‘In fine fettle’: Pall Mall’s RAC waiting list grows as posh club toasts profit boost July 6, 2026 The Royal Automobile Club has seen a rise in its waiting list as the posh Pall Mall private members’ club toasted a surge in profitability. The institution, which was founded in 1897 as a motoring club and later spawned the roadside assistance business RAC, saw its waiting list increase by 7 per cent in 2025 [...]
Close Brothers shares fall as motor finance scandal threatens worst returns in Europe July 6, 2026 Close Brothers shares tumbled on Monday morning after a damning broker downgrade warned the bank was poised to deliver the “lowest value-creation” of Europe’s top 50 banks. The FTSE 250 bank’s stock was down nearly nine per cent in early trading to 401.70p as investors scurried for the exit door. The loss came on the [...]
Inside the Gumball 3000, the world’s most outrageous motoring event July 4, 2026 Swiss watchmaker Ulysse Nardin has teamed up with the world’s most outrageous motoring event, the Gumball 3000. Adam Hay-Nicholls explores the rally’s wild history, its improbable legends and its enduring appeal Sports cars and watches go hand in glove. Synergies of precision timing and craftsmanship are used to cement the credentials of each brand, whether [...]
City watchdog suspends parts of £9bn motor finance scheme after industry backlash July 2, 2026 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 [...]
Mercedes-Benz slammed for swerving payout for car with ‘serious safety risk’ June 29, 2026 Mercedes-Benz’s finance arm has been slammed by the UK’s banks ombudsman for “very poor” handling of a motor finance dispute where a consumer’s car showed “serious” electrical faults. The financial services arm of the German carmaker has been ordered to refund with interest 50 per cent of all monthly payments made by a customer after [...]
OLX Group continues strong performance as motors, real estate and jobs drive growth June 25, 2026 OLX Group (“OLX”), a global online classifieds leader with nearly 60 million daily listings across seven markets1 and a wholly-owned subsidiary of Prosus, has reported strong financial results for the full year ended 31 March 2026. Strong global revenue growth of 28% (16%)2 year-on-year to $992 million. Adjusted EBITDA increased 53% (38%) year-on-year, with margins [...]
‘Very concerned’: City watchdog scolds motor finance lenders over £9bn redress scheme June 22, 2026 The City watchdog has warned motor finance lenders it is “very concerned” with how prepared the industry is to implement its £9bn redress scheme, City AM can reveal. The Financial Conduct Authority (FCA) fired out letters to over 100 firms last Friday following a review of the sector’s plans to implement its under-fire redress program. [...]
Motor finance revs up City watchdog’s PR spend June 22, 2026 The motor finance scandal has helped rev up the financial watchdog’s spend on public relations agencies as it fought to warn consumers of the risks of using claims management firms. The car mis-selling saga – where City banks have been put on the hook for billions in compensation over the use of ‘secret’ car deals [...]
Starmer overrules Miliband on electric car sales targets as he looks to appease automotive industry June 14, 2026 Keir Starmer will water down the UK’s electric vehicle sales, in a significant blow to energy secretary Ed Miliband’s net-zero agenda, in a bid to quash fears in the automotive industry. According to reports in The Sunday Times, the prime minister is understood to have overruled Miliband following pressure from the industry, the Unite union [...]
Banks ‘not ready’ for motor finance scheme, says City watchdog June 9, 2026 The City watchdog has warned that motor finance lenders are “not as ready as we would expect” for the introduction of its long-awaited redress scheme. Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), has written to the Treasury Committee following inquiries around the legal challenges to its car mis-selling scheme. The regulator published [...]