China banks cut key interest rate in bid to revive stalling economy August 22, 2022 China’s banks have slashed a key interest rate in a token gesture to revive the world’s second-largest economy. The country’s central bank said yesterday the one-year loan prime rate offered by banks was cut to 3.65 per cent from 3.7 per cent, while the five-year rate dropped to 4.3 per cent from 4.45 per cent. [...]
Saturday Special: The biggest money laundering scandals in banking August 20, 2022 Financial watchdog the FCA warned challenger banks earlier this year to stop cutting corners in combating financial crime so that customers can set up accounts quickly and easily. Sarah Pritchard, who heads the market division of the City regulator, said in May that there cannot be a “trade-off” between getting customers to come into the [...]
Canary Wharf’s giants stand by idly as Brits flock en masse to challenger banks Monzo and Starling Bank August 20, 2022 In yet another sign that traditional High Street banks are losing ground across the UK, challenger banks have overtaken the established Canary Wharf institutions in a survey ranking how satisfied people and firms are with their services amid the worsening cost-of-living crisis. Starling Bank and Monzo were the top-ranked current account providers, while high-street lenders [...]
Liz Truss to launch ‘war on technocrats’ by merging City watchdogs August 18, 2022 Tory leadership frontrunner Liz Truss is planning an immediate shakeup of the City’s major regulators if she wins the race to become prime minister. Truss is planning to merge the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and Payments System Regulator (PSR) into a single, new body. The Conservative party MP’s plans comes [...]
Brits could miss out on £28k in retirement funds as workers opt out of pension schemes to save cash August 16, 2022 Brits could miss out on almost £30,000 in retirement funds after a near 30 per cent spike in workers opting out of pension schemes. With inflation nearing double digits and the UK in recession, new figures released by pension provider Penfold showed those pausing contributions could cost new entrants into the workforce up to £28,000. [...]
Fintech challenger banks steam ahead of high street stalwarts in CMA ranking August 15, 2022 Fintech challenger banks Starling and Monzo have leapt ahead of their traditional high street rivals in a fresh ranking of UK lenders published today by the Competition and Markets Authority.
Goldman Sachs slashes London office pay as dealmaking lull hits profits August 15, 2022 The world’s biggest investment banks have slashed the sums of money they spend on paying their staff, following a sharp decline in dealmaking. Goldman Sachs cut the sums of money it spends on paying staff in its in London offices by 59 per cent over the first half of 2022, the investment bank’s financial results [...]
Brits in EU slide into Brexit banking limbo as some UK banks shut their accounts August 15, 2022 Thousands of Brits residing in the EU have been informed by UK banks that their EU-based bank accounts will soon be shut. A range of British banks, including Barclays, have told UK citizens living in the EU that they will no longer be able to have and use their account in member states, primarily in [...]
Record £300bn wiped off UK bonds and gilts as investors flee in biggest market collapse in decades August 13, 2022 Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades. In the first six months of this year, the total outstanding value of UK corporate bonds has fallen [...]
What the new interest rates mean for the City: ‘The UK fares worse than the EU and US’ August 13, 2022 The Bank of England’s decision to further raise interest rates from 1.25 per cent to 1.75 per cent and its two-year predictions means bad news for investors and UK residents alike. And the pain is far from over. A top City analyst expects this to further rise to 2.25 per cent in September. Other than [...]