Richard Tice pledges ‘Big Reform’ of City regulation Economics Richard Tice has called on City leaders to draw up proposals to radically cut regulation and introduce an overhaul of major financial institutions across the UK as he called for a “Big Reform” of financial services. In an echo of Margaret Thatcher’s Big Bang programme on deregulation, the Reform UK deputy leader set out the [...]
Don’t penalise banks amid private credit jitters, Lloyds boss urges Regulation The chef executive of Lloyds Banking Group has weighed in on the bubbling tension in the private credit market with a stark warning. In a session with the House of Lords Financial Services Regulation Committee, Charlie Nunn said the UK needed to be “very careful not to make banks accountable for the risks of the [...]
City watchdog extends motor finance consultation after backlash Banking The City watchdog has extended its consultation for its motor finance redress scheme following mounting backlash from lenders and consumers. The Financial Conduct Authority (FCA) announced that it would push back the deadline – initially scheduled for 18 November – to 12 December at 5:00pm. The final criteria of the scheme is expected to be [...]
Vanquis warns of £7m motor finance hit if FCA does not change course November 5, 2025 Vanquis Banking Group has warned it may be forced to hike provisions for the motor finance scandal to £7m if the financial watchdog does not switch lanes on its redress scheme. The specialist lender said it recognised a £3m provision in its third-quarter results, which follows the Financial Conduct Authority (FCA) pledging an industry-wide redress [...]
Reeves’ deregulation agenda won’t help growth this parliament, economist warns November 5, 2025 Rachel Reeves’ deregulation agenda is unlikely to make any improvement to economic growth before the end of this parliament, a leading economist has warned, in the latest sign the government’s growth mission is running out of steam. Professor Stephen Millard, Deputy Director of the National Institute for Social and Economic Research (NIESR) said it would [...]
Rachel Reeves’ banking reforms ‘unlikely to be transformative’ November 3, 2025 Rachel Reeves’ financial services growth mission faces a major blow with top City voices warning her regulatory reforms won’t be transformative. The Chancellor unveiled her Leeds Reform package intended to “rewire the financial services industry” in July this year. Whilst the moves were cheered by industry bigwigs, analysts have raised concerns the changes will fail [...]
War of words heats up as private credit bosses round on banks October 29, 2025 The war of words between banks and private credit ratcheted up on Wednesday, after a trio of bosses from private lenders rounded on claims their industry played a pivotal role in a string of recent debt-related collapses, branding it “misinformation”. During a fiery evidence session in the House of Lords, executives from alternative investment giants [...]
Complaints to banks ombudsman fall after Treasury clamp down October 29, 2025 Complaints to the banking ombudsman have tumbled in the three months to September 2025 after the Treasury launched its own clamp down. The Financial Ombudsman Service (FOS) recorded 46,300 complaints in the quarter, down from 73,700 in the same period last year. In the three months to June, 68,000 complaints were recorded. The fall followed [...]
Britain is at risk of losing young founders to global rivals October 29, 2025 The UK is at risk of an exodus of entrepreneurial talent as young founders find themselves being lured away by global competitors. According to a new report from the Young Entrepreneurs Forum, Britain is losing its edge as a lucrative destination for young people to launch their startups, due to policymakers failing to address challenges [...]
Labour’s payments regulation overhaul more ‘reshuffle than reform’ October 28, 2025 The Labour government’s plan for a payments system revolution has fallen flat, a top trade body has warned, despite the Treasury’s promise of an “ambitious rethink” of regulatory structure. Chancellor Rachel Reeves unveiled her National Payments Vision (NPV) in her 2024 Mansion House address where she said the plan would include “decisive action to progress [...]