleman as the watchdog’s temporary chair, which comes as controversy surrounds the departures of former leadership. Coleman will replace Baroness Zahida Manzoor who abruptly announced in February she [...]