Ford’s FCE Bank has set aside £155m for car finance mis-selling claims as the FCA prepares to unveil rules for a multibillion-pound compensation scheme. Read more: Ford’s FCE Bank sets aside £155m ahead of car finance compensation ruling
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UK businesses are more financially vulnerable than before the Ukraine war, with rising energy costs and interest rates increasing corporate distress. Read more: UK firms enter new energy crisis weaker than in 2022, distress index warns
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Octopus Investments plans to cut around 20% of staff as it accelerates AI adoption, highlighting growing disruption across the asset management sector. Read more: Octopus Investments to cut 20% of staff as AI reshapes asset management
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Barclays is scaling back lending to smaller borrowers after losses linked to private credit firm collapses, shifting focus to larger corporate clients. Read more: Barclays pulls back from small business lending after private credit losses
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HSBC could cut up to 20,000 jobs globally as it embraces AI to streamline operations, signalling a major shift in banking workforce strategy. Read more: HSBC could cut 20,000 jobs as AI reshapes global banking workforce
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MPs warn Treasury plans to reform the Financial Ombudsman Service could threaten its independence, raising concerns over government-appointed leadership and regulatory changes. Read more: MPs warn Treasury reforms risk undermining Financial Ombudsman independence
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UK individual insolvencies have surged 18% year-on-year, with experts warning households are at breaking point as high interest rates, inflation and debt pressures intensify. Read more: Individual insolvencies surge 18% as experts warn households are at ‘breaking point’
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Experts warn HMRC’s interest system is unfair, with taxpayers charged 7.75% on late payments but receiving just 2.75% on refunds, raising concerns over trust and transparency. Read more: HMRC interest ‘double standards’ branded unfair as taxpayers face higher charges than rebates
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Financial experts urge Rachel Reeves to rethink plans to cap National Insurance relief on pensions at £2,000, warning it could damage retirement savings and employer schemes. Read more: Experts warn pension tax cap risks undermining retirement savings as pressure mounts on Chancellor to rethink
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Britain’s largest car park operator NCP has filed notice of intention to appoint administrators, putting more than 1,000 jobs at risk across its 800 UK parking sites. Read more: NCP faces administration as Britain’s largest car park operator files court notice
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