Santander UK turns to more cost-cutting after profit slip Banking Santander UK said it expects to make more “efficiencies” after its profit slipped in the first nine months of the year due to a drag from restructuring costs and motor finance costs. The UK arm of Spain’s Banco Santander reported a £1.2bn pre-tax profit for the nine months ending 30 September, down six per cent [...]
Motor finance legal battle set for February 2027 Banking The City watchdog has confirmed that the legal battle over its motor finance redress scheme will take place early next year following widespread backlash against its multi-billion-pound programme. The Financial Conduct Authority (FCA) will face challenges from three lenders, Volkswagen Financial Services, Mercedes-Benz Financial Services, and Crédit Agricole Auto Finance, as well as the advocacy [...]
Is the XPeng G6 a smarter buy than a German SUV? Motoring The XPeng G6 undercuts BMW’s iX3, Audi’s Q6 e-tron and the electric Mercedes GLC by around £20,000, and charges faster than all of them. So what does the German badge actually buy you? For years, buying a premium SUV meant picking between three German badges. BMW, Audi and Mercedes still own that conversation, but the [...]
Volkswagen takes £725m hit from motor finance scandal October 7, 2026 The finance arm of Volkswagen has taken a mammoth hit from the motor finance scandal plunging it to a loss for the year. Volkswagen Financial Services UK (VWFS) set aside £725m for expected expenses under the City watchdog’s industry-wide car finance redress scheme, according to new account filings. The provision swung the firm to a [...]
‘Serious concern’: City watchdog accused of withholding information in motor finance row October 7, 2026 The City watchdog is coming under pressure to release its communications with the Treasury and modelling data for its controversial motor finance redress scheme, City AM can reveal. The Financial Conduct Authority (FCA) is facing legal challenges from the finance arms of Volkswagen and Mercedes Benz as well as French-owned CA Auto Finance over its [...]
Aldermore puts jobs at risk in retreat from invoice finance market October 1, 2026 Aldermore is weighing a round of layoffs as it consults on plans to scale back its invoice finance business ahead of a sale, City AM can reveal. The Reading-headquartered lender is discussing plans to shrink its invoice finance division and slash the amount of customers it serves in the market, sources told City AM. The [...]
Motonovo hikes motor finance provision as buyers circle Aldermore September 30, 2026 Car finance firm Motonovo has ramped up its provisions for the motor finance scandal as top banks and private equity firms explore a takeover of its parent company Aldermore. The Cardiff-headquartered company recognised a £153.2m charge in its latest accounts for historical motor finance commissions. This was more than double the £60.6m recorded last year. [...]
Close Brothers raises cost-cutting target as job cuts begin September 29, 2026 Close Brothers has dialled up its cost-cutting plans and said it was “well into next stage of restructuring” after revealing it would slash its headcount by around 20 per cent earlier this year. The FTSE 250 bank said on Tuesday it had delivered £36m of savings in its latest financial year, coming ahead of the [...]
Toyota Land Cruiser 2026: Old-school 4×4 ready for anything September 29, 2026 “If you want to travel into the outback, take a Land Rover. If you want to come back again, take a Land Cruiser.” It’s a well-known gag in Australia and other more rugged parts of the planet (where the word ‘outback’ could be substituted for desert, mountains or any kind of wilderness). After more than [...]
Audi A6 Avant E-Tron review: electric estate leads the space race September 28, 2026 The Audi A6 Avant E-Tron has a lot to unpack. Literally, because we have just taken it on a camping trip and filled its 502-litre boot to the brim. And figuratively, because this electric estate is chock-full of clever technology. The E-Tron’s ‘numerous technological advances’ range from the ingenious (a foot-operated boot release with its [...]