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Google may be required to overhaul the way its search engine operates in the UK after the Competition and Markets Authority (CMA) confirmed it has granted the tech giant “strategic market status” (SMS) under the country’s new Digital Markets, Competition and Consumers Act (DMCCA).
The landmark decision, announced on Friday, gives the CMA sweeping new powers to impose legally binding rules on Google’s search and advertising businesses — which together account for over 90% of all online searches in the UK.
While the designation is not a finding of wrongdoing, it allows regulators to step in later this year with potential measures aimed at increasing competition in digital markets.
Under its new status, Google could be required to offer users alternative search engines via “choice screens”, introduce greater transparency in how results are ranked, and provide publishers with more control over how their content is displayed or monetised online.
Will Hayter, who leads the CMA’s digital markets unit, said the move reflected the company’s long-established dominance.
“Google maintains a strategic position in the search and search advertising sector, with more than 90 per cent of searches in the UK taking place on its platform,” Hayter said.
“Having taken into account feedback following our proposed decision, we have today designated Google’s search services with strategic market status.”
The CMA said its goal is to ensure “fairer competition and more choice for consumers”, while fostering innovation and reducing barriers for rivals to compete in the UK’s £20 billion online advertising market.
In response, Google said it would cooperate with the regulator but warned that heavy-handed or unclear rules could have the opposite effect, slowing innovation and harming UK competitiveness.
Oliver Bethell, Google’s senior director for competition, said: “UK businesses and consumers have been amongst the first to benefit from Google’s innovations, often months before their European counterparts.
“Many of the ideas for interventions raised in this process would inhibit UK innovation and growth, potentially slowing product launches at a time of profound AI-based innovation.”
Sources told Business Matters that Google executives have grown increasingly frustrated by the lack of clarity over what interventions may follow. The company is concerned that sweeping or unpredictable rules could make it harder to invest and roll out new AI-driven features in the UK — a concern shared by other major tech firms observing the new regime.
The CMA will now consult on possible remedies, with proposals expected to be published later in 2025. These could include new transparency obligations for search ranking algorithms, restrictions on how data is shared across Google’s vast advertising ecosystem, and new oversight of how it integrates AI into its products.
Officials insist the purpose of the new regime is not to punish successful firms, but to ensure open digital markets that benefit both consumers and competitors.
“Our role is to promote competition and innovation, not to stifle it,” a CMA spokesperson said.
The move comes as the UK seeks to establish its own post-Brexit framework for Big Tech oversight, diverging from both the EU’s Digital Markets Act (DMA) and the US Department of Justice’s more litigious approach.
With Google the first major company to be formally designated under the UK’s new rules, the outcome of the CMA’s next steps will be closely watched by global tech firms — including Meta, Amazon, and Apple — as Britain tests its new powers to rein in digital giants.
Read more:
Google could be forced to change search operations in the UK

The UK risks losing ground in the global race to harness artificial intelligence, with small businesses in particular falling behind their American counterparts, according to Debbie Weinstein, President of Google Europe.
Weinstein, who previously led Google’s UK and Ireland operations, said that while Britain remains an innovation hub, its small and medium-sized enterprises (SMEs) are slower to adopt AI — a gap that could limit productivity growth and wider economic gains.
“The biggest gap in terms of productivity-led growth is with the US,” Weinstein said. “If you look at what’s driven the US relative to the UK over the last ten years, a lot of the unlock that is missing in this country comes down to productivity.”
Research from Google suggests that AI-powered tools could increase productivity among UK SMEs by up to 20%, effectively giving employees an extra working day each week.
The company’s analysis estimates that AI adoption could unlock £200 billion in additional economic value for UK small businesses by the end of the decade.
SME leaders surveyed by Google believe the technology could boost revenues by an average of 30%, with the greatest benefits expected in customer service automation, marketing, and administrative tasks.
“Small and medium-sized businesses are really the lifeblood of the UK economy,” Weinstein said. “Whenever you talk to a small business owner they always tell you the one thing they struggle with is time.”
