Savings rates: Big banks to meet regulator this week after ‘blatant profiteering’ claims July 4, 2023 Banks will meet with the regulator this week to discuss the savings rates on offer as pressure grows on the UK’s largest lenders to avoid so-called ‘profiteering’. Heads of the largest UK banks – including Lloyds, NatWest, Barclays and HSBC – will meet with the Financial Conduct Authority on Thursday, according to people familiar with [...]
Fraud ‘epidemic’ may be even worse than figures suggest, experts warn July 4, 2023 The scale of fraud in the UK may be significantly higher than figures show, suggesting the fraud epidemic is even worse than feared, according to industry experts. Fraud has skyrocketed in recent years as a result of the rise of online payments, the pandemic and lax enforcement. Figures from UK Finance put the total lost [...]
Bank of England warns lenders of ‘fiendishly unpredictable’ risks from climate change July 4, 2023 The Bank of England has cautioned lenders that they need to keep a close eye on commodities and private credit to avoid financial problems. Speaking at a UK Finance event, Nathanaël Benjamin – who is responsible for authorising the UK arms of international banks – warned there were a range of dangers facing banks. Benjamin [...]
MPs to probe if SMEs can get cash they need – or if the government should step in July 3, 2023 The Treasury Committee has launched a new inquiry into the problems small and medium-sized enterprises (SMEs) face in accessing financing. Over the next couple of months the cross-party group of MPs will explore issues in the industry and how regulation and government can respond. Harriett Baldwin, chair of the Committee said: “Small businesses are the [...]
Meta urged to press paws on pet fraud as dog ads drive Facebook scam surge July 3, 2023 Fraudsters on Meta-owned platforms are increasingly taking advantage of British animal lovers, new data shows. According to research from Lloyds, pet scams were up 24 per cent compared to last year with the average victim losing £307. Dogs were the most common pet used to scam unsuspecting Brits out of their money with Yorkshire Terriers [...]
HSBC, Barclays, Lloyds and NatWest under fire for ‘measly’ savings rates… again July 3, 2023 Banks are in the firing line for low savings rates once again after the big four lenders received another letter from the influential Treasury Committee. Writing to the UK heads of the big four banks, Harriet Baldwin – chair of the Treasury Committee – said the Committee was “concerned that banks’ savings rates remain too [...]
LendInvest given £500m investment boost from Chetwood to fund buy-to-let mortgages July 3, 2023 LendInvest, the London-listed property fintech, has received a £500m investment boost to fund some of its future lending from Chetwood Financial. The investment will fund mortgage originations from LendInvest’s buy-to-let mortgages, aimed at professional landlords, and residential mortgages, for those underserved by high street mortgage providers. Chetwood, a Wrexham-based digital bank, has become the latest [...]
Crowdcube joins team of rivals launching new retail investment platform Retailbook July 3, 2023 Crowdcube has joined the alliance of brokers who are forming Retailbook, the new platform giving retail investors access to IPOs. Crowdcube, based in Exeter, is one of the world’s largest equity crowdfunding platforms. Since its founding in 2016, it has raised over £1.2bn for over 1,300 businesses including Monzo, Revolut and What3Words. It will join [...]
Top U.S. banks raise dividends after sailing through Fed stress tests July 1, 2023 U.S. banks including JPMorgan Chase, Wells Fargo, Goldman Sachs and Morgan Stanley hiked their third-quarter dividends on Friday after sailing through the Federal Reserve's annual health check
Insurers back Bank of England Brexit Solvency II reforms and new investment push June 30, 2023 Insurers welcomed proposals released yesterday detailing potential post-Brexit reforms to the EU’s Solvency II regime. The EU’s Solvency II regime imposed rules on how much capital insurers had to hold and where it could be invested. Plans to reform the regime were announced last year and are designed to unlock billions in capital from the [...]