City watchdog suspends parts of £9bn motor finance scheme after industry backlash Banking The UK’s financial watchdog has suspended parts of its under-fire £9bn motor finance redress scheme amid fierce backlash from industry and consumer groups. In a statement on Thursday, the Financial Conduct Authority (FCA) said the suspension will require firms to continue preparations for its scheme but avoid work that “may need to be repeated” if [...]
Thin end of the wedge? LLPs brace for major tax overhaul Tax The maths genius behind trading firm XTX, Alex Gerko, stands high in the rankings of Britain’s top taxpayers, having paid more than £330m to HMRC last year. For good measure, he also handed out more than £150m to charities and good causes in 2025, focusing on education and supporting talented math graduates to pursue PhDs [...]
LLPs remain under watchful eye – especially from the taxman Legal Despite dodging Budget day taxes, the UK’s limited liability partnership (LLP) model is still facing intense scrutiny, this time from HMRC, which just had a good result from the top court this week, writes Maria Ward-Brennan. The LLP model, used by professional services such as law firms and accountancy firms, came into force 25 years [...]
Shakira’s taxes don’t lie as singer wins £48m tax row May 18, 2026 A Spanish court has ordered the country’s tax authority to repay Colombian singer Shakira £48m after ruling that it had improperly collected the money in a dispute over her tax payments. In a statement published today, Madrid’s National Court said it has upheld Shakira’s appeal against the fine she was hit with five years ago, after [...]
Energy giant clashes with HMRC at UK’s highest court over £28m penalty May 18, 2026 Scottish Power is to face the tax authority at the UK’s highest court over a tax deduction on a £28m penalty to settle a probe with the regulator. The legal case stems from a probe by the energy regulator Ofgem into Scottish Power between 2013 and 2016 regarding mis-selling, poor complaints handling, and a lack [...]
Motor finance trade body gears up for legal challenge to £9bn redress April 24, 2026 The motor finance industry’s trade body is mulling lodging a legal battle against the UK financial watchdog‘s £9bn redress scheme. The Finance and Leasing Association (FLA), which counts Santander and the financial arms of BMW and Volkswagen among its members, is reported to be leaning towards challenging the City regulator’s scheme. Members of the body [...]
End of the runway for Gatwick as top court kicks out insurance lifeline April 22, 2026 Gatwick Investment’s appeal against insurance giant Liberty Mutual has been struck down over whether insurers can deduct government furlough payments from business claims. The Supreme Court ruled that insurers do not have to pay an estimated £1bn to the hospitality and leisure companies involved in the case that suffered financial losses during the pandemic because [...]
Motor finance: City watchdog faces legal battle over £9bn scheme April 22, 2026 The City watchdog is set to face a legal challenge to its motor finance redress scheme after being accused of leaving motorists “out of pocket”. The Financial Conduct Authority (FCA) revealed its highly-anticipated £9.1bn scheme at the end of March, which cut the headline bill for lenders from £11bn. But Consumer Voice – a group [...]
Close Brothers and First Rand look to park motor finance row April 8, 2026 After countless speed bumps, sharp handbreak turns and a fair few false starts, the two banks that took the motor finance scandal to the top finally look to put it in the rearview mirror. Close Brothers and Aldermore owner First Rand have sought to wrap up the over two-year long saga after the financial watchdog [...]
Lloyds shares slump amid questions over motor finance legal battle April 2, 2026 Lloyds shares slumped this morning even as the banking giant declared it would not have to top up its provisions following the confirmation of a motor finance redress scheme. The group – which owns the UK’s largest car finance lender Black Horse – said it had “undertaken an assessment of the implications and impact” of [...]