Scandal

Move follows the granting of a worldwide asset freezing order on company’s founder, Paresh RajaWhat is the £1.3bn MFS mortgage scandal and what is private credit?The UK’s financial regulator has launched an investigation into Market Financial Solutions (MFS), the mortgage lender that collapsed last month amid allegations of fraud.The move follows the granting of a £1.3bn worldwide asset-freezing order on MFS founder Paresh Raja on Wednesday, as creditors successfully gained court orders in London and Dubai barring the tycoon from dissipating assets. Continue reading...

Close relatives of affected post office operators will be able to make claim over harm scandal caused families Family members of post office operators affected by the Horizon IT scandal will be able to claim compensation under a new government scheme.Campaigners have lobbied for compensation in relation to the harm the scandal has caused to the mental health and wellbeing of close relatives who have not been eligible under the redress schemes being run by the Post Office and the government. Continue reading...

Specialist lender’s shares plunge after short seller claims it will have to raise provision for compensation Business live – latest updatesThe banking group Close Brothers is to cut about 600 jobs and roll out the use of AI “at pace” after posting further losses in the face of a mounting compensation bill for the motor finance scandal.The specialist lender said the cuts – nearly a quarter of its 2,600-strong workforce – would be made over the next 18 months across its teams in the UK and Ireland. Continue reading...

Exclusive: eSafety commission pointed to Musk’s promise that ‘removing child exploitation is priority #1’ in letter obtained by Guardian Australia The Australian online safety regulator warned Elon Musk’s X amid the Grok sexualised image generation scandal that it found child abuse material was “particularly systemic” on X and more accessible than “any other mainstream service”, correspondence obtained by Guardian Australia reveals.The eSafety commissioner wrote to X in January after its chatbot Grok was used to generate sexualised images of women and children online, in what the prime minister, Anthony Albanese, described as “abhorrent”. Continue reading...