FCA investigates collapsed lender MFS amid £1.3bn mortgage scandal

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.On Friday, the Financial Conduct Authority said it had “opened an enforcement investigation” into the stricken mortgage lender, which borrowed £1.3bn from a string of financial companies and slumped into administration in February

UK borrowing costs hit highest since 2008 as markets expect up to three interest rate rises

UK government borrowing costs have reached their highest level since 2008, while financial markets now expect up to three interest rate rises this year as investors digest the impact of the Iran conflict.The yield, or interest rate, on 10-year borrowing was pushed to heights not seen since the global financial crisis, as investors dumped UK government bonds.The market move followed the Bank of England’s decision on Thursday to leave interest rates on hold at 3.75% and hint at a future increase. By Friday, markets were pricing in as many as three interest rate rises in 2026

Fire experts ‘kept awake’ over growing hazard of lithium-ion batteries

Lithium-ion batteries represent a new technological hazard that one fire science expert has said keeps him awake at night, as fire service chiefs warn the ubiquity of the batteries in everyday products is outpacing public understanding and safety regulations.The blaze that devastated a historic building in Glasgow and resulted in the closure of Central Station, Scotland’s largest rail interchange, is believed to have started in a shop selling vapes, which are powered by lithium-ion batteries. Glasgow’s Central Station has since reopened.The latest data reveals a sharp increase in battery-related fires across Scotland, while firefighters in London attend an e-bike or e-scooter fire every other day.Paul Christensen, a professor of pure and applied electrochemistry at the University of Newcastle, underlined that, while the probability of a fire from a lithium-ion battery is very low, the hazard is “very, very high, as we’ve seen with this fire in Glasgow”

Essex police pause facial recognition camera use after study finds racial bias

Essex police have paused the use of live facial recognition (LFR) technology after a study found cameras were significantly more likely to target black people than people of other ethnicities.The move to suspend use of the AI-enabled systems was revealed by the Information Commissioner’s Office (ICO), which regulates the use of the technology deployed so far by at least 13 police forces in London, south and north Wales, Leicestershire, Northamptonshire, Hampshire, Bedfordshire, Suffolk, Greater Manchester, West Yorkshire, Surrey and Sussex.The ICO said Essex police had paused LFR deployments “after identifying potential accuracy and bias risks” and warned other forces to have mitigations in place. LFR systems are either mounted to fixed locations or deployed in vans. In January, the home secretary, Shabana Mahmood, announced the number of LFR vans would increase five-fold, with 50 available to every police force in England and Wales

World’s top-rated Flat horse to race in Dubai despite conflict in the Gulf

Calandagan, the world’s top-rated Flat horse in 2025, will fly to Dubai from Paris on Saturday to run in the Sheema Classic at Meydan next weekend, despite the continuing conflict in the Gulf region.The gelding’s owner, Aga Khan Studs, consulted staff already in Dubai before deciding to give the green light to Francis-Henri Graffard’s five-year-old, the winner of four Group One events last season including the Japan Cup in November.“We’ve been very happy with Calandagan,” Nemone Routh, the owner’s racing manager, said on Friday. “If we didn’t run in Dubai then we’d have been looking at races in the summer. He’s in great form and we already have a filly out there with staff

Hodgkinson shrugs off kit mishap to cruise into world indoor 800m semi-finals

No opponent has come close to knocking Keely Hodgkinson off her stride in 2026. But after breezing into the semi-finals of the world indoor championships, she revealed that her preparations had been interrupted by an airline, KLM, losing her kit for 48 hours on the flight to Poland.It led to the overwhelming favourite for 800m gold having to train in whatever she could beg or borrow – and getting a blister as a result. Not that it seemed to bother her as she cruised into Saturday’s semi-finals with a dominant victory in 2min 0.32sec