Motor finance: Where do the banks, regulator and Treasury stand? October 24, 2025 The UK banking sector had hoped the Supreme Court’s motor finance ruling would finally switch off the hazard lights and allow lenders to return to business as usual. The industry was handed a lukewarm win by the highest court in the land, who ruled in favour of the banks on two out of three cases. [...]
Another US lender tumbles as credit jitters accelerate October 24, 2025 Another mid-sized lender filed for bankruptcy in the US, highlighting the growing strain in American credit markets which Andrew Bailey has likened to the subprime crisis that foreshadowed the Great Financial Crisis (GFC). Primalend, a Texan provider of subprime financing to car dealerships, said in a filing on Wednesday that it had collapsed after months [...]
Jaguar Land Rover cyber attack hammers UK car production October 24, 2025 The most expensive cyber attack in British history suffered by Jaguar Land Rover contributed to car production being slashed by almost 30 per cent in September, according to new figures. Jaguar Land Rover was forced to halt production for five weeks from 1 September which has been estimated to have cost the UK around £1.9bn. [...]
Lloyds finance boss refuses to rule out motor finance legal challenge October 23, 2025 The finance boss of Lloyds Banking Group has refused to rule out a legal challenge to the financial watchdog’s motor finance redress scheme after the bank’s provision for payouts under the scheme dealt a blow to its bottom line. William Chalmers, the chief financial officer of Lloyds, said the FTSE 100 giant was “concerned” about [...]
Lloyds profit slides 36 per cent after hiking motor finance provisions October 23, 2025 Lloyds Banking Group recorded a major hit to profit in the third quarter after the group was forced to nearly-double its provisions for the motor finance scandal. The bank posted a third-quarter profit before tax of £1.2bn, falling 36 per cent from the £1.8bn recorded in 2024. For the year-to-date the FTSE 100 titan has [...]
FTSE 100 Live: Lloyds takes profit beat, LSEG new investment October 23, 2025 Good morning from the City AM liveblog team. Just how much is the motor finance redress scheme going to cost Britain’s biggest banks? Yesterday’s results from Barclays offered an insight – and it wasn’t pretty. The Canary Wharf-based bank almost quadrupled the provision it had set aside to cover motor finance claims, from under £100m [...]
Barclays near-quadruples provisions for motor finance scandal October 22, 2025 Barclays has followed suit with its banking peers with a major hike to its motor finance provisions after the financial watchdog launched its industry redress scheme. The FTSE 100 titan set aside an extra £235m for the car mis-selling scandal, taking total provisions to £325m. Barclays operated in the motor finance market under Clydesdale Financial [...]
Barclays shares rise after new buyback launch and jump in income October 22, 2025 Barclays has set out plans to shift to a quarterly share buyback after the firm recorded a surge in total income for the third quarter. The FTSE 100 titan netted £7.2bn in total income, breezing past as internal analyst consensus of £7bn. The figure was also up nine per cent year-on-year. The bank said it [...]
FTSE 100 Live: UK inflation holds at 3.8 per cent, Barclays share buyback October 22, 2025 Good morning from the City AM liveblog team. The UK’s top banks are gearing up for a third-quarter reporting season where all eyes will be on the Labour government’s second Autumn Budget. Speculation of a bank tax hike has dominated chatter around the sector in recent months and elevated fears across the City. It also [...]
Lloyds boss: Motor finance redress wipes 20-year profit off industry October 21, 2025 The boss of Lloyds Banking Group has warned the financial watchdog’s motor finance redress scheme could knock two decades of profitability off the car finance industry. Charlie Nunn, the bank’s chief, has doubled down on the lender’s previous warning shots, adding he didn’t think the scheme was “proportionate”. The FTSE 100 titan has pulled no [...]