Santander UK CEO Regnier to step down

Santander UK chief executive Mike Regnier announced he would step down by early 2026, after leading the bank through major transformation and its £2.65bn acquisition of TSB.

Having joined in 2022, Regnier said he always planned a four-to-five-year tenure. Santander praised his leadership as it begins the search for his successor, with executive chair Ana Botin highlighting the TSB deal as a key milestone in the group’s UK growth strategy.

FCA launches Consumer Duty review in bid to cut rules

The Financial Conduct Authority announced a review of its Consumer Duty to simplify regulation and reduce red tape.

Introduced in 2023, the Duty has become the FCA’s cornerstone for ensuring fair treatment across 60,000 UK financial firms.

The regulator said it aimed to rely on the Duty rather than add new prescriptive rules, focusing on four priority areas — product design, monitoring, customer journeys, and consumer understanding — to enhance outcomes and efficiency.

Badenoch pledges to scrap stamp duty

Conservative leader Kemi Badenoch pledged to scrap stamp duty on primary homes if her party returned to power, calling it a “bad tax” that stifled social mobility and housing growth. Her surprise conference promise in Manchester reignited debate over the £11.6bn levy.

Economists praised the boldness, though critics warned it could inflate prices and favour wealthier buyers. The proposal marked a headline-grabbing bid to revive the UK’s sluggish property market.

Halifax, NatWest and Saffron BS make rate changes

Halifax, NatWest and Saffron Building Society announced a series of mortgage rate changes next week. Halifax will raise some fixed-rate products by up to 13bps while trimming others by 5bps. NatWest cut selected 95% LTV purchase loans by 4bps, and Saffron For Intermediaries withdrew and launched new broker-only products, including owner-occupied, first-time buyer and limited company buy-to-let options. These moves aim to adjust pricing and offer competitive choices across the market.

Coventry BS consults on over 100 job losses after Co-op merger

Coventry Building Society has launched a consultation over potential redundancies affecting more than 100 roles following its £780m acquisition of the Co-operative Bank. Notices were issued to 176 staff, with mortgage and business development teams among those most affected.

The group aims to streamline operations and reduce duplication as it integrates the two organisations. Management plans to finalise decisions by 5 December, promising support and care for impacted employees.

Government plans homebuying ‘shake up’ to cut time and costs 

The government has unveiled plans to streamline homebuying, aiming to cut the process by a month and save buyers around £710. Proposals include mandatory upfront property information, binding contracts to reduce failed sales, and greater use of digital tools.

Estate agents and conveyancers may face new qualifications and codes of practice. Housing Secretary Steve Reed says the reforms will simplify the system, while the industry broadly welcomes steps to modernise and digitise transactions.

Shawbrook confirms London IPO

Shawbrook has confirmed plans to float on the London Stock Exchange, potentially valuing the specialist lender at £2bn, making it the city’s largest IPO this year. Founded in 2011, it offers mortgages and motor finance, with a £17bn loan book targeting £30bn by 2030.

Backed by BC Partners and Pollen Street Capital, Shawbrook says the flotation will broaden capital access, support ambitious growth, and signal renewed investor confidence in UK specialist banking.

Letting agents could lose quarter of income under new rules

A new survey suggests letting agents could lose around a quarter of their income under the forthcoming Renters’ Rights Bill. Goodlord’s poll of 2,750+ agents found tenancy renewal fees currently account for 27% of earnings, but the abolition of fixed-term tenancies would end these payments.

Many agencies admit they are unprepared for the changes, prompting warnings of a potential revenue crisis, even as the sector braces to weather the storm.

National insurance on rental income tax on ‘working people’: Housing body 

Sir Vince Cable has warned that introducing national insurance on rental income would act as a “tax on working people,” likely pushing up rents for tenants.

Speaking at the Independent Housing Policy and Delivery Oversight Committee, he urged the government to consult widely on property tax reforms rather than introducing piecemeal measures in the Budget.

Cable argued that broader, carefully considered reform of stamp duty, council tax, and other levies is essential to avoid unintended consequences.

Shared Ownership Council transfers code to NHQB as it wraps up 

The Shared Ownership Council has handed its operator code to the New Homes Quality Board as it prepares to disband on 16 October. Since launching in 2023, the council developed the code to raise standards, improve transparency, and protect shared owners. NHQB will take full responsibility, creating a subsidiary board and advisory panels.

The move aims to ensure consistent, high-quality shared ownership experiences, with industry experts confident the code is now in capable, sustainable hands.