Banks to set own contactless limit as FCA scraps cap December 19, 2025 UK banks will be able to set their own contactless limits under new rules set to be introduced by the City watchdog next year. In the current system, banks place a cap on payments of up to £100 per transaction when consumers are using physical contactless cards. But changes introduced by the Financial Conduct Authority [...]
FCA: Motor finance lenders ‘very focused’ on negatives of redress December 16, 2025 The boss of the UK’s financial watchdog has taken a swipe at motor finance lenders that are begrudged with the regulator’s redress scheme, stating they are “very focused” on the negatives. In a session with the Treasury Select Committee, Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA) opened the door to changing the [...]
Motor finance lenders brace for legal battles amid redress spat December 15, 2025 Motor finance lenders have been sent a major warning over a potential influx of legal battles if the UK’s financial watchdog fails to “genuinely compensate” consumers. Britain’s top banks were thought to have been granted some reprieve earlier this year after the Supreme Court sided with upheld the appeals of two lenders in the landmark [...]
Crypto firms face clamp down from Treasury and watchdog December 15, 2025 Cryptocurrencies will face regulation like any other financial products under new laws announced by the Treasury. Firms that offer crypto products will fall under the Financial Conduct Authority’s jurisdiction as part of new rules requiring digital assets providers to meet a set of standards from the City watchdog. The Labour government said the new legislation, which comes into [...]
Nationwide hit with fine after failing to flag Covid furlough fraud December 12, 2025 Nationwide had been slapped with a £44m fine by the City watchdog for failures in its financial crime controls. The building society giant has been blasted by the Financial Conduct Authority (FCA) for missing opportunities to identify fraudulent Covid furlough payments. The FCA said one customer received 24 payments, totalling north of £27m, over 13 [...]
Rachel Reeves’ Budget was ‘monumentally mishandled,’ says London-listed bank December 11, 2025 A London-listed bank has given its scathing assessment of Rachel Reeves’ second Autumn Budget and warned of the impact it will have on consumer confidence. S&U – which was founded in 1938 and once known as Sports and Utilities – said the performance of its motor finance and property financing arms was “remarkably resilient given [...]
UK fintech Plum follows Klarna in securing e-money licence December 8, 2025 Smart money app Plum has managed to secure an e-money licence from the City watchdog, Morning Wire can reveal, even as the volume of application approvals slumps. Plum, which was founded by the former head of banking at Wise, Victor Trokoudes, in 2016, has received authorisation to operate as an Electronic Money Institution (EMI) from the Financial [...]
Watchdogs rip up rulebook for building societies in growth boost December 5, 2025 British building societies are in line for a deregulation boost after UK watchdogs announced a joint raft of initiatives aiming to power up the sector. Mutuals – which, contrary to banks, are owned by their members – are set to land a significant growth tailwind following a fresh report from the Financial Conduct Authority (FCA) [...]
Is HSBC’s chair hunt really over? December 4, 2025 Safe, but surprising – that was the verdict across the City as Britain’s biggest bank unveiled its new chair after a twist-and-turn search. Brendan Nelson will take the post at HSBC, succeeding Sir Mark Tucker, whose exit in September left the bank without a permanent chair for weeks. Except for Nelson. Indeed, the seasoned accountant [...]
FCA chief ducks committing to investigating Treasury briefings December 3, 2025 The boss of the City watchdog appeared to skirt committing to investigating Treasury briefings when pressed on the Labour government’s “possible market abuse” on Wednesday morning. Nikhil Rathi, chief executive of the Financial Conduct Authority, has been lobbied by the Conservatives and other opponents to the Labour government to look into the rogue briefings on [...]