City watchdog faces criticism after declining to expand SME access to complaints service October 24, 2023 Businesses groups have warned that firms may be unable to access justice after the Financial Conduct Authority (FCA) decided against expanding access to the Financial Ombudsman Service (FOS).
Cap, scrapped: Banker bonus limit to go in bid to boost City competitiveness October 24, 2023 Regulators have confirmed plans to scrap the cap on bankers' bonuses with the new policy going live at the end of this month.
Barclays share price slumps as lender lowers UK guidance again October 24, 2023 Barclays performed in line with expectations but flagged difficulties ahead as it lowered its margin guidance for the rest of the year.
Compensation scheme ‘not fit for purpose’ after resolving just 127 cases in nearly two years October 23, 2023 New data from a banking dispute resolution service shows that fewer than 100 cases have received compensation in nearly two years of operation.
Lender TAB secures up to £300m funding led by Natwest with focus on sustainability October 23, 2023 Lender TAB has secured an up to £300m round of funding with Natwest and Atalaya to support its bridging and mortgage products. The private securitisation facility will enable TAB to fund borrowers for up to ten years and leverage its ability to provide capital quickly, the firm announced on Monday. TAB, which is set to [...]
Brits hurt by most ‘unfriendly’ mortgage market in the world: lending boss October 22, 2023 The UK's mortgage market is one of the most "consumer unfriendly" markets in the world due to the prevalence of short term deals, boss of new mortgage lender Perenna told City AM.
Lloyds, Natwest and Barclays in for a ‘tough quarter’ as pressure on interest income persists October 22, 2023 n results for the second quarter both Natwest and Barclays UK lowered their forecast for the full-year NIM on the back of an increasingly competitive deposit and mortgage market.
Bank of England governor Andrew Bailey predicts drop in inflation allaying recession fears October 20, 2023 UK inflation is set to drop markedly for October amid continued efforts to tackle the higher cost of living, the governor of the Bank of England has said. Andrew Bailey indicated inflation will return to its recent pattern of slowdowns after the Office for National Statistics (ONS) recorded a surprise pause last month, leaving inflation [...]
US banks flag concerns over commercial real estate as debt distress reaches highest level in a decade October 19, 2023 The largest lenders in the US have been building their loss provisions in case loans to the commercial real estate sector turn sour over the coming months.
Lloyd’s of London warns major cyber attack on payments could cost world $3.5 trillion October 18, 2023 A major cyber attack on a financial services payments system could cost trillions, Lloyd's has found, as demand for cyber insurance booms.