Three quarters of UK small businesses want to spread their deposits after SVB collapse, research shows July 26, 2023 Three quarters of small businesses in the UK are considering spreading their deposits among a range of different banks following March’s banking crisis. According to new research from payments provider Neo, 75 per cent of UK SMEs are considering diversifying their bank pool while six per cent already have. Neo surveyed 100 CFOs and treasurers [...]
London court gives green light to £2.7bn foreign exchange claim against six major banks July 25, 2023 The Court of Appeal ruled today that a £2.7bn class action claim relating to foreign exchange manipulation can proceed on an opt-out basis. The claim, brought by FX Claim UK, represents tens of thousands of participants in the foreign exchange market who suffered damages from the anticompetitive behaviour of six of the largest banks in [...]
HSBC set to reduce fixed-rate deals as hopes rise that mortgage rates will start to fall July 25, 2023 HSBC became the first high street bank to announce they will be reducing rates on a swathe of their fixed-rate products, sparking hope that mortgage rates might begin to fall. Mortgage rates have spiralled in recent months as inflation has remained stubbornly above the Bank of England’s target. Traders are now betting that the Bank [...]
HSBC, Nationwide and TSB failed to send transaction histories to some customers July 25, 2023 HSBC, Nationwide Building Society and TSB collectively let down a total of nearly 170,000 customers by failing to provide payment transaction histories, according to the competition watchdog. The Competition and Markets Authority (CMA), which has written to the two banks and building society, said the failures are “not acceptable”. The providers breached part five of [...]
Paragon Bank attracts billions of pounds in new deposits as savers seek better rates July 25, 2023 FTSE 250 challenger Paragon Bank has attracted billions in new deposits over the past year, as customers seek better rates on their savings. Paragon said its retail savings balance stood at over £12.3bn by the end of June, up 21.6 per cent on the same period last year. It noted these deposits were “predominantly fixed [...]
Italian banking giant Mediobanca backs London with £10.4m investment in startups July 25, 2023 One of Italy’s largest investment banks Mediobanca has committed €12m (£10.4m) to a joint venture with early stage investor Founders Factory to help scale fintech startups. The joint venture will build and invest in 35 fintech businesses over the next five years. Mediobanca’s investment will help underpin a new fintech venture studio accelerator, enabling innovation [...]
Nigel Farage receives apology from BBC over Coutts account closure reporting July 24, 2023 The BBC has apologised to Nigel Farage for suggesting he lacked the funds needed to hold an account at Coutts after the private bank cut ties with the former Ukip leader. The BBC’s business editor Simon Jack made the apology after a story published by the corporation suggested Mr Farage had his account shut for [...]
Credit Suisse hit with record £87m fine by UK bank regulator for Archegos failings July 24, 2023 Credit Suisse has been hit with a record £87m fine by the Prudential Regulation Authority (PRA) for its failures relating to the collapsed hedge fund Archegos Capital. The PRA criticised Credit Suisse’s “significant failures in risk management and governance” between the start of 2020 and the end of March 2021. “This is the PRA’s highest [...]
Julius Baer records £6.4bn in new money after Credit Suisse collapse July 24, 2023 Swiss private bank Julius Baer has reaped the rewards of Credit Suisse’s collapse as it reported net inflows in the first half of the year. In the six months to June, the bank attracted CHF7.1bn (£6.4) in new money from wealthy clients, helping to bring assets under management to CHF441bn. This compared to net outflows of [...]
Atom Bank swings to first profit as juicy rates tempt in savers July 24, 2023 Atom Bank has notched its first full year of operating profit today after jacking up its savings rates and nearly doubling its customer base over the past year.