British motorists are poised to receive automatic compensation payments following the Financial Conduct Authority’s (FCA) announcement of a comprehensive redress scheme addressing the motor finance mis-selling scandal. The regulatory body
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A hedge fund spearheaded by Hamza Lemssouguer, a former trader from Credit Suisse, has committed to lending £598 million to the Very Group, owned by the Barclay family. This significant
PwC has been fined £2.9 million for several breaches in its audit of Wyelands Bank, a defunct lender previously owned by metals magnate Sanjeev Gupta. The Financial Reporting Council (FRC)
Lloyd’s of London, the world’s oldest insurance market, expects losses of approximately $2.3 billion from the Californian wildfires that occurred in January 2025. These losses represent a significant portion of
Santander UK has announced plans to close 95 branches across the country as part of a restructuring strategy, a move expected to put approximately 750 jobs at risk. The closures,
Andrew Bailey, Governor of the Bank of England, faces mounting challenges as Donald Trump’s aggressive trade war continues to disrupt the global economy. Having only just begun to get a
Quilter, one of the UK’s leading wealth management firms, has allocated £76 million to cover compensation costs for clients who paid for financial advice they did not receive. The FTSE
International investors have significantly reduced their holdings of UK government debt at the outset of the year, marking the steepest decline in two years. Data from the Bank of England
The Barclay family’s retail empire, The Very Group, has suffered another financial blow as its credit rating was pushed deeper into junk status by Fitch Ratings. The company, which carries
Deutsche Bank has sounded the alarm on the potential decline of the US dollar’s long-held safe haven status. Recent developments in global markets suggest cracks are beginning to show in
A wave of IT failures struck major UK banks on Friday, leaving thousands of customers unable to access their accounts on payday. The disruption affected customers of TSB, Nationwide, First
In a significant shift in British banking ownership, the UK government has relinquished its position as the primary shareholder in NatWest, marking a pivotal moment in the bank’s post-financial crisis
A monumental error at one of America’s largest investment banks has raised fresh concerns over operational controls, as Citigroup accidentally credited a client’s account with $81 trillion instead of the
The Bank of England’s approach to interest rate cuts could fluctuate dramatically between a very gradual or swift pace as it navigates significant economic uncertainties, according to Deputy Governor Sir
Four of the world’s largest banking institutions have been slapped with fines totalling nearly £105 million by Britain’s competition watchdog after their traders were caught sharing confidential information about UK
Lloyds Banking Group has significantly increased its compensation provision for potentially mis-sold motor finance to £1.1 billion following a landmark court ruling, forcing the FTSE 100 lender to set aside