More than five million fall victim to financial scams, Lloyds Bank warns June 14, 2019 More than five million people in the UK have fallen victim to a financial scam as fraudsters use more sophisticated techniques to dupe the public. A Lloyds Bank and YouGov survey revealed 10 per cent of adults had been scammed while a quarter said they knew someone who had conned. Read more: HMRC cracks down [...]
MPs brand watchdog’s RBS GRG report a ‘complete whitewash’ June 13, 2019 Furious MPs tore into the City watchdog today, branding its final report into RBS’ disgraced turnaround unit GRG a “complete whitewash”. The Financial Conduct Authority (FCA) had already come under fire for the amount of time it took to publish the report, in which it outlined the reasons for its lack of action against senior bankers within [...]
Monzo bounds ahead of rivals with US launch June 13, 2019 Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land in the coveted territory. The bank will launch with its full banking app and debit card, complete with a routing number and FDIC insurance up to $250,000, courtesy of a licensing partnership with Sutton Bank in [...]
FCA slammed over ‘whitewash’ RBS GRG report June 13, 2019 The City watchdog has said it has found no evidence that senior bankers within RBS’ controversial turnaround unit GRG lacked honesty or integrity, despite accusations that it ruined thousands of businesses and livelihoods. The Financial Conduct Authority (FCA) has today published its highly anticipated report into why it was unable to take enforcement action against [...]
Financial services jobs at risk amid rise of the robots June 12, 2019 As many as one in five jobs in the financial services sector could be replaced by robots within the next five years, a new survey has revealed. Research by KPMG and recruitment firm Harvey Nash showed the rapid rise of new technology such as automation and AI could remove the need for up to 20 [...]
Saga shares rise as it partners with Goldman Sachs to offer savings products June 11, 2019 Over 50s insurance and tourism group Saga announced today it is partnering with Goldman Sachs to offer savings products to its clients. The move is part of a strategy aimed at turning the company around after a poor run of results. In April its shares dived 40 per cent after it warned that Brexit uncertainty [...]
Bank of England chief economist says UK rate rise is on the horizon June 8, 2019 The Bank of England’s chief economist, Andy Haldane, has said the UK is nearing the time it will need to raise interest rates to keep inflation pressures in check. Haldane wrote in The Sun on Saturday that “a lost decade” of wage growth is coming to an end ahead of “steady if not spectacular” growth [...]
FCA to overhaul banks’ ‘dysfunctional’ overdraft fees June 7, 2019 The financial regulator will set out to stop banks from charging higher fees for unarranged overdrafts, it confirmed today. Read more: Consumers could save ‘£100m a year’ from overdraft shake-up The Financial Conduct Authority (FCA) laid out planned reforms to the “dysfunctional” overdraft market in a bid to make such arrangements simpler, fairer and easier [...]
Banking union raises concerns over TSB plan to cut more than 100 jobs June 6, 2019 A banking union has raised concerns over TSB’s plans to cut around 125 jobs as part of a major restructuring. In an email to TSB members, banking union Accord said the restructuring would result in 124 job losses with 366 members of staff facing the consultation process. Read more: TSB unveils raft of leadership changes [...]
Mark Carney says investment funds could risk global economy amid Woodford suspension June 6, 2019 Bank of England governor Mark Carney warned today that investment funds of the sort run by Neil Woodford need to be more carefully scrutinised. Speaking in Tokyo Carney said: “Over half of investment funds have a structural mismatch between the frequency with which they offer redemptions and the time it would take them to liquidate [...]
