Last mentioned: Mar 20, 2026
Findings Released
FCA reports 1,052 instances of illegal financial ads bypassing Meta's filters in a single week.
Mass Layoffs Announced
Close Brothers confirms plans to cut nearly a quarter of its workforce to preserve capital.
Workforce Reduction Announced
Close Brothers confirms plans to cut nearly a quarter of its staff to manage financial impact.
FCA Monitoring Period
The regulator conducts a one-week audit of financial ads appearing on Meta's platforms.
Landmark Court Ruling
The Court of Appeal rules in favor of consumers, stating commissions must be fully disclosed and consented to.
Court of Appeal Ruling
A landmark ruling in Hopcraft v Close Brothers increases lender liability for undisclosed commissions.
FCA Review Launched
The FCA announces a formal review into historical motor finance commission arrangements.
FCA Investigation Launched
The Financial Conduct Authority begins a probe into motor finance commission practices.
Meta's Policy Shift
Meta commits to requiring FCA authorization for all financial services advertisers in the UK.
FCA Commission Ban
The Financial Conduct Authority bans Discretionary Commission Arrangements (DCAs) in motor finance.
The UK's largest retail investment platform, Hargreaves Lansdown, suffered a major IT outage on March 20, 2026, completely halting customer trades and transactions. The failure occurs at the height of the 'ISA season,' threatening investor efforts to utilize tax-free allowances before the April 5 deadline.
Meta has failed to uphold its commitment to the UK’s Financial Conduct Authority (FCA) to block unauthorized financial advertisements, with over 1,052 illegal ads appearing in a single week. This breach highlights significant gaps in Meta's automated moderation systems and raises the prospect of severe regulatory penalties under the UK's Online Safety Act.
Close Brothers Group is set to eliminate nearly a quarter of its staff following the fallout from the UK motor finance commission scandal. The move aims to stabilize the bank's finances as it faces significant potential compensation payouts and legal costs.
Close Brothers has announced plans to reduce its workforce by nearly 25% as it grapples with the financial and operational aftermath of the UK car finance commission scandal. The move follows a landmark Court of Appeal ruling that has significantly increased potential liabilities for lenders involved in non-disclosed commission arrangements.
Major UK lenders including NatWest, Nationwide, and Co-op Bank have launched aggressive switching incentives of up to £175. This escalation in the retail banking 'switching war' signals a fierce battle for primary account holders in a high-interest-rate environment.