But she warned that businesses that fail to adapt risk being left behind.
“My biggest worry is that there’s this potential for growth — for each of these individual small businesses and for the economy overall — that isn’t realised because people don’t have the tools or the skills to take advantage of this opportunity.”
To help close the adoption gap, Google has launched the AI Works for Business programme in partnership with the Department for Business & Trade and NatWest.
The initiative will deliver a series of free in-person workshops across Manchester, Leeds, Edinburgh and Cardiff over the next two months. Around 1,000 small business owners have already registered.
Peter Kyle, Secretary of State for Business and Trade, said the collaboration would help small firms gain vital practical skills.
“AI is transforming the way we work,” Kyle said. “This partnership with Google will give small businesses hands-on experience of how to capitalise on the many benefits of AI to innovate, grow, and compete on the global stage.”
Weinstein added that the workshops build on pilot programmes run earlier this year, where short training sessions significantly increased AI use among participants.
“What we found in those trainings is that a few hours of hands-on experience made all the difference,” she said. “When we did a couple of hours of training and went back, there was a doubling of the daily usage of AI.”
Google introduced Gemini, its generative AI chatbot, into its suite of productivity apps in February 2024, giving businesses access to AI-driven writing, data analysis and planning tools directly through Google Workspace.
However, while large corporations have integrated AI rapidly into operations, smaller firms have been slower to follow — often due to lack of awareness, cost barriers, or uncertainty about regulation.
Weinstein’s comments add to a growing debate over how Britain can close its AI productivity gap. Economists warn that while the technology could transform efficiency across industries, the benefits will only be realised if businesses adopt early and invest in digital skills.
“This isn’t about hype,” Weinstein said. “It’s about ensuring that small businesses — which make up the backbone of the UK economy — have the opportunity, confidence and support to use AI to their advantage.”
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UK falling behind in AI adoption, warns Google Europe chief

Nigel Farage is expected to meet Sir Jim Ratcliffe, the billionaire industrialist and founder of Ineos, before Christmas as Reform UK accelerates efforts to build relationships with major British business figures.
Ratcliffe, who co-owns Manchester United and is among the UK’s richest individuals with an estimated fortune of £23.5 billion, confirmed that Farage had requested the meeting during an interview for The Business, a new podcast by The Times.
The Ineos chairman, known for his outspoken views on energy policy, has been one of the most vocal critics of Britain’s net zero targets, describing plans to eliminate fossil fuels from the electricity grid by 2030 as “absurd”.
He warned that the combined impact of high energy costs, carbon taxes, and cheap Chinese imports was “crippling” Europe’s chemical industry and putting up to one million direct jobs at risk.
“You could probably multiply that by ten if you look at all the indirect jobs in services — it’s probably ten million jobs in Europe and three-quarters of a trillion euros in value,” Ratcliffe said.
Ratcliffe’s comments come after Ineos announced a series of plant closures and job losses across Europe.
On Tuesday, the company cut 60 jobs — a fifth of its workforce — at its Hull acetyls plant, citing energy costs and the flood of low-cost, carbon-heavy imports from China.
Just a day earlier, Ineos confirmed the closure of two chemicals facilities in Germany, affecting 175 staff. In April, it shut the Grangemouth oil refinery in Scotland, though the site’s chemicals operations remain active.
Ratcliffe said high operating costs were undermining competitiveness: “Grangemouth is a good facility, but it hasn’t made money for two or three years. We’re spending about £130 million a year extra on high energy costs and carbon taxes. Over ten years that’s £1.3 billion — money that should be going into investment.”
Ratcliffe said he had also met Conservative leader Kemi Badenoch, but confirmed that Farage had been the one to reach out directly. Both Reform UK and the Conservatives have signalled their intention to scrap or delay elements of the UK’s net zero targets if elected.
Asked about his political stance, Ratcliffe said he remained “neutral”, but believed many voters were drawn to Farage’s focus on tax, crime, and the economy.
