The CMA missed its opportunity to level the playing field for challengers and end the banking oligopoly August 9, 2016 To deal with a problem, first you need to recognise it. While yesterday’s final report from the Competition and Markets Authority (CMA) on UK retail and SME banking identifies the problems of the market, it has fallen short when it comes to making recommendations that will address the underlying issues. The report makes several constructive suggestions [...]
Worldpay shrugs off Brexit concerns as bumper earnings send shares higher August 9, 2016 Worldpay shares have nudged last year's peak today after the company reported better-than-expected earnings and declared a maiden interim dividend of 0.65p per share. The UK's largest payments processor reported a rise in first-half underlying earnings and pre-tax profit. It follows a disappointing first full year for the firm as a listed company. For the six months to [...]
Banking bazooka? CMA report great for fintech, costly for banks August 9, 2016 The competition watchdog has today handed fintech startups a bazooka for their mission of disrupting banks, with new rules for making data more open to improve customer choice. The so-called big four – HSBC, Lloyds, Barclays and Royal Bank of Scotland – and other smaller high street banks will have to work together to create standards for sharing [...]
CMA banking review pushes up banks’ share prices August 9, 2016 Shares in the UK's largest lenders rose this morning, after the Competition and Markets Authority (CMA) published its "shake up" of the UK's banking sector. Shares in Barclays were up two per cent at 160.6p in lunchtime trading, while RBS rose 1.9 per cent to 188.2p. Meanwhile, Lloyds and HSBC both edged up 0.5 per cent, to [...]
How the big high street banks responded to the CMA report August 9, 2016 There's been a lot of noise in the banking sector this morning, as people try to digest the recommendations laid out in the Competition and Markets Authority's (CMA) final report from its retail banking investigation. Among the most eye-catching announcements was that of the Open Banking programme, which will enable personal and small business customers to share [...]
How have bank share prices reacted to the Competition and Markets Authority’s (CMA) retail banking investigation? August 9, 2016 Investors were decidedly nonplussed by the Competition and Market Authority (CMA)'s recommendations for an "open banking" revolution in the UK's retail banking sector this morning. Share prices at London-listed organisations moved in most directions, with the big lenders slightly outperforming the market, but challengers heading both up and down – suggesting traders aren't convinced the CMA's work [...]
Four things you need to know about today’s CMA retail banking report August 9, 2016 The Competition and Markets Authority (CMA) has published its long-awaited final recommendations for the UK's banking sector. Since the probe first launched in July 2014, the competition watchdog has faced intense scrutiny from all sides, with smaller institutions hoping the CMA will break up the “Big Five” banks – RBS, Lloyds, HSBC, Santander and Barclays [...]
CMA puts plans for changes to account switching that could cost up to £10bn on the back burner August 9, 2016 The Competition and Markets Authority (CMA) has today released the final report on its retail banking investigation, with a big focus on making switching bank accounts easier for customers. One of the "more fundamental changes" to the switching process would be the introduction of account number portability (ANP), which would "mean that a customer would effectively take their [...]
How nine challenger banks reacted to the CMA’s report on current accounts August 9, 2016 Nine challenger banks including TSB and Metro Bank have slammed the findings of the UK's competition watchdog in its investigation into the retail banking sector, arguing the review has missed “a golden opportunity”. The Competition and Markets Authority (CMA) report, published this morning, called on banks to implement an “open banking” standard by 2018, allowing customers to monitor and access all [...]
Barclays to fork out another $100m in the US over Libor-rigging scandal August 8, 2016 Banking giant Barclays is pay out a further $100m (£76.7m) for its role in the Libor-rigging scandal. The settlement covers 44 US states for Barclays Bank PLC and Barclays Capital Inc, it was revealed in a statement from the New York Attorney General's office. Other states included in the settlement include California, Florida and Washington. "There has to [...]
