City watchdog to lift motor finance complaints pause earlier than expected December 3, 2025 The City watchdog has lifted the cap on motor finance complaints following the landmark ruling from the Supreme Court over the summer. The Financial Conduct Authority said it would ditch the pause on complaints from 31 May 2026 – two months ahead of plan. In a letter sent to banking bosses, the FCA has also [...]
Banks to pay ombudsman more as Treasury crackdown costs £8m November 27, 2025 Banks will pay more to the Financial Ombudsman Service in the next year as the body strums up cash for its bill to meet the Treasury’s clampdown. Financial services will pay the FOS £86m in the 2026/27 financial year – an increase of £16m – under new proposals, which aim to beef up the Compulsory [...]
Relief for Cirata after FCA closes investigation November 27, 2025 Cirata execs have breathed a sigh of relief after the financial regulator closed a two-year investigation into the software firm, drawing a line under the dramatic events that caused the firm’s stock to plummet. In March 2023, Cirata – or Wandisco, as it was then known – revealed it had massively overstated its sales figures, [...]
Klarna shares fall as banking transformation triggers wider losses November 18, 2025 Swedish fintech unicorn Klarna recorded steeper losses in the third-quarter as costs related to the firm’s transition to becoming a fully-fledged bank offset record revenue. The buy now, pay later firm – which has set its sights on becoming a digital bank – recorded a loss of $95m (£72m) for the three months ending 30 [...]
AI-powered regtech lands £2.1m to help banks dodge FCA fines November 13, 2025 An AI-powered regulation tech firm has landed £2.1m in funding to help banks avoid getting fines from the City watchdog. Adclear, which uses software to ensure lenders’ books are in order, has capped off a funding round which has included backing from Clearscore founder Dan Cobley and Coinbase’s UK managing director Keith Grose. With Adclear’s [...]
Bank of England relaxes stablecoin stance in ‘watershed’ rules change November 10, 2025 The Bank of England has relaxed its stance on stablecoin in a new consultation paper aimed at helping Britain grab a slice of the £200bn market. The central Bank has previously faced calls to “publicly walk back” on its position on digital assets over fears the UK was missing out on the market. But in [...]
Lloyds boss ‘concerned’ with motor finance impact on UK investability November 5, 2025 The boss of Lloyds Banking Group told has lawmakers there was a “deeply important” investability issue in the financial watchdog’s proposed motor finance redress scheme. Charlie Nunn said, in a session with the House of Lords Financial Services Regulation Committee on Wednesday, he was “concerned” about investability and sentiment towards the UK following the regulator’s redress. “Having a [...]
City watchdog extends motor finance consultation after backlash November 5, 2025 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 [...]
Motor finance backlash mounts with calls to pull £4bn from lenders November 3, 2025 The financial watchdog is back in the hot seat as criticism of its controversial motor finance redress scheme continues to mount. A fresh report from the All-Party Parliamentary Group (APPG) on Fair Banking has blasted the City watchdog for a “£4.4bn billion gap” in the proposed scheme. The group accused the regulator of being “influenced [...]