Close Brothers plans to bolster finances by £400m for FCA motor finance probe March 19, 2024 Close Brothers has outlined measures that could boost its capital position by around £400m as the merchant banking group faces potential compensation costs tied to a Financial Conduct Authority (FCA) review into historic unfair car loans.
Nationwide’s Virgin Money bid heralds new era for mutuals’ challenge to big banks March 18, 2024 Nationwide, the world's largest building society, is gearing up for the UK's biggest banking tie-up since the financial crisis as it looks to finalise a £2.9bn takeover deal for high street rival Virgin Money in the coming weeks.
Monzo reportedly in talks to sell stake to Singaporean state fund March 18, 2024 Digital challenger bank Monzo is reportedly close to landing a roughly $50m (£39.3m) funding round with a Singaporean sovereign wealth fund, just weeks after securing a near-£4bn valuation.
UK credit card debt jumps as household finances squeezed in warning sign for the economy March 18, 2024 Outstanding debt on UK credit cards jumped nearly 10 per cent last year, according to new data, as households turned to borrowing amid inflationary pressures and the cost-of-living crisis.
FCA: Cum-ex trader hit with £5.95m fine for ‘sham’ trading scheme March 18, 2024 The Financial Conduct Authority has slapped a so-called cum-ex trader with a £5.95m fine and banned him from working in financial services today for his role orchestrating a “sham” trading scheme.
City bosses expect strong second quarter while cutting costs amid economic pressure March 18, 2024 Financial services bosses are confident on their second-quarter results, according to a survey of more than 150 senior executives, despite the squeeze from inflationary pressures and higher borrowing costs forcing them to cut costs.
M&S aims to launch banking and loyalty ‘superapp’ in long-term commitment to financial services March 17, 2024 Marks & Spencer (M&S) is reportedly close to a seven-year agreement with HSBC to overhaul its banking division as a financial services and loyalty "superapp".
Government proposes ‘debanking’ law after Farage Natwest row and surge in complaints March 14, 2024 The UK government has proposed a law that would force banks to give customers more advanced notice and an explanation before closing their accounts, following a surge in complaints over "debanking" and a row between Natwest and former Ukip leader Nigel Farage.
OneSavings Bank shares tank as profit slumps on mortgage customers racing to refinance March 14, 2024 OneSavings Bank has posted a slump in annual profit after the bank took a £181.6m hit from changing customer behaviour, while it has softened the blow to investors by announcing a new £50m share buyback.
Anne Boden: ‘Things haven’t got much better for women in tech in 40 years’ March 14, 2024 Former Starling Bank chief Anne Boden sits down with City A.M. to discuss her early career, sexism in the City and life beyond the bank.