Campaigners are demanding a windfall tax on UK banks, estimated to raise £19bn, following HSBC's $10.1bn second-quarter profits. The funds could support cost of living initiatives, while banks face scrutiny over profit distribution and lending.
A cross-party group of UK lawmakers has initiated a parliamentary inquiry into the banking challenges faced by the country's crypto industry. The probe aims to understand why firms struggle with bank accounts and why banks restrict crypto-related payments, assessing if these barriers undermine the UK's goal to be a digital assets leader.
UK financial regulator FCA found major banks are failing vulnerable customers, including the homeless, by pushing them towards unsuitable online applications instead of basic bank accounts. Nine institutions have agreed to improve access.
UK banks are failing vulnerable customers, including the homeless, by pushing them towards unsuitable online applications instead of offering basic bank accounts. The FCA found a third of customer experiences with these accounts were poor or very poor.
City bosses and trade unions are clashing over a potential tax on UK banks to fund support for struggling households. While bankers warn of "economic suicide," unions argue Britain can't be "held hostage" by lobbyists, citing rising costs and defense needs. Andy Burnham's proposal for extra household support has reignited debate on a bank windfall tax.
Investment scams involving gold, crypto, and wine have surged, with over £220m lost in the past year. UK banks reported nearly 15,000 such scams in 2025, fueled by AI's ability to create sophisticated, large-scale deceptions. Overall fraud losses reached £1.28bn.
OpenAI has granted nine major UK banks access to its cybersecurity AI tool, GPT-5.5 Cyber, while rival Anthropic has blocked them from testing its similar tool, Claude Mythos. Concerns exist about AI's potential impact on financial system security.
