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 [...]
Motor finance lenders gear up for ‘forensic test of discipline’ over redress scheme October 8, 2025 The Financial Conduct Authority has softened the motor finance blow for lenders but experts say firms won’t be able to shift into a new gear just yet. The City watchdog has priced the cost of its industry-wide redress scheme at £11bn – a hefty sum but far below the eye-watering £44bn previously floated. Just over [...]
Motor finance: Lloyds, Barclays shares jump as FCA softens blow October 8, 2025 Shares in motor finance lenders rallied on Wednesday morning after the Financial Conduct Authority dropped a major update on its industry-wide redress scheme. Lloyds Banking Group – which owns the UK’s largest motor finance provider, Black Horse – was up over two per cent to 85.06p. Meanwhile, Close Brothers, which just last week set aside [...]
FCA orders lenders to pay £11bn in motor finance compensation October 7, 2025 The Financial Conduct Authority (FCA) has announced that it expects lenders to make 14.2 million payouts to individuals affected by unfair motor finance agreements, totalling around £11bn in compensation. The FCA estimates people would receive around £700 per agreement, on average. It has also been calculated that around 85 per cent of eligible consumers would [...]
Regulators target motor finance CMCs amid redress costs concern October 6, 2025 The Financial Conduct Authority is teaming up with a fleet of regulators to crackdown on misleading claims firms in the motor finance saga – even as the sector’s displeasure on the redress scheme rumbles on. The City watchdog will join the Solicitors Regulation Authority (SRA), Information Commissioner’s Office and the Advertising Standards Authority to tackle [...]
London hot on New York’s heels as financial centre race ramps up September 25, 2025 London is now within a whisker of ousting New York as the world’s leading financial hub, fresh rankings reveal, but risks remain over the capital’s fintech prospects. The City was chomping at the heels of the Big Apple with just a singular rating point between the two. New York once more topped the rankings in [...]
Revolut pumps £3bn into the UK financial services sector September 23, 2025 London-born fintech juggernaut Revolut has capped off a hefty week of investment for the UK financial services sector as the firm officially launched its global headquarters. The digital bank said it would pump £3bn into the UK and create 1,000 highly-skilled jobs over the next five years. The fresh injection of capital follows asset manager [...]
Banking watchdog launches deregulation push as tax fears grow September 22, 2025 Britain’s banking watchdog has laid out plans to slash regulation across the industry in a bid to sweeten the sector’s operating environment. In fresh proposals hoping to cut the red tape on the sector, the PRA identified 37 “individual reporting templates” which have “overlapping and complex requirements” in a bid to ease the administrative cost [...]
Peter Kyle pushes AI regulation changes to support UK businesses September 3, 2025 Technology secretary Peter Kyle will use his speech at Mansion House tonight to urge UK regulators to adopt AI in a bid to cut approval times for businesses, as Britain seeks to keep pace in the global race for tech leadership. Kyle is set to pledge £2.7m in government funding to help regulators trial AI [...]
Banks ombudsman fights for relevance amid Treasury crackdown August 18, 2025 The Financial Ombudsman Service is battling against a litany of obstacles as the government looks to “fundamentally” change its regulatory makeup. The organisation was rocked earlier this year by a leadership crisis following the abrupt departure of chief executive Abby Thomas in February. A Treasury Committee report, published in July, revealed Thomas had been dismissed [...]