Business

Anthony Thomson, co-founder of Metro Bank and Atom Bank, is launching a new venture aimed exclusively at the global super-rich.

Family Offices Bank (FOB) will target ultra-high-net-worth individuals with at least $30 million in investable assets and family offices managing $100 million or more.

The bank, to be domiciled in Jersey, plans to sign up 2,000 of the world’s wealthiest clients within five years, including more than 500 family offices, and reach a $10 billion balance sheet by 2030. Thomson’s investor document projects FOB breaking even in 2028 and generating more than $100 million in annual profit thereafter.

Initial fundraising will begin in September, with a $5 million first tranche followed by a further $95 million over subsequent months. First-round investors will receive a 25% discount on the next two capital-raisings. FOB’s current valuation is $20 million.

Thomson says wealthy clients are poorly served by incumbent private banks, which focus on selling investment products and can be slow to respond. He cited a case where a family office, pledging $120 million in listed assets, waited six weeks for a $30 million loan approval — too late to meet the need.

The bank will initially take term deposits and offer unsecured loans and mortgages, before expanding into more complex products. It is applying for a licence from the Jersey Financial Services Commission, expected in December, and plans a second office in Singapore to tap Asia’s fast-growing population of ultra-wealthy individuals.

FOB will be co-founded with Paul Pester, former TSB chief, and Stuart Grimshaw, ex-CEO of Yorkshire Bank and Clydesdale Bank, who is also chairman of the Roche family office in Australia. Thomson wants the bank to be privately owned by its wealthy clients under an “evergreen” shareholder structure.

Catering to ultra-wealthy clients is a competitive market in the UK, with rivals including Coutts, C Hoare & Co, SG Kleinwort Hambros, and the private banking arms of HSBC, Barclays and Lloyds. However, Thomson believes FOB can differentiate itself through a blend of relationship managers and cutting-edge technology, including generative AI, free from legacy systems.

Global wealth among ultra-high-net-worth individuals is projected to rise from $49 trillion in 2023 to $68 trillion by 2030, with the number of such individuals increasing to 588,000. Family offices are also expanding rapidly, with more than 9,000 now in operation worldwide.

Thomson, 71, left Metro Bank in 2013. Since then, he co-founded Atom Bank in 2014 and Australian digital bank 86400, which was sold to National Australia Bank for A$440 million in 2021.

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Metro Bank co-founder targets super-rich with new family offices bank

As of 2025, the Financial Conduct Authority (FCA) has introduced new changes as to how the UK mortgage market is monitored.

This is part of a wider effort that is aimed at improving the level of transparency and support for vulnerable borrowers and to make sure that lenders are offering products that are fair and realistic.

These changes come after a period of rising interest rates and increased financial strain on households. They are also a response to the growing demand for mortgage options that reflect how the majority of people actually work and live. This overhaul will affect both borrowers and lenders, particularly in how mortgages are assessed and explained.

Why Has the FCA Changed the Rules?

The FCA’s new approach is particularly focused on improving how the mortgage market works in practice. In recent years, there has been concern about how some borrowers have been treated, especially those who are coming off fixed-rate deals or struggling to keep up with their payments.

These rule changes aim to stop situations where borrowers are trapped on expensive rates, making them unable to switch because of rigid lending rules. They also aim to make the whole process clearer, from initial advice to post-application communication.

What Are the Main Areas of Change?

The FCA’s updates affect many parts of the mortgage journey, including:

How lenders assess mortgage applications
The way information is then presented and passed on to borrowers
How product switching works, particularly in what options are offered
How borrowers in financial difficulty are supported by lenders
The quality of communication that lenders must provide to their borrowers

Each of these areas has been updated so that they better reflect current financial realities and improve long-term outcomes for borrowers. In general, the focus is being put back onto improving borrower welfare, rather than maximising lender profits.

A Shift Toward Sustainable Lending

One of the FCA’s biggest changes surrounds the way that lenders assess whether a mortgage is affordable. In the past, the process has often been very strict, with a focus on ticking boxes rather than understanding the full picture.

Lenders are now being encouraged to take a more realistic approach and look at the bigger picture, instead of just asking whether a person can afford the monthly repayment today. The goal is to see how sustainable the mortgage would be for someone over time. That means thinking about whether a loan would still work for a borrower if their circumstances change.

