Consumer Duty comes into force in biggest regulatory shake-up for a decade July 31, 2023 The City watchdog’s flagship new regulation, the Consumer Duty, comes into force today with experts describing it as the most important regulatory change in a decade. The new principle aims to ensure firms deliver good outcomes for consumers on the quality and price of products and services, and make sure a higher standard of consumer [...]
Financial services tribunal can boost competitiveness and help small businesses, experts argue July 30, 2023 A financial services tribunal could boost the City’s competitiveness by providing a body of consistent case law and a route for firms to seek justice, experts told City AM. Speaking to City A.M. Richard Samuel, barrister at 3 Hare Court Chambers, said “London’s common law dispute resolution system is a key part of what makes [...]
Interest rate boost slowing for banks as changing customer behaviour cuts margins July 30, 2023 The UK’s high street banks have warned that the boon from rising interest rates might be coming to an end as changing customer behaviour and an increasingly competitive mortgage market hits margins. Natwest, Barclays and Lloyds recorded bumper profits last week, but investors were dismayed by the more cautious outlook. Both Natwest and Barclays UK [...]
Debanking: Number of account closures since 2016 skyrockets as banks take tough line on financial crime July 30, 2023 The number of bank accounts being closed climbed to nearly 350,000 last year as banks adopted an increasingly vigilant stance towards their customers. According to data from a freedom of information request submitted by the Daily Mail to the Financial Conduct Authority (FCA), the number of accounts being closed has increased from under 50,000 in [...]
Co-op Bank has 10th straight quarter of profitability as net interest income rises July 28, 2023 Rising rates helped the Co-operative Bank record a tenth consecutive quarter of profitability, as the lender considers its options regarding a potential sale. Although it recorded a significant increase in net interest income, which rose to £245.1m from £108.2m last year, the Co-op bank profit remained roughly flat at £61.8m due to increased expenditure. Operating [...]
Natwest chair Howard Davies WILL stay on after Nigel Farage Coutts scandal July 28, 2023 Natwest chair Howard Davies said he would stay on as boss of the bank’s board while the lender tries to recover from the scandal involving Nigel Farage’s Coutts bank account. Speaking to reporters after the bank published its results, Davies said “my intention is to continue to lead the board and ensure that the bank [...]
Natwest: Alison Rose signs off with bumper profit even as bad loan provisions double July 28, 2023 Natwest announced a new share buyback scheme after beating expectations in the second quarter, but cut its guidance as customers increasingly seek out higher rates on their deposits.
Standard Chartered announces $1bn buyback scheme after profits soar on rising rates July 28, 2023 Standard Chartered announced a further $1bn (£780m) share buyback after recording better than expected results in the second quarter on the back of rising interest rates. Pretax profit at the bank climbed 18 per cent to $1.5bn, higher than the $1.4bn predicted by analysts. This came thanks to a 29 per cent increase in net [...]
Nationwide and TSB join HSBC in reducing rates on mortgage deals July 27, 2023 Nationwide and TSB joined HSBC in reducing rates on a range of mortgage products today, as rates on mortgages continued to come down after last week’s inflation reading. Nationwide announced that it would be reducing fixed rates by up to 0.35 per cent while it would reduce rates available on its tracker products by 0.2 [...]
Coutts boss Peter Flavel resigns over Farage account closure July 27, 2023 The boss of private bank Coutts has resigned for his part in the closure of Nigel Farage’s bank account. Peter Flavel’s resignation follows the departure of Natwest boss Dame Alison Rose in the early hours of Wednesday morning and comes as pressure grows on other members of the Natwest board to step down over the [...]