BNPL regulation is proof that industry and regulators can work together successfully July 15, 2026 It’s often argued that government regulation can hamper innovation, growth and competition. However, new regulations on Buy Now, Pay Later (BNPL), which come into force today, demonstrate that government, regulators and industry can successfully collaborate to improve consumer outcomes, while also supporting retail and tech sectors. Since Clearpay launched in the UK in 2019, we’ve [...]
City watchdog eyes rules overhaul for UK asset managers July 14, 2026 The UK’s financial watchdog has proposed a host of reforms aimed at simplifying reporting for asset managers and end industry confusion over complicated regulations. The Financial Conduct Authority (FCA) said the modernisation of the rules will tailor requirements for asset managers, cut costs for firms and provide better data for the sector, saving managers £128m [...]
JP Morgan bags record profit – but Dimon warns of risks shifting ‘below the surface’ July 14, 2026 JP Morgan secured the highest quarterly profit in US banking history in its second quarter but chief executive Jamie Dimon tempered the celebration with a warning that risks in the global economy were “shifting below the surface like tectonic plates”. The Wall Street giant recorded a 41 per cent jump in net income to $21.2bn [...]
Bank of England warns Burnham of UK economy’s ‘big issue’ July 14, 2026 The Bank of England has warned Andy Burnham that economic growth remains the “big issue” facing the UK economy as he prepares to take the keys to Number 10. Andrew Bailey, the central bank governor, told policymakers on Tuesday that the UK has had “low growth for the best part of 16 to 17 years”. [...]
South East Water told to cough up £31m and improve infrastructure July 14, 2026 South East Water has been ordered to cough up a hefty redress and create an improvement plan for its operations after multiple investigations by the industry regulator found failures in its infrastructure and customer service. The utility firm – which supplies drinking water to 2.3m customers across the likes of Kent, Sussex and Surrey – [...]
Rachel Reeves to unveil next steps for ring-fencing reform at Mansion House July 13, 2026 Rachel Reeves will outline the next steps of her ring-fencing reforms at Mansion House on Tuesday, City AM can reveal, in what is expected to be one of her last acts in the Treasury. The Chancellor will launch a consultation to seek industry input on the implementation of a package of reforms announced in May, including the [...]
JP Morgan’s Jamie Dimon under fire over whether he lobbied Treasury on Epstein advice July 13, 2026 The boss of JP Morgan is facing mounting scrutiny from US lawmakers on whether he lobbied the UK government on tax affairs on the advice of convicted sex offender Jeffrey Epstein. Jamie Dimon – who is well-regarded as one of the world’s most influential figures in finance – said under oath in 2023 that he [...]
Rachel Reeves’ legacy of tinkering with the City is not enough, says Mel Stride July 9, 2026 Sir Mel Stride has branded Rachel Reeves’ legacy in government as mere “tinkering” with City reform as the top Tory predicted her successor will create a “hostile” environment for the banking sector. In an interview with City AM, the shadow Chancellor branded Reeves’ two-years in the Treasury as “managerial incrementalism,” adding it was “not enough”. [...]
Motor finance war of words heats up as City watchdog blasts law firm’s motives July 8, 2026 A blistering war of words has broken out between the City watchdog and the firms leading the consumer legal challenge to its £9bn motor finance scheme. The Financial Conduct Authority (FCA) has urged the Upper Tribunal to throw out the case entirely as it slammed Courmacs Legal and its client Consumer Voice, for a serious [...]
Virgin Media slapped with £28m fine for stopping customers cancelling deals July 8, 2026 Virgin Media has been slapped with the media watchdog’s largest ever fine for direct harm to consumers after it was found to have mishandled millions of calls with users looking to switch away to a better deal The telecoms giant has been hit with a £28m fine after it was found to have put customers [...]