This is especially important for people with non-traditional income, like those who are self-employed or approaching retirement. These borrowers haven’t always had the easiest time getting a mortgage, even if they’ve managed their finances well. Quite often, they’re forced to go through extra hurdles to prove their affordability compared to other people.

The updated guidance gives lenders more room to use common sense. For example, if someone has a proven track record of meeting all their payments for rent and utilities in the past, that should count for something. The goal here is to avoid shutting people out of the market just because they don’t fit into a standard income model.

Clearer Product Information

Mortgage products can be complicated. The FCA is now requiring lenders and brokers to provide clearer, more detailed explanations of how each mortgage works. This includes clearly explaining what happens at the end of a fixed-rate period, how standard variable rates are calculated, and what fees or charges might apply if the borrower needs to exit early.

Borrowers must be able to understand the full cost of their mortgage, not just the initial monthly payment. The goal is to help people make informed decisions, especially at a time when many are feeling financial pressure.

Easier Product Switching

A key part of the overhaul is reducing barriers for people who want to switch mortgage products. Many borrowers have been unable to switch to better deals in the past because they no longer meet current affordability requirements, even though they have kept up with payments on their existing deal.

Under the new rules, borrowers with a good repayment history may be able to switch to a new product without having to go through the full affordability process again. This is particularly helpful for people nearing the end of a fixed-rate period or those who have seen their income change since their original application.

The change is also expected to increase competition between lenders, as more borrowers will be able to move products without unnecessary blocks.

More Support for Borrowers in Difficulty

The FCA has introduced stricter guidelines around how lenders support borrowers who are struggling. If someone falls behind on payments or contacts their lender about financial difficulty, the response must be timely, appropriate, and fair.

Lenders will be expected to offer a range of support options. This could include payment holidays, interest-only periods, or help with restructuring the mortgage. Importantly, lenders must avoid using aggressive or inflexible processes when someone is in difficulty.

The new approach requires lenders to treat each borrower individually, rather than relying solely on automated responses. This is intended to reduce the number of people pushed into default or repossession unnecessarily.

Ongoing Communication

Another part of the FCA’s update is focused on what happens after the mortgage is agreed. Lenders will now be expected to communicate more clearly with borrowers throughout the term of the loan, especially when their deal is coming to an end.

Annual mortgage statements must provide information that is both clear and useful. This includes details of how much is left on the mortgage, how their repayments are being allocated, and what options the borrower has going forward.

Borrowers must also be notified well in advance of any changes to their interest rate, along with clear explanations of what those changes mean.

Increased Accountability for Lenders and Brokers

The FCA has also made changes to how brokers and lenders are held accountable. The Consumer Duty rules, which apply across the financial sector, now require mortgage providers to act in the best interests of their customers. This applies not only at the point of sale but throughout the entire life of the mortgage.

Lenders will need to show that their processes are fair, that their staff are trained to deal with a range of customer needs, and that their products are suitable for the borrowers they are being sold to. Brokers must also make sure that any advice they give is clearly documented and based on the borrower’s actual needs and circumstances, not just on headline rates.

What This Means for Borrowers

As previously mentioned, the new changes that are being brought in should make the mortgage process much more transparent and flexible. This means that borrowers should find themselves with more confidence that their lender is acting fairly, and that they will be able to get help if their situation changes.

Working with an independent mortgage broker, such as Willows Finance, can help borrowers navigate these changes, compare options across lenders, and find deals that meet the new FCA guidelines.

A big part of this is granting borrowers with the ability to switch products more easily. This means that people will no longer be penalised for life events or income changes that are outside of their control. It also encourages lenders to keep offering competitive deals, even for existing customers.

What This Means for Lenders

As for lenders, they will need to review their current processes to make sure that they will be meeting the new expectations put upon them. This will likely include adjusting their affordability models and improving customer communication. In particular, they will need to offer better support options for borrowers who find themselves in difficulty.

It is also likely that lenders will need to invest in training and compliance monitoring so that they can be certain that their teams have the skills needed to manage the new responsibilities. These changes do create extra work for lenders, but they are also a chance to rebuild trust and improve relationships with customers.

Final Thoughts

The FCA’s mortgage overhaul is designed to make the market fairer, more flexible, and more responsive to the way people live and work in 2025. It is a significant update and it will take time for the full impact to be seen, but the direction is clear.

