Bank boss wants car finance redress ruling overturned

SANTANDER UK has said it will delay its third-quarter earnings report due to "uncertainty" following the financial watchdog's motor finance redress scheme.

- SAMUEL NORMAN

The Spanish banking giant was due to publish its financial report for the third-quarter yesterday but has put it on hold "pending greater clarity regarding the [Financial Conduct Authority]'s proposals".

The bank's UK chief Mike Regnier said: "We believe that the level of concern in the industry and market is such that material changes to the proposed FCA redress scheme should be an active consideration for the UK Government."