Santander mistakenly sends Christmas bonus to thousands of Brits leaving lender £130m out of pocket January 2, 2022 High street lender Santander has handed out an unexpected Christmas bonus to thousands of Brits. The Spanish bank mistakenly sent out £130m to around 75,000 business and people on Christmas day. The news was first reported by The Times. Businesses and people who receive one-off recurring payments from 2,000 companies with Santander accounts were accidentally [...]
Brexit passporting: Little appetite among EU finance firms to stay in London as FCA applications disappoint January 1, 2022 It appears that many European financial services firms are not interested in continuing to be authorised in the City, as only half of EU firms that were given a temporary license to operate in the UK – immediately after Brexit – have applied for full authorisation, a Freedom of Information request has revealed. The City [...]
Credit Suisse investigation reveals chairman broke Covid rules twice December 31, 2021 António Horta-Osório is under investigation by Credit Suisse after reportedly breaking Covid quarantine rules for the second time, in order to watch a Wimbledon tennis match in the summer. Horta-Osorio, who joined Credit Suisse from Lloyds in April, has previously called the scandals faced by Credit Suisse, including the $5.4bn loss from the collapse of [...]
BREAKING: Nationwide app down, thousands of Brits unable to make payments on New Year’s Eve December 31, 2021 Nationwide’s mobile banking app has just gone down, with thousands of Brits unable to make any payments or access their funds. Thousands of frustrated customers have taken to social media. Nationwide is responding to customers, saying it does not know yet when the problems may be solved. According to the website Downdetector, problems started late [...]
Deutsche Bank slapped with £7m fine over weak rate-rigging controls December 29, 2021 German investment banking giant Deutsche Bank has been slapped with a £7.3m fine by Berlin’s finance regulator for failing to strengthen internal controls to prevent rate-rigging. BaFin said Deutsche Bank did not have “effective preventive systems, controls and policies” to maintain the “integrity and reliability” of data relating to Euribor, the rate-setting system used to [...]
December 29, 2021 DIY fund buyers didn’t get the memo that value investing is back in fashion, instead largely plumping for growth strategies over the course of 2021. “Success breeds success they say, and retail investors clearly have a high conviction that these funds will continue to prosper,” Laith Khalaf at AJ Bell told City PM as he [...]
Capital raising in the City picks up despite ongoing Covid disruption as listed firms pull in close to £25bn this year December 29, 2021 UK listed companies have raised more than £12bn in new capital from investors in the second half of the year, bringing the total so far for 2021 between January and November to £24.7bn, according to data shared with City PM This represents the second highest total since 2009, following on from 2020 when £34.4bn was [...]
2021: Best year ever for UK tech sector with £26bn in VC, 116 unicorns, record London listings and more jobs December 28, 2021 The UK tech sector looks back on its best year ever, raking in £26bn in venture capital, record London listings, more jobs and the number of British unicorns climbing to 116. Success feeds cities outside London as Cambridge has become the leading regional tech city in the UK thanks to its combination of high levels [...]
Just days until LIBOR switch to SONIA: FCA measures likely to postpone potential wave of litigation, for now December 28, 2021 With the deadline for banks to stop using LIBOR as an interest rate benchmark just a few days away, new measures taken by the Financial Conduct Authority (FCA) mean a possible wave of litigation will likely be avoided for now, though it could be “a problem postponed, rather than solved”, a leading Square Mile lawyer [...]
Half of all UK bank branches have been shut or are scheduled for closure as fintech kills off 736 locations in 2021 alone December 27, 2021 New figures published this morning show that the number of bank branches across the UK is dropping dramatically. In fact, nearly half of all banks’ branches have been lost since 2015, or are scheduled for closure, according to Which? Vulnerable customers are being left at risk of being “cut adrift”, the consumer organisation said after [...]
