Profit not process: How our banks grew too bureaucratic for their own good August 11, 2023 Judgement is being impaired by bureaucratic process, write two of the City's foremost lawyers
How Data Changed the Game for Aon’s Brokers August 10, 2023 | Sponsored Despite playing a very important role at the heart of London’s reinsurance market, James Milne, AON’s UK and Ireland head, tells City A.M. that he doesn’t often hear about insurance around the dinner party table. But when he does, it’s usually the cost of car insurance, which has gone up significantly over recent months as [...]
Arrears continue to rise as higher rates pour pain onto borrowers August 10, 2023 Arrears continued rising in the second quarter as customers struggled with soaring repayment costs, new data shows. According to figures from industry body UK Finance, there were 81,900 homeowner mortgages in arrears of more than 2.5 per cent in the second quarter, seven per cent more than the previous quarter. Within this, 30,940 mortgages were [...]
OneSavings Bank profits slump as customers race to refinance mortgages August 10, 2023 Profit at OneSavings Bank (OSB) Group slumped in the first half of the year as the lender dealt with a £180m hit from changing customer behaviour. Pretax profit at the FTSE-250 listed specialist bank fell 71 per cent to £76.7m from £268.1m in the same period last year. The bank announced a dividend of 10.2p, [...]
Brokers predict ‘mortgage price war’ as lenders including HSBC and Nationwide cut rates again August 9, 2023 Brokers have suggested there could be a “mortgage price war” as lenders continue to reduce rates amid hopes inflation is finally on the way down. Nationwide reduced prices on some of its fixed products by up to 0.55 percentage points while HSBC reduced rates by up to 0.2 percentage points. TSB also lowered rates by [...]
Secure Trust Bank: New loans surge as lender eyes expansion August 9, 2023 Secure Trust Bank recorded a significant increase in lending in the first half of the year as it sets its sights on continued expansion over the next few years. The specialist bank reported lending growth of 8.2 per cent in the first half of the year, bringing its lending balances to £3.2bn. Three of the [...]
European bank shares fall after shock 40 per cent Italian windfall tax on excess profits August 8, 2023 Shares in European banks fell after the Italian government announced a surprise windfall tax on banks who have seen bumper profits thanks to higher interest rates. Late last night Giorgia Meloni’s populist government agreed to impose a one-off 40 per cent tax on extra-profits, defining extra-profits as when net interest income has grown beyond three [...]
HSBC’s top lobbyist apologises for slamming UK’s tougher stance on China August 7, 2023 A senior HSBC exec has apologised after accusing the UK of being 'weak' by responding to American pressure to toughen its stance on China.
Santander, Lloyds face £1bn car finance claim for pushing customers into pricey deals August 6, 2023 Santander and Lloyds face a new UK lawsuit over alleged “anti-competitive agreements” they had with car dealerships that pushed customers towards more expensive finance options when they were buying second-hand cars. The claim, filed at the Competition Appeal Tribunal last month, targets three of the largest motor finance providers: Santander UK, Black Horse, which is [...]
City regulator responds to Hunt’s de-banking letter and will report back by September August 4, 2023 The City regulator will outline the scale of the so-called ‘de-banking’ scandal next month, in response to a letter from the Chancellor last night. Writing to Jeremy Hunt, the Financial Conduct Authority acknowledged his “request of areas to cover” in an investigation into the row, and that it was “in line with our plans”. The [...]