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 [...]
Motor finance and wealth progress in spotlight for Lloyds earnings April 24, 2026 Investors will be looking for old wounds to be heal and crucial updates on expansion progress when Lloyds Banking Group gives its first-quarter update next week. The FTSE 100 banking titan – which is frequently cited as the UK’s most-traded stock – will give markets an insight into how it started the new year on [...]
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 [...]
S&U takes ‘Margaret Thatcher’ approach as profit swells April 21, 2026 Specialist lender S&U recorded a major bump to profit in the last year as the bank said it was following the teachings of former Prime Minister Margaret Thatcher. The London-listed bank – which was founded in 1938 and once known as Sports and Utilities – posted a pre-tax profit of £31.8m in the year ending 5 [...]
Santander UK tipped for ‘large’ hike to motor finance provisions April 16, 2026 Santander UK is expected to top up its provisions for the motor finance scandal following the final outline of the financial watchdog’s redress scheme. The Spanish-headquartered banking giant has been one of the most vocal critics throughout the scandal, which relates to the use of discretionary commission arrangements (DCAS) in car financing. Banks were accused [...]
UK’s best bank revealed – and it’s not a bank April 9, 2026 The UK banking sector’s top bank has been crowned – and (spoiler) it’s not a bank. A new report from Forbes and market research firm Statista analysed the global banking system for the world’s top names in the sector. Over 54,000 people were surveyed across 34 countries in 17 different languages between October and November [...]
FTSE 100 Live: Stocks take a dip as Trump’s ceasefire in doubt April 9, 2026 Good morning and welcome back to the City AM liveblog. Hopes for peace in the Middle East are on thin ice with the ceasefire unveiled on Wednesday morning already seemingly in tatters. According to Mohammad Bagher Ghalibaf, Iran’s parliament speaker, the US and Israel have already “violated” Iran’s 10-point ceasefire proposal in three ways. And [...]
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 [...]
Barclays and Lloyds shares pop as FTSE 100 banks rally on ceasefire April 8, 2026 A whopping surge from Barclays and Lloyds led a rally across banking stocks on Wednesday morning as the City welcomed news of a ceasefire in the Middle East. Barclays soared eight per cent as trading in London kicked off, hitting highs of 438p, helping the firm claw back losses made since the start of the [...]
Close Brothers shares soar as bank ‘well positioned’ for £320m motor finance hit April 8, 2026 Close Brothers has insisted it is “well positioned” to absorb the financial hit from the City watchdog’s motor finance redress scheme but added to speculation another legal battle could be on the horizon. The FTSE 250 lender told markets on Wednesday morning that it estimates the cost of the Financial Conduct Authority’s (FCA) redress scheme [...]