Ofcom investigation launched into Grok AI deepfakes on X January 12, 2026 The media and online safety watchdog has announced an investigation into Elon Musk’s X, to determine whether the platform has done enough to protect Brits from explicit deepfakes generated by its Grok AI. Ofcom pointed to “deeply concerning reports of the Grok AI chatbot account on X being used to create and share undressed images [...]
Peers warn ‘passive’ Treasury not aware of private credit risks January 9, 2026 The Treasury is being too passive about the risks posed to the economy by the rapid growth of private credit in the UK, according to an influential group of peers who accused ministers of “handing out the donkey work” of overseeing the sector to regulators. In fresh report examining the systemic risk posed by private [...]
Europe’s second largest neobank joins rush for US banking licence January 7, 2026 Europe’s second biggest digital bank has become the latest fintech aiming to capitalise on President Donald Trump’s deregulation agenda after filing for a US banking licence. Bunq has set its sights on the US after lodging an application for a national charter to operate as a bank with a US Treasury Bureau. The Dutch challenger [...]
Paypal becomes latest fintech to capitalise on Trump’s deregulation December 16, 2025 Paypal has its sights set on acquiring a banking licence in the US as it becomes the latest fintech aiming to jump on President Donald Trump’s deregulatory agenda. The payments giant on Monday said it had submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to form Paypal Bank. [...]
FCA boss: Treasury and MPs slowing deregulation push December 16, 2025 The pedestrian pace of government and parliament is preventing City watchdogs from introducing pro-growth measures fast enough, the boss of the Financial Conduct Authority (FCA) has said as he called for the introduction of statutory timetables to ensure the Treasury ratifies deregulation faster. Nikhil Rathi told the Treasury Committee that the FCA was “moving as [...]
Motor finance lenders brace for legal battles amid redress spat December 15, 2025 Motor finance lenders have been sent a major warning over a potential influx of legal battles if the UK’s financial watchdog fails to “genuinely compensate” consumers. Britain’s top banks were thought to have been granted some reprieve earlier this year after the Supreme Court sided with upheld the appeals of two lenders in the landmark [...]
Crypto firms face clamp down from Treasury and watchdog December 15, 2025 Cryptocurrencies will face regulation like any other financial products under new laws announced by the Treasury. Firms that offer crypto products will fall under the Financial Conduct Authority’s jurisdiction as part of new rules requiring digital assets providers to meet a set of standards from the City watchdog. The Labour government said the new legislation, which comes into [...]
Nationwide hit with fine after failing to flag Covid furlough fraud December 12, 2025 Nationwide had been slapped with a £44m fine by the City watchdog for failures in its financial crime controls. The building society giant has been blasted by the Financial Conduct Authority (FCA) for missing opportunities to identify fraudulent Covid furlough payments. The FCA said one customer received 24 payments, totalling north of £27m, over 13 [...]
Rachel Reeves’ Budget was ‘monumentally mishandled,’ says London-listed bank December 11, 2025 A London-listed bank has given its scathing assessment of Rachel Reeves’ second Autumn Budget and warned of the impact it will have on consumer confidence. S&U – which was founded in 1938 and once known as Sports and Utilities – said the performance of its motor finance and property financing arms was “remarkably resilient given [...]
Millions more to get financial advice as part of FCA red tape shake-up December 11, 2025 More than 18m savers will benefit from more detailed advice on their investments and pension in the next decade as part of a radical shake-up of financial red tape that the City watchdog has hailed as “game-changing”. The Financial Conduct Authority’s ‘targeted support programme’ will give financial services firms the ability to give tailored suggestions [...]