“I think most people would support him if he could sort those things,” Ratcliffe said. “But I’ve always been neutral on political parties. I just want one that runs the country well. I can’t see myself paying for policies.”
The Ineos founder added that Britain had become a “high tax, high immigration, high crime” country, and compared the current political mood to the one that helped Donald Trump win in the US.
He described the prime minister as a “reasonable bloke” but questioned whether he was “too nice” to make the “tough decisions” needed to address structural economic challenges.
Reform UK declined to comment on the forthcoming meeting.
Farage’s outreach to Ratcliffe comes amid growing efforts by Reform UK to position itself as a pro-business party and attract industrial leaders frustrated by high taxes, regulatory pressures, and energy policy uncertainty.
For Ratcliffe — whose company employs 24,000 people worldwide — the discussion will likely centre on the future of British manufacturing competitiveness, energy security, and trade policy in a post-Brexit Europe.
With the UK’s chemical sector warning of shrinking margins and offshoring risk, the meeting could mark the start of a deeper political dialogue between Britain’s industrial base and the emerging Reform movement.
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Nigel Farage to meet Ineos tycoon Sir Jim Ratcliffe as Reform UK courts business leaders

Jack Dorsey, co-founder of Twitter and chief executive of payments firm Block, has unveiled a new product designed to help small businesses accept and hold bitcoin as an alternative to traditional card payments.
The new Square bitcoin wallet will enable US retailers using the company’s sales platform to convert a portion of their daily revenue into bitcoin automatically, with no transaction fees until 2027.
From this week, sellers on Square’s bitcoin network can opt to auto-convert part of their daily card takings into bitcoin, while from 10 November they will be able to accept bitcoin payments directly and convert up to 50% of daily sales into the cryptocurrency.
After 1 January 2027, Block plans to introduce a 1% processing fee per bitcoin transaction. The feature will initially be available only in the United States, excluding New York, which has tighter digital currency regulations.
Dorsey, 48, described the launch as part of his vision for bitcoin as a “hedge against inflation and economic uncertainty”, arguing that the cryptocurrency provides a more transparent, decentralised alternative to fiat currency.
“You can say that I want 1% of my incoming revenue to be auto-converted to bitcoin, and you just let it sit there,” Dorsey told investors at a launch event in New York. “It will likely increase in value — it’s certainly a hedge against everything that we’re seeing in the economy.”
Dorsey called bitcoin “inherently deflationary”, referencing its finite supply of 21 million tokens and its long-term performance over 16 years.
The entrepreneur, who co-founded Twitter in 2006 and supported Elon Musk’s 2022 takeover of the company, has long been one of Silicon Valley’s most prominent bitcoin advocates. His company Block (formerly Square) has invested heavily in the cryptocurrency and blockchain technology over the past decade.
The new service also marks an attempt to challenge traditional credit card networks, which Dorsey criticised for high transaction fees and limited benefits for merchants.
“More and more sellers are getting frustrated with credit card fees for the value they get back,” he said. “Bitcoin is a good alternative because it has a low cost basis and low fees. It offers the convenience of digital payments without the burden of extra charges.”
Miles Suter, head of bitcoin product at Block, said the aim was to make bitcoin payments as seamless as card payments, while giving small businesses access to financial tools previously reserved for large corporations.
Block’s shares rose 2.6% to $81.11 in New York following the announcement.
Founded in 2009, Square began with a simple mobile card reader that allowed small merchants to take payments via smartphones. It has since evolved into a global fintech platform serving millions of sellers through point-of-sale, banking, and payroll services.
Dorsey rebranded Square as Block in 2021 to reflect its focus on digital assets and decentralised finance. The company’s bitcoin business has become a major revenue driver, handling billions in crypto transactions through its Cash App service.
Dorsey has previously said he believes bitcoin could become “the native currency of the internet”, arguing that digital money offers independence from centralised financial systems and inflationary pressures.
The latest move to integrate bitcoin into retail payments marks the most direct step yet in that vision — and a signal that Dorsey sees cryptocurrency as both a financial tool and a philosophical statement about the future of money.
