Two in five financial services firms lack safe AI controls September 11, 2025 As the financial services industry piles billions of pounds into artificial intelligence (AI), firms are lacking adequate measures to maintain safe usage, according to new figures. Fresh data from Big Four accountancy giant EY reveal 26 per cent of companies have no or limited controls in place to ensure AI systems adhere to laws and [...]
FCA plans to allow contactless payment limits above £100 September 10, 2025 Card providers are set to be given the powers to set their own limits on contactless payments, which are currently set at £100, under proposals set out by the City regulator. The Financial Conduct Authority (FCA) has revealed that it will consult industry on whether the rules should be relaxed as part of its task [...]
FCA: ‘Large number of consumers’ wronged in motor finance deals September 9, 2025 The UK’s financial watchdog is gearing up for an industry-wide redress scheme on the historic motor finance scandal where huge swathes of customers could be eligible for compensation. Nikhil Rathi, chief executive of the Financial Conduct Authority, said there was “evidence that there have been unfair relationships between lenders and their consumers” and that a [...]
Firms are needlessly ‘gold plating’ Consumer Duty rules, FCA policy director says September 9, 2025 Scores of wholesale financial services firms are needlessly “gold plating” their compliance with Consumer Duty rules, the financial watchdog’s policy chief has claimed, as the regulator pushes back over concerns the rules have become too burdensome for businesses. Charlotte Clark, director of cross-cutting policy and strategy at the Financial Conduct Authority (FCA), admonished companies who [...]
Nigel Farage: City regulator ‘is a disaster’ September 5, 2025 Nigel Farage has branded the Financial Conduct Authority a “disaster” as he promised his party would overhaul the City’s regulatory landscape. The Reform UK leader – who is hosting the party’s annual conference this weekend – is a strong contender to take the keys to 10 Downing Street in the next general election. Allies of [...]
The spectre of 2008 haunts banks’ push into private credit September 2, 2025 Britain’s biggest banks are trying to grab a slice of the rapidly expanding private credit market, but as they look to grow, memories of the financial crisis are coming back to haunt the lenders. The global private credit market notched $2 trillion (£1.5 trillion) assets under management in 2024 and is expected to grow to $2.8 trillion [...]
What the FCA scam surge tells us about fraud in 2025 August 29, 2025 When fraudulent actors start posing as the Financial Conduct Authority (FCA) itself, you know the scam problem has entered a new phase. The UK’s chief financial regulator confirmed this week that it has already received nearly 5,000 reports of impersonation scams in the first half of 2025, with almost 500 victims tricked into handing over [...]
Drax faces FCA probe amid allegations of misleading biomass sourcing August 28, 2025 The City watchdog has launched a probe into British power firm Drax over several issues, including statements regarding its biomass sourcing. The London-listed group informed its shareholders this morning that it was notified on Tuesday that the Financial Conduct Authority (FCA) had commenced an investigation into the group. Drax stated that the probe covers the [...]
Close Brothers shares downgraded despite motor finance win August 18, 2025 Analysts have slapped a downgrade on Close Brothers stock despite the bank’s motor finance win last month at the Supreme Court. The FTSE 250-listed bank’s stock rating was lowered to ‘Sector Perform’, down from previous ‘Outperform’ expectations. Close Brothers shares were down over four per cent in early trading to 494.80. It comes after the [...]
Banks ombudsman fights for relevance amid Treasury crackdown August 18, 2025 The Financial Ombudsman Service is battling against a litany of obstacles as the government looks to “fundamentally” change its regulatory makeup. The organisation was rocked earlier this year by a leadership crisis following the abrupt departure of chief executive Abby Thomas in February. A Treasury Committee report, published in July, revealed Thomas had been dismissed [...]
