Secure Trust Bank sells motor finance arm after £21m hit Banking Specialist lender Secure Trust Bank has offloaded its motor finance arm, becoming the latest UK bank to retreat from the sector, which has been wrapped up in scandal. The bank sold its remaining vehicle finance loan book to European Alternative Investment Fund Manager LCM Partners in a move expected to increase the bank’s CET1 ratio – a [...]
UK bank ramps up fight for savers after rebrand Banking The battle to bank Britain’s savers has ramped up with the arrival of a new name, set to challenge ‘easy access’ incumbents such as JP Morgan’s Chase, Goldman Sachs’ Marcus and fintechs like Oaknorth. The former UK arm of Jamaica National Group, previously dubbed JN Bank UK, has revamped its operations after being sold in [...]
Jamie Dimon warns markets are under-estimating global risks Banking The boss of JP Morgan, Jamie Dimon, has warned global markets not to underestimate current risks, as the US banking giant hiked its provisions for bad loans. The world’s most influential banker said that whilst the US economy had remained “resilient” and consumer and business trends were “generally healthy,” ongoing risks persisted. “Markets seem to under-appreciate [...]
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 [...]
The best cash bonus deals for switching current accounts October 30, 2025 UK banks and building societies are handing out hefty cash bonuses to entice customers to switch accounts, with Nationwide among the sweetest offers. The building society recorded 54,347 switches between April and June, largely driven by its £200 switch incentive. Its Fairer Share scheme, which offers a one off bonus payment of £100, was also [...]
Fintech industry takes aim at ‘logic-defying’ banking watchdog October 20, 2025 The industry body for UK fintech will today take aim at the banking watchdog in a scathing report that will blast “logic-defying” regulation. A fresh report from Innovate Finance, seen by City AM, will accuse the Prudential Regulation Authority’s (PRA) of “excessive” requirements that create an “uneven playing field for UK challenger banks, placing heavy [...]
High street banks’ SME lending comeback inches forward September 11, 2025 High street banks’ return to small- and medium-sized enterprises (SME) inched onwards in the second quarter. The big banks have turned back to the area as the government clamps down on smaller firms’ difficulty accessing finance. Top bosses were summoned earlier this year for talks with ministers covering how to improve lending to SMEs. In [...]
Challenger banks face ‘profitability trap’ at growth crossroads September 8, 2025 The UK banking sector faces a profitability roadblock that will give the industry’s challengers an “existential” turning point. Fresh data from KPMG suggests the industry’s average return on equity will fall to eight per cent come 2027 down from 13 per cent four years prior. This is set to spark an £11bn reduction in pre-tax [...]
UK banks carry out sweeping branch closures as customers go digital August 22, 2025 Some of the biggest traditional banks have shut more than one in three of their UK branches over the past five years as they turn away from the high street and dash to bulk up their digital offerings. Data from the Office of National Statistics (ONS) shows the number of bank, credit union and building [...]
Chetwood Bank surpasses £5bn after strong growth July 25, 2025 Chetwood Bank’s balance sheet has exceeded £5bn for the first time, City AM can reveal, after growing by £1bn in just three months. The digital challenger bank surpassed the milestone in July, with chief executive Paul Noble noting the bank’s “great growth trajectory” and expanding customer base to the rise, after the balance sheet stood [...]