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Jack Dorsey launches bitcoin payment wallet to rival credit cards

Gemini Trains, the start-up rail operator aiming to challenge Eurostar’s three-decade monopoly on Channel Tunnel routes, has placed an order with Siemens Mobility for a fleet of next-generation high-speed trains.
The order, covering an initial ten new Velaro Novo trains, marks a major step in Gemini’s plan to operate competitive passenger services between London, Paris, Brussels and Cologne. The company, which is partnering with Uber, intends to integrate its ticketing and connections through the Uber app — potentially branding the new services as Uber Trains.
Gemini said the Siemens trains could be part-assembled at the company’s new Goole facility in East Yorkshire, a move that would add a UK manufacturing dimension to the cross-border project.
“Our collaboration with Uber, Siemens and Rock Rail creates a powerful partnership towards our goal of running competitively priced trains connecting the UK to France, Belgium and, for the first time ever, Germany,” said Adrian Quine, chief executive of Gemini Trains.
Founded by a team of transport veterans and chaired by Lord Berkeley, Gemini is one of three new operators seeking permission from the Office of Rail and Road (ORR) to launch competing international high-speed services.
Eurostar has enjoyed exclusive access through the Channel Tunnel since its launch in 1994, but the market is now opening to rivals amid calls for greater competition, lower fares and expanded destinations.
Gemini plans to operate from Stratford International in east London rather than Eurostar’s crowded St Pancras terminus and hopes to reopen the mothballed international station at Ebbsfleet in Kent, creating additional capacity for travellers.
The company’s entry will be backed financially by Rock Rail, a major rolling stock investment firm that competes with established UK lessors Porterbrook, Angel and Eversholt.
The Siemens Velaro Novo — the model ordered by Gemini — represents the next evolution of the Class e320 trains used by Eurostar since 2015. The new version promises greater energy efficiency, lighter construction, and higher passenger capacity, making it suitable for both the UK’s electrified rail network and European high-speed lines.
The order also boosts Siemens’ £200m Goole manufacturing site, which opened last year to assemble and service rolling stock for the UK market.
Eurostar is currently undertaking its own fleet renewal programme and is expected to face political pressure to favour France’s Alstom for its new orders. Rival prospective operators, including Virgin Trains and a joint venture between Italy’s FS and Spain’s Cosmen family, are also believed to be considering Alstom-built models such as the Frecciarossa.
Despite growing momentum, no new cross-Channel operators are expected to begin passenger services before 2030, as bids are reviewed and infrastructure agreements finalised.
While the Channel Tunnel has spare track capacity, depot and maintenance space remains constrained — particularly at Temple Mills in Stratford, where Eurostar’s fleet is based. Additional facilities will be required to accommodate any new entrants.
Still, Gemini’s investment and partnership model — combining Uber’s consumer reach, Siemens’ engineering expertise, and Rock Rail’s financing power — positions the start-up as the most credible contender yet to take on Eurostar’s long-standing dominance of the European high-speed market.
Read more:
Gemini orders new Siemens trains as Uber-backed start-up takes aim at Eurostar

A healthy energy drink brand that secured investment on the BBC’s Dragons’ Den just two years ago has become the show’s most lucrative success story, reaching a valuation of £140 million.
PerfectTed, founded by Marisa Poster and Teddie Levenfiche, has grown from a student start-up into Europe’s leading matcha-based energy drink company — and now stands as the largest supplier of matcha products in the region.
The company’s valuation soared following new investment from venture capital firm Felix Capital, taking the business from a 2023 Dragons’ Den debut to a global brand stocked in over 30,000 stores across 50 countries.
When Poster and Levenfiche appeared on Dragons’ Den in 2023, both were just 25 years old. Their pitch impressed the investors, with Steven Bartlett and Peter Jones jointly taking a 5% stake for £50,000.
At the time, the business had already raised £125,000 from family and invested £250,000 of their own savings to get started. Their all-natural, matcha-based energy drinks were positioned as a clean alternative to caffeine-heavy brands like Red Bull — a fast-growing niche in the wellness drinks market.
