The UK financial watchdog has issued a warning to customers over the risk of peer-to-peer loans held within an individual savings account. The Financial Conduct Authority said it had seen evidence that Innovative Finance Isas — used to shelter peer-to-peer loans from income and capital gains tax — were being marketed alongside cash Isas despite the fact they offer far less protection to consumers, the Financial Times reported. It follows the high-profile collapse of London Capital & Finance, a company selling unregulated minibonds, in January.

Debenhams is set to burn through tens millions of pounds in fees after securing its latest rescue deal, ratcheting up the pressure on the struggling retailer as it battles to stem falling sales, cut costs and fight off the attentions of its biggest shareholder, the Financial Times reported. Last week, the department store group agreed a refinancing package with its lenders and bondholders, designed to give it more time to rationalise its store estate, reduce its operating costs by £80m and improve its product offering.

The Bank of England has been meeting with direct lenders to gauge the industry’s resilience to slowing growth, according to two people familiar with the matter. At least two of the biggest U.K. private credit funds met separately with members of the central bank’s financial stability unit in the past month, said the people, who asked not to be identified because the talks were private, Bloomberg News reported. The meetings were part of the BOE’s efforts to gauge potential sources of stress in an economic downturn, they said.

The European Central Bank’s second-in-command has warned that markets are not properly pricing in the risk of a no deal Brexit — an outcome the vice-president, Luis de Guindos, warned could lead to a further slowdown in growth across the single currency area, the Financial Times reported. Mr de Guindos, the ECB vice-president, told lawmakers at a European Parliamentary hearing: “Markets have not priced in the possibility of a no deal scenario.” He added: “We are living in a moment of slowdown of the global and the European economy.

The UK tax authority has reported the suicide of an individual facing a new “loan charge” to its complaints body for the first time, as the minister responsible for the policy rejected criticism it could lead to mass bankruptcies, the Financial Times reported. From Friday 5 April, at least 50,000 contractors who avoided national insurance and income tax by using schemes that paid them mostly in loans will face the charge. It will tax outstanding loans, which HM Revenue & Customs describes as disguised remuneration, from up to 20 years ago in a single financial year.

Debenhams has presented Sports Direct with a put up or shut up ultimatum as it told its biggest shareholder to finance a formal rescue for the department store chain or face being wiped out, the Financial Times reported. The struggling retailer said it had secured a fresh financial lifeline of £200m of new funding, but only half would be available immediately.

Friday was meant to be the day that Britain officially left the European Union. It was instead the day lawmakers rejected Theresa May’s exit deal for a third time, plunging the country deeper into crisis, a Bloomberg View reported. It marked the ninth consecutive “no” vote this week, after MPs rejected eight ways forward on Wednesday. In the end, May summed it up best: “We are reaching the limits of this process in this House.” There are now only two ways Britain can leave the EU without crashing out amid chaos: by agreeing to a different plan, or electing a different parliament.

Perella Weinberg Partners LP is hiring Clinton Ray and Guy Morgan from Goldman Sachs Group Inc. to expand its European restructuring business, according to people familiar with the matter, Bloomberg News reported. The bankers will join the firm in London in June to advise new and existing clients on restructuring, debt advisory and liability management, said the people, who asked not to be identified because discussions are private. Representatives for Perella and Goldman declined to comment.

The collapse of the UK savings company London Capital & Finance, swallowing most of the £236m entrusted to it by 11,500 people, is one of the most troubling investment scandals of recent years. The failure requires not only an inquiry into how so much cash could vanish, but regulatory reform to prevent savers being so easily deceived by the aggressive marketing of risky financial products, the Financial Times reported in a commentary.

Debenhams has cleared a hurdle in its attempt to push through a crucial restructuring plan, dealing a blow to a potential bid for the struggling retailer by Sports Direct chief executive Mike Ashley, the Financial Times reported. The department store chain said it had secured the support of a majority of its bondholders for a series of technical changes that help clear the way for a £200m refinancing. The approval puts Debenhams in a position to confirm the new funding in the coming days and move to pursue restructuring options to secure the future of the business.