Watchdogs propose tougher rules to limit banking services glitches December 5, 2019 UK regulators have proposed new rules to make banks and payment firms more resilient to major problems in the wake of TSB’s IT meltdown. MPs called for regulatory changes in October after repeated technological failures by lenders such as TSB, Visa, Barclays and RBS. Read more: TSB IT meltdown blamed on data centre test failure [...]
Moody’s downgrades outlook for global banks December 5, 2019 The outlook for global banks has been slashed by credit ratings agency Moody’s. Weakening economic growth, low interest rates and more volatile operating conditions will increase the credit challenges for lenders across the world, Moody’s Investors Service said in a report published today. The agency cut its outlook from stable to negative. Read more: Metro [...]
HSBC to bring in 40 per cent overdraft rate December 5, 2019 HSBC is set to bring in a controversial single overdraft rate of almost 40 per cent for its customers next year. Current rates are between 9.9 per cent and 19.9 per cent but all account holders will be charged 39.9 per cent by HSBC as of next March. Read more: Metro Bank boss to step [...]
What can the financial sector learn from dairy farmers? December 5, 2019 Nobody would travel with an out-of -date passport, so why should the world of finance be any different? And yet, many major institutions are at great risk of acting on outdated information as they navigate through the increasing complexity of modern-day markets. With so much out-of -date information out there, it is imperative to know [...]
How can banks factor in climate change without damaging the economy? December 5, 2019 In a few weeks, we will get the results of the UK bank stress tests, which is a measure of our biggest banks’ ability to withstand the toughest of economic shocks. In 2021, these tests will include a scenario on climate change. The regulator wants to know that our biggest financial institutions really can weather [...]
AJ Bell profit rises a third as firm completes record year December 5, 2019 AJ Bell’s first year as a publicly listed company was the most profitable ever for the broker and online trader, with profit rising nearly a third. Read more: AJ Bell reports growth in customers and assets under administration The figures Revenue at the investment platform rose 17 per cent in the year, up to £104.9m [...]
Metro Bank CEO Craig Donaldson to step down December 4, 2019 Metro Bank’s chief executive Craig Donaldson revealed this evening that he will step down at the end of the year, bidding farewell to the troubled lender after a torrid 12 months. After a decade-long stint running the challenger bank, Donaldson has become the latest in a string of senior figures to announce his departure. Donaldson’s [...]
Zopa secures last-minute £140m injection December 3, 2019 Zopa has secured a £140m cash injection that will help the peer-to-peer lending giant meet regulatory capital requirements to become a bank. The fintech firm has been in talks to secure a major lifeline with an entity connected to US-based private investment firm IAG Capital Partners and its UK arm Silverstripe. Read more: Moody’s downgrades [...]
Moody’s downgrades outlook for UK banking system December 3, 2019 The UK banking system’s outlook has been downgraded by credit ratings agency Moody’s, after it cited a swathe of challenges facing lenders in the year ahead. Flagging the persistently low interest rate environment and a competitive mortgage market, Moody’s is forecasting a modest slide in profitability. Read more: Carney appointed UN climate envoy The agency [...]
TSB mulls bonus docking after pushing back gender balance targets December 3, 2019 TSB is planning to dock bonuses for its bosses after missing gender balance targets, according to reports. The bank has pushed back its deadline to ensure women hold roughly half of the senior jobs by five years. Read more: Mark Carney appointed UN climate envoy TSB’s remuneration committee is set to decide pay for senior [...]