Two years on, PerfectTed has exceeded even the dragons’ expectations, delivering the best returns in the show’s 20-year history. The company reported £30 million in projected annual revenue earlier this year, and is now targeting £100 million in the near term.
“This is more than just an investment — it’s fuel for our mission to make matcha accessible to everyone,” co-founder Marisa Poster told The Grocer.
PerfectTed’s rapid ascent has been fuelled in part by Bartlett’s own venture fund, Flight Fund, which helped the business scale production and secure international distribution deals.
Since appearing on the show, PerfectTed has launched an expanded range including matcha lattes, flavoured powders and coffee machine pods, establishing itself as a multi-category beverage brand.
The brand’s drinks are now stocked in major retailers including Waitrose, Holland & Barrett, Whole Foods, and Tesco, and are served through high street café chains such as Caffè Nero and Joe & The Juice.
The company’s 2024 recognition on the FEBE Growth 100 list — highlighting businesses achieving over 500% year-on-year growth — confirmed its position among Britain’s fastest-growing start-ups.
Founded in 2021, PerfectTed has gone from two friends’ £250,000 savings to an internationally recognised brand in just four years. It now aims to become the world’s first billion-dollar matcha company, leveraging growing consumer demand for natural energy drinks and functional wellness products.
PerfectTed’s founders say their mission is to “modernise energy” by focusing on clean ingredients and authentic matcha sourced from Japan. Their success reflects a wider shift among consumers seeking healthier, plant-based energy alternatives.
PerfectTed’s trajectory sets a new record for Dragons’ Den — surpassing all previous investments in both growth and valuation.
While earlier success stories such as Levi Roots’ Reggae Reggae Sauce (backed in 2007) transformed homegrown entrepreneurs into household names, PerfectTed’s £140m valuation demonstrates the global potential of next-generation wellness brands.
The show has also famously passed on future giants such as BrewDog, Gousto, and Pasta Evangelists, making PerfectTed’s journey a reminder of the unpredictable power of start-up storytelling — and a sign that the next consumer powerhouse can come from anywhere, even a TV pitch.
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PerfectTed’s £140m success: Dragons’ Den’s biggest-ever payday

Britain’s first female fast-jet pilot Dr Jo Salter has been named the UK’s most inspirational business speaker, topping a major new ranking by the Motivational Speakers Agency.
The poll, compiled from data across more than 450 exclusive London events, reveals which keynote speakers have made the biggest impact on audiences in the past year — with names spanning entrepreneurship, elite sport, exploration, and public service.
Dr Salter, who became Britain’s first woman to fly a Tornado jet in the Royal Air Force, has built a reputation as a powerful advocate for leadership, risk-taking and inclusion. Her talks draw on experiences from the cockpit to the corporate boardroom, where she now advises global businesses on performance under pressure.
“There’s a diverse mix of names, but everyone on this list shares one thing in common — the ability to inspire, engage and spark change,” said Jack Hayes, Director of the Motivational Speakers Agency. “Their place in the top 20 underlines the impression they’ve left on audiences right across London.”
From F1 to the frontier of entrepreneurship
Among the top-ranked speakers was Susie Wolff, Managing Director of the F1 Academy and a trailblazer for women in motorsport. The former Formula One driver has become a powerful voice on leadership and gender equality, urging businesses to champion talent regardless of background.
Close behind is adventurer Bear Grylls, whose stories of survival and endurance have inspired millions around the world. His lessons on teamwork, courage and perseverance — drawn from military service and global expeditions — continue to resonate with corporate audiences seeking resilience in the face of uncertainty.
Jason Fox, the former Special Forces sergeant turned broadcaster, is also among the country’s most in-demand motivational speakers. Drawing on experiences from covert operations and his personal battles with mental health, Fox offers a raw and moving perspective on leadership, recovery and purpose.