As these changes continue to roll out, it will be important for everyone involved in the mortgage process to stay informed and take action when needed.

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What the FCA’s Mortgage Overhaul Means for Borrowers and Lenders

Frugalpac, the Ipswich-based clean technology firm behind the world’s first commercially available paper wine and spirits bottle, has launched a £5 million equity fundraising campaign to accelerate its global growth and expand into new sustainable packaging formats.

The investment round, hosted on crowdfunding platform Crowdcube, has already secured £1 million from existing and new backers ahead of its public launch. Frugalpac is inviting customers, partners and members of the Crowdcube community to take a stake in a business it says is “transforming the packaging industry”.

The company’s flagship Frugal Bottle is made from 94% recycled paper and has a carbon footprint 84% lower than glass. It is five times lighter, fully recyclable, and is already used by more than 50 drinks brands across 27 countries, including Greenall’s Gin, Silent Pool, When in Rome Wine and Bonny Doon. The bottle has been stocked by major retailers such as Sainsbury’s, Aldi, Laithwaites, Ocado, Target, Whole Foods Market and 7-Eleven.

Since launch, over three million Frugal Bottles have been produced, preventing an estimated 1,400 tonnes of CO₂ emissions — equivalent to powering 292 homes for a year or taking 3,267 petrol cars off the road.

Frugalpac plans to use the new funding to deploy more Frugal Bottle Assembly Machines (FBAMs) globally, develop new products such as recyclable paper paint pots, and scale production to meet rising demand. The company has already sold machines to Monterey Wine Company in the US and KinsBrae Packaging in Canada, with another order placed by Mother of Pearl Vodka in Australia. A high-speed FBAM2 model is currently in development.

Demand is strong, with Frugalpac handling more than 2,000 enquiries, 100 live customer quotations, and 50 serious expressions of interest from packaging companies worldwide, including in India, South Africa and Europe.

Frugalpac’s CEO Malcolm Waugh said: “Our mission is simple. We’re offering a scalable alternative to glass that reduces emissions, supports circularity and is already being embraced by the drinks industry. This crowdfunding allows eligible investors to back a proven technology at a crucial moment – and help us accelerate our impact around the world.”

The company is also working on a Frugal Paint Pot with a major international paint brand, as well as pipeline products including a takeaway beverage Frugal Cup and Frugal Pots for food and FMCG.

According to Euromonitor, the global market for 750ml wine and spirits bottles is 33 billion units annually. Frugalpac aims to capture 0.58% of that by 2029 – equal to 191 million bottles per year – through the rollout of 22 machines, a target that could generate £51 million in annual revenue. The business projects profitability from Q2 2026, with revenues rising from £2 million in 2024 to £51 million by 2029 and pre-tax profit hitting £27 million.

Frugalpac’s innovation has won global recognition, including the King’s Award for Innovation 2024. Its “Cardboardeaux” wine bottles were even presented to King Charles and Queen Camilla during their state visit to France.

Waugh added: “We’re not just building packaging — we’re building a better future for the planet. And the opportunity to join us in the next stage of our paper packaging revolution.”

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Frugalpac launches £5m crowdfunding round to scale world-first paper bottle technology

European clean energy-tech company Aira has raised €150 million in equity financing from existing backers Altor, Kallskär1, Kinnevik, Lingotto and Temasek to speed up the electrification of residential heating across the continent.

The Stockholm-based firm, launched in June 2023, has quickly expanded into Germany, Italy and the UK, achieving an annual sales run-rate of €200 million. Aira’s customer offer combines monthly payment plans, end-to-end service, and a 15-year guarantee. The company employs 1,200 staff, operates 18 hubs and has opened four Aira Academies to train heat pump installers.

Chief executive Peter Prem said the funding reflects “the strong, long-term support” of its investors and will help Aira “double down” on its mission to take Europe off gas. “We’re transitioning from start-up to scale-up, launching new innovations, and accelerating our growth to bring clean energy-tech to millions of homes,” he said.

The fresh capital will be used to expand Aira’s operations, scale its intelligent energy-tech offering, invest in its Swedish R&D centre, and increase manufacturing capacity at its Wroclaw, Poland factory. The company also plans to deepen its footprint in existing markets and strengthen partnerships in the home and energy sectors to widen its customer base and deliver further cost savings.

