Treasury Committee chair Nicky Morgan blasts FCA over consumer access to financial services June 21, 2019 Treasury committee chair Nicky Morgan criticised the Financial Conduct Authority (FCA) today for “lacking in desire” to improve consumer access to financial services. The Treasury Committee made a series of recommendations of how consumer access to financial services could be improved in a report published last month. These included a requirement that firms act in [...]
Climate protests get ugly as City waves goodbye to Hammond June 21, 2019 Two of the most powerful custodians of the UK economy last night laid out their vision for how the financial sector can thrive after they leave office. Addressing a City audience in the heart of the Square Mile, chancellor Philip Hammond announced a major review into financial regulation as the banking sector undergoes rapid change and Britain prepares to leave the European Union. [...]
Bank of England cuts growth forecast and holds interest rates as no-deal Brexit risk rises June 20, 2019 The Bank of England has decided to keep interest rates unchanged warning that the likelihood of no-deal Brexit was rising and global trade tensions were intensifying. The rate-setting committee, which raised rates to 0.75 per cent in August last year, unanimously voted to hold interest rates, it said today. Read more: Three reasons why the [...]
UK banks need ‘more support’ and tax cuts after being let down over Brexit June 20, 2019 UK banks need more support from government to promote a positive vision and cut taxes on the industry, UK Finance chairman Bob Wigley has said. The trade body chair said government failed to adequately support the finance industry in the Brexit negotiations and called for a new formal body to be set up. Read more: [...]
Deutsche Bank faces US money laundering investigation June 20, 2019 Deutsche Bank is facing a US criminal investigation into whether it complied with anti-money laundering laws. US federal authorities are investigating whether Germany’s biggest lender complied laws intended to stop money laundering and other crimes, the New York Times reported. Read more: Deutsche Bank to create €50bn bad bank in radical overhaul The probe includes [...]
Starling Bank partners with Direct Line to simplify insurance process June 20, 2019 Challenger bank Starling has partnered with insurance firm Direct Line to allow customer account holders to use its app to apply for home cover. The tie-up will allow Starling customers to connect with the insurer’s Churchill brand through the bank’s ‘marketplace’ app. Read more: Starling banks £75m funding round from Merian Global Investors Customers will [...]
Former City minister calls for action on skills shortage June 20, 2019 Former City minister Mark Hoban has today called for urgent action to address the skills crisis facing the financial services sector. Read more: Private sector pay set for growth as skills shortage bites The sector does not spend enough on training, lacks diversity, and its values and culture are not well-perceived, according to a report [...]
CYBG to rebrand as Virgin Money to ‘disrupt status quo’ of UK banking June 19, 2019 Clydesdale and Yorkshire bank owner CYBG will be renamed Virgin Money in a major rebranding to “disrupt the status quo” of UK banking. CYBG acquired Virgin Money last year in a £1.7bn deal and will now adopt its name across its business by the end of the year. Read more: CYBG shares jump as it [...]
Fraudsters target children as young as 11 to launder money June 18, 2019 Identity fraud reached record highs last year and criminals targeted children as young as 11 to launder money. Criminals targeted younger people and pensioners, the UK’s fraud prevention service Cifas revealed in its annual report. The figures showed more than 189,000 fraud cases were reported last year with plastic card fraud proving the most common. [...]
Data breach could be ‘fatal’ for Open Banking sector, treasury committee chair Nicky Morgan warns June 18, 2019 A single data breach at an Open Banking startup could “fatally” damage the developing sector, Nicky Morgan, the chair of the treasury committee, warned today. Open Banking, which allows users to view all their financial information in one place, relies on customers providing their data to a third party. Read more: Are Britain’s banks closed-minded [...]