In business circles, Steven Bartlett, the 32-year-old entrepreneur and host of The Diary of a CEO podcast, continues to command attention. Having founded the social media agency Social Chain in his early twenties, Bartlett has since become one of Britain’s most recognisable young business figures — and a new voice of entrepreneurial ambition on BBC’s Dragons’ Den. His talks combine insights on innovation, personal growth and the psychology of success, appealing to the next generation of founders and leaders.
Icons of innovation and endurance
Sir Richard Branson, the ever-charismatic founder of Virgin, also features prominently in the ranking. Renowned for his pioneering spirit and optimistic leadership, Branson remains one of the world’s most sought-after speakers, urging audiences to “think big” and embrace risk as a force for innovation.
He is joined by Dame Kelly Holmes, the double Olympic champion whose candid reflections on resilience, identity and mental health have inspired audiences beyond the track. Holmes, who overcame injury and self-doubt to win gold in Athens 2004, has become a passionate advocate for mental wellbeing in sport and business.
Former NBA player and psychologist John Amaechi stands out as one of Britain’s most thoughtful corporate thinkers. A leading voice on inclusion and authenticity, Amaechi challenges leaders to build cultures rooted in empathy and purpose, using insights from both professional sport and organisational psychology.
From the open ocean to the boardroom
The list also celebrates extraordinary personal stories. Roz Savage, the first woman to row solo across three oceans, shares powerful messages of environmental responsibility and inner strength. Her story — from leaving a corporate career to crossing 15,000 miles of open water — embodies the courage to embrace change and uncertainty.
Jamie McAnsh, who became paralysed in 2014 and later climbed Mount Kilimanjaro, continues to inspire with his account of rebuilding life through adversity. His message of determination and adaptability has resonated strongly with audiences facing business and personal challenges alike.
Meanwhile, Rachel Botsman, a globally recognised expert on trust and innovation, helps businesses navigate transformation in the digital age. Her work has influenced leaders at companies such as Google, Microsoft, and PwC, exploring how transparency and adaptability can drive long-term success.
Sporting legends and performance leaders
Sporting excellence remains a cornerstone of Britain’s motivational landscape. Sir Clive Woodward, the Rugby World Cup-winning England coach, continues to draw packed audiences for his insights on teamwork, marginal gains and leadership under pressure. Lord Sebastian Coe, the Olympic champion and architect of the London 2012 Games, similarly emphasises discipline, collaboration and legacy in his addresses.
Jason Robinson, another World Cup winner, shares lessons in perseverance from a career that took him from rugby league roots in Leeds to England captaincy and sporting history.
Performance psychologist Jamil Qureshi, who has worked with Ryder Cup golfers and Formula One teams, also appears on the list, advising leaders on unlocking world-class performance through mindset and motivation.
Completing the roll call of high-impact speakers are Mandy Hickson, a former RAF fast-jet pilot turned leadership consultant; Jim Lawless, the record-breaking freediver and performance strategist; Floella Benjamin, actress and peer who champions diversity and kindness; and Tracy Edwards MBE, the trailblazing sailor who led the first all-female crew in the Whitbread Round the World Race.
From business founders to Olympians, this year’s ranking paints a portrait of modern inspiration — where lessons from the cockpit, boardroom and playing field converge to help audiences lead with confidence, resilience and purpose.
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The UK’s top inspirational business speakers revealed in new poll

Millions of motorists mis-sold car finance deals could receive average payouts of around £700, under a compensation scheme announced by the Financial Conduct Authority (FCA) on Tuesday.
The regulator estimates that 14 million finance agreements between April 2007 and November 2024 were affected by unfair commission practices, leading to an expected £8.2 billion in redress and a potential £11 billion total bill once administrative costs are included.
The scheme, which will cover loans issued through so-called discretionary commission arrangements (DCAs), is set to become the largest financial redress programme since the PPI mis-selling scandal, when 34 million consumers received average payouts of £1,000 each.
The investigation centres on discretionary commission arrangements, a type of car finance deal banned in 2021. Under these arrangements, lenders gave car dealers the power to set customer interest rates, rewarding them with higher commissions for charging more — a structure the FCA said “incentivised overcharging” and breached fair treatment rules.