With 130 million gas boilers still in use across Europe, residential heating accounts for 10% of the continent’s CO₂ emissions. Aira says replacing a gas boiler with one of its air source heat pumps can cut heating costs by up to 40% and eliminate emissions entirely when paired with clean energy tariffs.

Prem believes the opportunity is vast: “The European heat pump market is expected to exceed €150 billion by 2030. With our vertically integrated model and world-class products, Aira is ready to lead the clean energy transition – one home at a time.”

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Aira secures €150m to accelerate Europe’s switch from gas boilers to heat pumps

Elon Musk’s Tesla is preparing to enter the UK household energy market after applying for a licence to supply electricity to homes and businesses across Great Britain.

The US electric carmaker, which also operates an energy business in America, has formally applied to the energy regulator Ofgem for an electricity supply licence covering England, Scotland and Wales. If approved, the move would allow Tesla to begin offering domestic electricity deals – potentially under the Tesla Electric brand – as early as next year.

The application was lodged last month by Tesla Energy Ventures, the company’s Manchester-based energy arm, and signed by Andrew Payne, Tesla’s head of European energy operations. Ofgem can take up to nine months to assess supply applications.

Tesla is expected to target customers who already own its products, such as Tesla Powerwall home storage batteries or its electric vehicles, offering cheaper charging and payments for selling surplus solar energy back to the grid. However, the licence application covers only electricity, meaning households on dual-fuel gas and electricity contracts would need to split suppliers to use the service.

The move signals a major expansion of Tesla’s UK energy ambitions, building on its 2020 licence to operate as an electricity generator. In Texas, where Tesla launched its first household supply offer in 2022, customers can access low-cost charging and sell excess stored or generated energy back to the grid.

The UK launch comes amid a slowdown in Tesla’s European car sales. July figures from the Society of Motor Manufacturers and Traders show UK registrations fell almost 60% year-on-year to 987 vehicles, reducing the company’s market share to 0.7%. For 2025 so far, UK sales are down 7%.

Musk has also faced political controversy in recent months, including a soured relationship with Donald Trump and criticism over his interventions in politics in Germany, France and the UK.

Tesla has sold significant numbers of Powerwall systems in Britain, enabling households to store energy from solar panels or the grid during off-peak hours. It also offers home charging units for its cars – a natural customer base for its potential electricity supply business.

By moving into household energy supply, Tesla is positioning itself as a vertically integrated player in the UK’s clean energy sector – from solar generation and battery storage to electric vehicle charging and now retail electricity supply.

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Elon Musk’s Tesla applies for licence to supply electricity to British homes

Maven Capital Partners has invested £1.5 million in Blueskytec, a cybersecurity hardware specialist, through the British Business Bank’s South West Investment Fund.

Blueskytec develops high-grade, hardware-based cyber protection designed for mission-critical systems in sectors such as defence, civil nuclear and energy. Its patented technology offers a unique layer of security that the company says is unavailable from conventional software-only solutions, and is already deployed by industrial and government clients in the UK and US.

The funding will support Blueskytec’s expansion as it moves towards full-scale deployment with leading industrial partners. The company plans to recruit additional staff, boost manufacturing capacity and scale its business development activities.

The investment comes amid growing regulatory pressure to improve cyber resilience across critical national infrastructure and rising threats from sophisticated cyber attackers. Operational technology – the systems controlling industrial processes – often falls outside the scope of traditional IT security measures. Blueskytec’s solution is designed to integrate with existing infrastructure while addressing these specific vulnerabilities.

Rafi Khan, investment manager at Maven, said: “Blueskytec has developed a cybersecurity solution that addresses a critical gap in the market, particularly for infrastructure and operational technology systems. Given the rapidly expanding threat landscape and the regulatory imperative for enhanced cyber assurance, the addressable market for the company’s solution is large and growing.”

Blueskytec CEO Chris Mobley said Maven had “clearly seen the full potential” of its technology.

“We look forward to a strong collaborative relationship as we enter the next stage of our exciting journey,” he added.

Lizzy Upton, senior investment manager at the British Business Bank, said: “Cyber resilience is a critical priority for businesses and organisations across all sectors. Blueskytec is at the forefront of developing next-generation hardware security designed to protect sensitive infrastructure and we are delighted the South West Investment Fund is able to support their growth ambitions.”

