HSBC set aside £236m to settle a probe into foreign exchange market rigging today – taking the bill for the scandal for British banks to more than £1.1bn.

People using payday lenders in the UK are to see the cost of borrowing fall significantly under a crackdown announced by the financial regulator today.

The founder of a card insurance firm at the centre of a £1.3bn (€1.5bn) mis-selling scandal launched a colourful tirade against City regulators as they announced a compensation package for 7m victims.

The US owner of the New York Stock Exchange will take over the running of Libor, the benchmark interest rate at the centre of a global rigging scandal, wresting control from a British bankers’ trade body for a token £1 (€1.16).

British lawmaker Andrew Tyrie has said Britain’s finance regulator must ensure customers are being treated fairly as a result of Bank of Ireland raising interest rates for some mortgages.

Bank of England governor Sir Mervyn King launched a stinging attack on British banks today and called for a “real change in culture” as lenders became further embroiled in controversy.

Some of Britain’s biggest banks are facing a hefty compensation bill today after the City watchdog said it found “serious failings” in the sale of complex financial products to small businesses.

The deputy chief executive of the London Stock Exchange (LSE) Martin Wheatley has resigned after 18 years with the company.