The regulator believes 44% of all car loans issued since 2007 included these unfair commission structures. Some consumers may be eligible for multiple payments if they financed more than one vehicle during the period.
“Many motor finance lenders did not comply with the law or the rules,” said Nikhil Rathi, chief executive of the FCA. “It’s time their customers get fair compensation. Our scheme aims to be simple for people to use and lenders to implement.”
The average payout per agreement is expected to be about £700, although the FCA said amounts will vary depending on loan size, interest rate and the time elapsed since overpayment.
The regulator previously indicated that most payouts would be below £950. The latest estimate reflects a narrower scope following an August Supreme Court ruling, which limited the number of eligible cases but did not halt the FCA’s independent investigation.
Compensation will include interest based on the Bank of England base rate plus 1%, applied from the date of overpayment to the date of redress.
Analysts said the scheme could rival the PPI compensation wave in both cost and scale. Around 650,000 new motor finance agreements are signed each year in the UK, the majority structured as personal contract purchase (PCP) or hire purchase (HP) deals.
The FCA said affected consumers should start receiving payments from next year, and pledged to run a national awareness campaign when the scheme goes live.
Customers who have already made complaints about discretionary commission arrangements will have their cases prioritised, while those who have previously been compensated will be excluded.
Consumer law firm Bott and Co, which has represented thousands of claimants in the car finance scandal, welcomed the FCA’s announcement but raised concerns about payout levels.
“The average payout figure of £700 raises serious questions about whether the scale of redress will match the severity of wrongdoing,” the firm said.
“The true measure of success will be whether it delivers meaningful compensation that reflects the real financial harm suffered by consumers.”
Bott and Co said the proposed scheme was a “significant step toward redress”, but warned that lenders must not be allowed to delay or limit payments through complex eligibility challenges.
The FCA’s consultation period will determine the final structure of the scheme, with implementation expected in 2025.
While the regulator said its figures remain “highly indicative and subject to change”, the £9bn–£11bn cost would make the car finance redress programme one of the largest in UK history.
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FCA unveils £9bn compensation scheme for car finance scandal victims

Furniturebox, the fast-growing UK-based online furniture retailer, has secured £1 million in new funding from Barclays to support continued innovation, product development, and international growth.
The funding comes in the form of a Barclays Trade Loan, designed to help the company strengthen its supply chain, invest in product innovation, and create new jobs as it scales operations at its new 88,000 sq. ft. headquarters and warehouse in Chippenham.
From teenage start-up to £25m revenue success story
Founded in 2015 by best friends Dan Beckles and Monty George, then aged just 17, Furniturebox has grown from a small start-up into a thriving e-commerce business with more than 80 employees and over £25 million in annual revenue in 2024.
The company launched in the US market in late 2023 and continues to expand its product range and logistics capabilities, combining affordability with design-led, next-day delivery furniture.
“Our products are the heartbeat of our business and the driver of our growth,” said Dan Beckles, co-founder of Furniturebox. “With Barclays’ support, we can invest in bold new designs, strengthen our supply chain and deliver on our promise of affordable, on-trend furniture delivered next day.”
Martin Crook, Relationship Director at Barclays UK Corporate Bank, praised the business for its contribution to regional employment and the wider UK economy.
“As a successful UK-founded and operated business, companies like Furniturebox serve as job creators and wealth generators for the local economies in which they operate,” he said. “Innovative and forward-thinking, it’s teams like these that underpin the growth of the UK economy.”
Crook added that Barclays is “proud to be supporting Furniturebox in what promises to be a fruitful and exciting next chapter” as the company continues to expand across domestic and international markets.
Furniturebox said the new funding will be used to diversify its global supply chain, reducing exposure to tariffs and international disruption, while supporting continued product innovation to stay ahead of evolving consumer trends.
The company plans further recruitment at its Chippenham site as part of its long-term commitment to growth, operational resilience and customer satisfaction.
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Furniturebox secures £1m Barclays backing to fuel innovation and international growth