Revolut faced orders to fix ‘deficiencies’ in product launches in Europe Fintech Revolut faced a regulatory slap-down from the European Central Bank last year as restrictions were placed on its operations in the continent. Europe’s most valuable fintech company had its permission to release new products across the 27 countries covered in the European Economic Area temporarily suspended last summer. The bank was instructed to rectify “deficiencies” [...]
Ministers to be handed ‘statutory powers’ to steer regulator’s growth agenda Regulation Ministers will be handed new “statutory powers” to steer UK watchdog’s growth agenda and define what it means in different “regulatory contexts“. In the King’s Speech, the government revealed its Regulating for Growth Bill – a cross-sector piece of legislation designed to beef up the UK’s regulatory system’s fostering of growth. The government’s report takes [...]
FCA: We don’t want to take risk decisions alone Markets The City watchdog should not be determining the UK’s risk appetite “alone”, a top official has said, as the regulator continues to try and coax more guidance from the government on its growth push. Sarah Pritchard, the deputy chief executive of the Financial Conduct Authority (FCA), said the regulator was trying to “prompt” a wider [...]
Paypal becomes latest fintech to capitalise on Trump’s deregulation December 16, 2025 Paypal has its sights set on acquiring a banking licence in the US as it becomes the latest fintech aiming to jump on President Donald Trump’s deregulatory agenda. The payments giant on Monday said it had submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to form Paypal Bank. [...]
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 CityAM, will accuse the Prudential Regulation Authority’s (PRA) of “excessive” requirements that create an “uneven playing field for UK challenger banks, placing heavy [...]
Banking watchdog launches deregulation push as tax fears grow September 22, 2025 Britain’s banking watchdog has laid out plans to slash regulation across the industry in a bid to sweeten the sector’s operating environment. In fresh proposals hoping to cut the red tape on the sector, the PRA identified 37 “individual reporting templates” which have “overlapping and complex requirements” in a bid to ease the administrative cost [...]
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 [...]
How much financial wrongdoing is acceptable in the UK’s pursuit of growth? August 11, 2025 The government must be prepared to answer just how much wrongdoing is it prepared to accept in the pursuit of growth, writes Lucy McNulty.
FCA boss rejects criticism of motor finance redress August 5, 2025 The head of the UK’s financial watchdog has pushed back at industry claims that the wide scope of the motor finance redress scheme is “impractical”. Nikhil Rathi, chief executive of the Financial Conduct Authority said: “We know it is difficult. But you can’t say the law has been broken and it is too difficult to [...]
Close Brothers shares rocket after motor finance win August 4, 2025 Shares in Close Brothers rocketed as markets opened on Monday after the bank won its landmark motor finance case at the Supreme Court. Shares in the FTSE 250 lender surged over 25 per cent during early trading, hitting a high of 500p. Close Brothers win Investors rushed to buy the shares after the Supreme Court [...]