The South West Investment Fund aims to drive economic growth in the region by backing innovative businesses. It provides commercial finance ranging from smaller loans of £25,000 to £100,000, debt finance from £100,000 to £2 million, and equity investment of up to £5 million.

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Maven invests £1.5m in Blueskytec to accelerate hardware-based cybersecurity for critical infrastructure

Nigel Farage’s uncompromising assault on Britain’s climate commitments is facing pushback from within his own party’s expanding support base, with polling revealing that younger Reform UK voters are markedly more sympathetic to net zero and renewable energy than their leader.

The former Ukip and Brexit Party chief has dismissed the UK’s 2050 net zero target as “complete and utter madness”, while his deputy, Richard Tice – also Reform’s energy spokesperson – has branded the renewables industry a “massive con”. Their manifesto pitch includes scrapping the legal net zero goal, ending subsidies for green power, taxing renewable developers and even levying farmers who install solar panels.

But new research by More in Common, shared with The i Paper, suggests this hardline rhetoric is increasingly out of step with the party’s own voters, particularly those who have joined its ranks since the 2024 general election.

Among new supporters, opinion on net zero is finely balanced: 30 per cent support ditching the target, but 35 per cent oppose the move and another 35 per cent sit on the fence. Support for renewables is stronger still, with 56 per cent of newer recruits and 50 per cent of 2024 voters saying they view investment in green energy as positive. The party’s proposal to tax farmers for solar panels finds scant backing, with just 24 per cent of new supporters and 29 per cent of existing voters in favour.

The findings underscore a potential electoral fault line. Farage’s populist climate scepticism may energise his base in some constituencies, but risks capping Reform’s broader appeal at a moment when the party is seeking to woo disaffected Conservative and Labour voters alike.

Senior Reform figures have doubled down on their position, with Dame Andrea Jenkyns, the party’s mayor of Greater Lincolnshire, recently claiming she did not believe climate change “was a thing”. Yet nationwide, support for renewable energy remains overwhelming. A separate YouGov survey for Friends of the Earth found 80 per cent of Britons favour expanding renewable infrastructure. Even among Reform’s own voters – the most sceptical segment – almost two-thirds backed greater investment in the sector.

Political strategists warn the dissonance between leadership and grassroots could prove costly. “The danger for Reform is that its climate policy becomes a ceiling, not a springboard,” one senior campaign adviser told Business Matters. “If they want to be more than a protest party, they’ll have to close the gap between rhetoric and reality.”

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Farage faces rising tension with younger Reform voters over net zero stance

Trump Media and Technology Group (TMTG) has struck a deal to broadcast GB News on its US-based streaming platform, Truth+, in a move that will make the UK right-leaning channel accessible to audiences worldwide.

TMTG – which operates Truth Social, Truth+, and the financial services brand Truth.Fi – confirmed the agreement on Friday, saying GB News will be available with the free basic Truth+ package on multiple devices and platforms, including iOS, Android, Web, Apple TV, Android TV and Amazon Fire.

The deal will significantly expand GB News’s footprint, particularly in the US, where it will now sit alongside a roster of other content on the streaming service. The British network, known for hosting figures such as Nigel Farage, positions itself as a champion of free speech and an alternative to what it calls “mainstream” news.

The move comes as Donald Trump continues his sustained criticism of US mainstream media, labelling outlets “radical-left monsters” and accusing them of “illegal” reporting. The White House’s communications director, Steven Cheung, recently accused “liberal media” of spreading “fake news” following reports linking Trump’s name to US Justice Department files on Jeffrey Epstein – a claim Trump has denied.

Speaking about the deal, TMTG chief executive and chair Devin Nunes said: “GB News is a terrific source for news, facts and commentary. By expanding its global reach, we aim to connect an enormous new, international audience to the network’s unique reporting and opinion, while putting another dent in the global woke news monopoly.”

GB News chief executive Angelos Frangopoulos described the partnership as a strategic step: “As the fearless champion of freedom of speech in Britain, it is important that we launch across the United States of America and globally on the Truth+ streaming platform.”

The rollout reinforces GB News’s ambition to grow its international audience and aligns with Trump Media’s push to expand its streaming offering beyond the US.

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Trump media to stream GB news on Truth+ in global expansion deal

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