This week’s high headlines: Santander UK’s Top CEO to step down early subsequent 12 months and FCA to evaluate Consumer Duty to guarantee honest remedy of UK recommendation corporations
Explore these and different main business updates beneath:
Santander UK CEO Regnier to step down
Santander UK chief govt Mike Regnier introduced he would step down by early 2026, after main the financial institution by main transformation and its £2.65bn acquisition of TSB.
Having joined in 2022, Regnier stated he all the time deliberate a four-to-five-year tenure. Santander praised his management because it begins the seek for his successor, with govt chair Ana Botin highlighting the TSB deal as a key milestone within the group’s UK development technique.
FCA launches Consumer Duty evaluate in bid to minimize guidelines
The Financial Conduct Authority introduced a evaluate of its Consumer Duty to simplify regulation and cut back purple tape.
Introduced in 2023, the Duty has change into the FCA’s cornerstone for guaranteeing honest remedy throughout 60,000 UK monetary corporations.
The regulator stated it aimed to depend on the Duty quite than add new prescriptive guidelines, specializing in 4 precedence areas — product design, monitoring, buyer journeys, and shopper understanding — to improve outcomes and effectivity.
Badenoch pledges to scrap stamp obligation
Conservative chief Kemi Badenoch pledged to scrap stamp obligation on major houses if her celebration returned to energy, calling it a “unhealthy tax” that stifled social mobility and housing development. Her shock convention promise in Manchester reignited debate over the £11.6bn levy.
Economists praised the boldness, although critics warned it may inflate costs and favour wealthier consumers. The proposal marked a headline-grabbing bid to revive the UK’s sluggish property market.
Halifax, NatWest and Saffron BS make price modifications
Halifax, NatWest and Saffron Building Society introduced a sequence of mortgage price modifications subsequent week. Halifax will elevate some fixed-rate merchandise by up to 13bps whereas trimming others by 5bps. NatWest minimize chosen 95% LTV buy loans by 4bps, and Saffron For Intermediaries withdrew and launched new broker-only merchandise, together with owner-occupied, first-time purchaser and restricted firm buy-to-let choices. These strikes goal to alter pricing and supply aggressive decisions throughout the market.
Coventry BS consults on over 100 job losses after Co-op merger
Coventry Building Society has launched a session over potential redundancies affecting greater than 100 roles following its £780m acquisition of the Co-operative Bank. Notices had been issued to 176 employees, with mortgage and enterprise growth groups amongst these most affected.
The group goals to streamline operations and cut back duplication because it integrates the 2 organisations. Management plans to finalise selections by 5 December, promising assist and take care of impacted workers.
Government plans homebuying ‘shake up’ to minimize time and prices
The authorities has unveiled plans to streamline homebuying, aiming to minimize the method by a month and save consumers round £710. Proposals embrace necessary upfront property data, binding contracts to cut back failed gross sales, and better use of digital instruments.
Estate brokers and conveyancers might face new {qualifications} and codes of observe. Housing Secretary Steve Reed says the reforms will simplify the system, whereas the business broadly welcomes steps to modernise and digitise transactions.
Shawbrook confirms London IPO
Shawbrook has confirmed plans to float on the London Stock Exchange, probably valuing the specialist lender at £2bn, making it the town’s largest IPO this 12 months. Founded in 2011, it presents mortgages and motor finance, with a £17bn mortgage e book concentrating on £30bn by 2030.
Backed by BC Partners and Pollen Street Capital, Shawbrook says the flotation will broaden capital entry, assist formidable development, and sign renewed investor confidence in UK specialist banking.
Letting brokers may lose quarter of revenue below new guidelines
A brand new survey suggests letting brokers may lose round 1 / 4 of their revenue below the forthcoming Renters’ Rights Bill. Goodlord’s ballot of two,750+ brokers discovered tenancy renewal charges at present account for 27% of earnings, however the abolition of fixed-term tenancies would finish these funds.
Many companies admit they’re unprepared for the modifications, prompting warnings of a possible income disaster, even because the sector braces to climate the storm.
National insurance coverage on rental revenue tax on ‘working individuals’: Housing physique
Sir Vince Cable has warned that introducing nationwide insurance coverage on rental revenue would act as a “tax on working individuals,” possible pushing up rents for tenants.
Speaking on the Independent Housing Policy and Delivery Oversight Committee, he urged the federal government to seek the advice of extensively on property tax reforms quite than introducing piecemeal measures within the Budget.
Cable argued that broader, rigorously thought of reform of stamp obligation, council tax, and different levies is important to keep away from unintended penalties.
Shared Ownership Council transfers code to NHQB because it wraps up
The Shared Ownership Council has handed its operator code to the New Homes Quality Board because it prepares to disband on 16 October. Since launching in 2023, the council developed the code to elevate requirements, enhance transparency, and shield shared house owners. NHQB will take full accountability, making a subsidiary board and advisory panels.
The transfer goals to guarantee constant, high-quality shared possession experiences, with business specialists assured the code is now in succesful, sustainable arms.
