This week’s top headlines: Renter’s Rights Bill to become law as it heads for Royal Assent and over a quarter of principal firms fail to conduct AR financial crime tests: FCA  

Explore these and other major industry updates below:Renter’s Rights Bill to become law as it heads for Royal Assent

The Renters’ Rights Bill has reached its Royal Assent stage, marking the final step before becoming law. The legislation will ban Section 21 no-fault evictions, abolish fixed-term tenancies, and apply the Decent Homes Standard to the private rented sector for the first time, affecting millions of renters and landlords.

Following years of delays, the Bill’s passage represents the most significant reform of England’s rental market in decades. Industry leaders have welcomed the progress but urged the government to provide clear guidance and realistic timelines to ensure a smooth transition once the Act takes effect.

BoE’s Bailey warns of ‘alarm bells’ in private credit markets

Bank of England governor Andrew Bailey has warned that “alarm bells” are ringing over rising risks in private credit markets, drawing parallels with the subprime mortgage crisis of 2008.

He highlighted growing concerns over opaque, highly leveraged corporate lending and weak underwriting standards, following US bank losses linked to bankrupt firms such as First Brands and Tricolor. The Bank plans a system-wide test to examine how exposed UK financial institutions are to these markets.

Deputy governor Sarah Breeden said vulnerabilities were evident but their broader impact remained uncertain, with findings expected within the next year.

Uptake of Nationwide Helping Hand scheme soars by 53%

Nationwide Building Society has seen a 53% rise in first-time buyers using its Helping Hand mortgage after easing lending rules to allow borrowing up to six times income.

The changes followed regulatory relaxations on high loan-to-income limits, enabling 23,000 buyers to purchase homes between October 2024 and September 2025. Completions on new-build homes more than doubled, aided by an increased loan-to-value limit of 95%.

Since its 2021 launch, the scheme has supported 63,000 buyers with £13bn in loans, particularly in London and the South East. Nationwide said the reforms have been a “gamechanger” for aspiring homeowners amid high property costs.

Over a quarter of principal firms fail to conduct AR financial crime tests: FCA

The Financial Conduct Authority has warned that more than a quarter of corporate finance firms are failing to assess financial crime risks among their appointed representatives, exposing themselves to potential money laundering.

A survey of 270 firms found that 29% lacked such assessments, while 11% had no business-wide risk evaluation, breaching anti-money-laundering rules. The FCA said weak oversight and limited monitoring left firms and the wider market vulnerable, though it noted some examples of good practice.

The regulator is now contacting non-compliant firms to demand improvements to their financial crime controls.

Stamp duty receipts jump 14% to £9.8bn ahead of Budget: HMRC

Stamp duty revenues rose 14% year-on-year to £9.8bn in the six months to September, boosted by higher house prices and increased transactions following the return of pre-2022 tax thresholds in April.

The rise comes as Chancellor Rachel Reeves considers new property taxes ahead of her November Budget, including a possible levy on home sales above £500,000 paid by sellers rather than buyers.

While the Treasury has yet to confirm any changes, uncertainty is prompting warnings that housing transactions could slow. Economists and industry bodies continue to call for wider property tax reform, with some advocating the abolition of stamp duty altogether.

BoE’s Pill cautions against cutting rates ‘too far, or too fast’

Bank of England chief economist Huw Pill has cautioned against cutting interest rates “too far or too fast,” warning that persistent inflation in services and wages could derail progress toward the 2% target.

Speaking in London, Pill said inflation’s “stickiness” justified a slower pace of monetary easing, despite expectations of further rate cuts next year. The Bank rate currently stands at 4%, following five reductions since August 2024.

Pill, one of the MPC’s more hawkish members, described the recent pause in rate cuts as a “skip rather than a halt,” stressing the need to remain vigilant as inflation hovers around 4%.

Shawbrook sets IPO for November, prices stock at £2bn

Shawbrook Bank has set its IPO price range at 350p–390p per share, valuing the lender at up to £2bn and marking London’s largest stock market listing of the year.

The 4 November flotation will see about 18% of the bank sold to raise £50m, providing access to new capital to fund growth. Founded in 2011 and backed by BC Partners and Pollen Street Capital, Shawbrook has expanded its loan book to £17bn and aims to reach £30bn by 2030.

The move comes amid a sluggish London IPO market, and analysts say a successful listing could help restore confidence in UK financial sector flotations.

MT Finance hires Grant as head of commercial underwriting

MT Finance has strengthened its new commercial division with the appointment of Nick Grant as head of commercial underwriting. Grant brings 17 years’ experience across buy-to-let, bridging, and commercial lending.

The division was launched in June following a £2.5bn forward flow agreement with J.P. Morgan. Director of Mortgages Marylen Edwards said the hire reflects the firm’s commitment to expanding its mortgage operations and enhancing its commercial lending proposition, while Grant said he aims to streamline processes and support MT Finance’s broker network.

First Mortgage Solutions rebrands consumer business

First Mortgage Solutions has rebranded to distinguish its consumer and broker operations more clearly. Its client-facing arm will now trade as The Finance Centre, offering mortgage, protection, and financial planning advice, while First Mortgage Solutions becomes the brand for its nationwide broker network.

The move coincides with the formal launch of the First Mortgage Solutions Broker Network, providing advisers with compliance, marketing, and technology support.

Principal Christopher Davies said the rebrand creates clarity while maintaining shared leadership. The firm recently expanded by acquiring Jim Kelly Mortgage Services in North Wales.

Budget tax reforms need to pull build-to-rent out of ‘viability crisis’: BPF

The British Property Federation has called on the Treasury to implement tax reforms and regulatory stability in next month’s Budget to tackle a construction “viability crisis,” especially in build-to-rent.

It urges reinstating stamp duty relief for high-density housing, extending empty property business rates relief, removing council tax on new developments until let, and maintaining zero-VAT on energy-saving materials.

Chief executive Melanie Leech warned that current tax and regulatory burdens are deterring investment and slowing housing delivery.