Number of fraud cases falls from pandemic highs but remains sky high at 3.5m July 20, 2023 Fraud levels have returned to pre-pandemic levels but remain sky high, according to estimates from the Crime Survey for England and Wales (CSEW). The CSEW estimated that there were 3.5m cases of fraud in the year to March. This was roughly equivalent to pre-pandemic levels, with the CSEW arguing the pandemic fraud spike was not [...]
Explainer: What’s going on with Farage’s bank account July 20, 2023 Coutts, a prestigious private bank owned by Natwest, is under pressure after it emerged that Nigel Farage’s bank account had been closed, ostensibly for his political opinions alone. The story has caused a furore and, with politicians wading in, it could even spark a set of new rules which would prevent banks ‘debanking’ customers with [...]
I’ve loved every minute of it July 20, 2023 Without aviation insurance, people can’t fly,” says Mark Skilton, Aon’s chairman of Global Speciality within the firm’s Reinsurance Solutions business. Therein lies the rub of the entire insurance industry – a sector that, often in the background, keeps the world moving. And in doing so, it often has to move at speed: Skilton explains to [...]
Farage: Government right to consider Natwest licence over Coutts brouhaha July 20, 2023 Nigel Farage has praised the Government following reports ministers are considering making new laws to stop banks closing customers’ accounts because they disagree with their political views. The former Ukip leader said MPs are “beginning to realise that this system is coming for them as well” after his bank accounts were closed by Coutts because his views [...]
US Fed fines Deutsche Bank $186m over failure to improve money laundering checks July 20, 2023 The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186m for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the U.S. central bank. The new penalty for lingering issues marks the latest blow for the German lender, which has struggled for years to get on [...]
New sustainability reporting standards are a game changer for businesses July 20, 2023 In June, the International Sustainability Standards Board (ISSB) published its long-awaited inaugural standards for sustainability reporting. The launch of the standards is widely regarded as a hugely important milestone in the global fight against climate change. By providing a global baseline for businesses to report comparable information on sustainability issues, the new standards should make [...]
Coutts treatment of Farage ‘ought to jeopardise’ Natwest’s bank licence, senior Tory says July 19, 2023 Top Tory MPs have piled pressure on Coutts and its owner Natwest after the private bank reportedly closed Nigel Farage’s account because his views do “not align with our values”. Former Brexit secretary David Davis said the decision amounted to “thinly veiled political discrimination” and called it a “vindictive, irresponsible and undemocratic action”. Speaking during [...]
Banks to avoid surge in delinquency even as average interest rate on credit card hits highest level this millennium July 19, 2023 The average rate of interest on UK credit cards hit their highest level in nearly 30 years last month, but experts suggested there would not be a surge in delinquencies. According to Bank of England data, the average rate of interest on a credit card surpassed 23 per cent in June for the first time [...]
Goldman Sachs’ profit tanks on dealmaking slump and costs tied to consumer arm July 19, 2023 Goldman Sachs’s profit tanked in the second quarter as the investment banking giant continued to struggle with the downturn in M&A activity while booking rising costs. Profit in the second quarter fell to $1.1bn, 62 per cent lower than last year while revenue fell eight per cent. The drop was primarily driven by a decline [...]
Farage claims documents show Coutts closed his accounts for political reasons July 19, 2023 Former Brexit Party leader Nigel Farage said he has obtained documents that show his accounts with the private bank Coutts, a unit of taxpayer-backed bank Natwest were being closed primarily for political reasons. In a video posted on Twitter on Tuesday, Farage said he received a 40-page document from Coutts after filing a “subject access [...]