Number of claims management firms halves after FCA clampdown June 1, 2026 The number of claims management firms authorised by the UK’s financial watchdog has nearly halved since the beginning of the decade after the regulator “raised the bar” for firms in the sector. A Freedom of Information request by financial services consultancy Broadstone revealed 483 claims management companies (CMCs) operate in the sector, compared with 942 [...]
Fintech firms grew four times faster than traditional banks in 2025 June 1, 2026 The explosive growth of the global fintech sector continued in the last year, drastically outpacing its incumbent rivals but faced a challenge in cementing its market share. Fintech firms’ average growth rate was four times faster than that of traditional financial services at an average of 22 per cent in BCG’s Global Fintech Report 2026. [...]
Natwest and Barclays sweeten mortgage costs as Iran peace hopes ease interest rate fears May 29, 2026 Natwest and Barclays have become the latest lenders to sweeten up their mortgage deals, as hopes remain high that a peace deal will be reached in the Middle East that would bring calm to the interest rate environment. Both lenders have unveiled reductions in mortgage rates, with Barclays cutting its rates across the board by [...]
Top banks urge Rachel Reeves to expand small business lending scheme May 29, 2026 Top UK banks are lobbying Rachel Reeves to beef up the government’s small business lending scheme in a bid to unlock more capital to be lent to firms. A letter penned by UK Finance – the banking industry body that represents the likes of Barclays, Lloyds and Natwest – has called for the Chancellor to [...]
Jamie Dimon opens door to a $20bn JP Morgan takeover May 28, 2026 Jamie Dimon has kicked the door open to the prospect of JP Morgan completing a major takeover that would shake-up the global banking landscape. The Wall Street boss raised the idea of the bank spending as much as $20bn (£15bn) as it looks to capitalise on the freed up capital from deregulation reforms. “I do [...]
An Inspector Calls at Nationwide’s annual general meeting May 27, 2026 In 49 days An Inspector Calls at the Nationwide annual general meeting and in this week’s column Samuel Norman looks at what he could be asking. Also on the agenda… after annual report season, it’s time for Starling to go full throttle on Engine. Not since the keen-eyed Inspector Goole shattered the comfortable illusions of [...]
Vulnerable bank customers could face ‘higher barriers’ to redress in Treasury overhaul May 26, 2026 Warnings are being raised over a planned Treasury shake-up of financial services rules after an impact assessment revealed vulnerable customers could be excluded from receiving compensation when wronged. The government unveiled its Enhancing Financial Services Bill at the King’s Speech, which paved the way for reform to consumer redress protections through changes in the Consumer Credit [...]
Shawbrook weighs Aldermore bid as Firstrand looks to offload challenger bank May 25, 2026 Shawbrook is reportedly weighing up a merger with rival Aldermore after its owner put the challenger bank up for sale. The lender, which debuted on the London Stock Exchange last year, is in the early stages of considering a takeover, according to Sky News’ Mark Kleinman. South Africa-based financial services group Firstrand, which bought Aldermore [...]
‘It will reduce jobs’ – Jamie Dimon sounds off on AI’s impact on banks May 21, 2026 One of the world’s leading financial figures has warned AI will inevitably lead to a cut in jobs amid growing jitters around the impact the new tech will have on the banking sector. Jamie Dimon – the top boss of America’s largest bank, JP Morgan – said: “I think [AI] will reduce our jobs down [...]
Investec eyes City hiring spree in major move into UK private banking May 21, 2026 Investec, the FTSE 250 financier, has unveiled plans to boost its UK private bank in a major strategic move that will include hiring new talent in the City. The expansion will boost its banking presence in London, as it seeks out wealthy clients for what will become a ‘full service primary bank”. It has identified [...]