TSB IT meltdown: Former and current bosses criticise damning probe into online outages November 19, 2019 Past and present TSB bosses have criticised parts of a damning independent probe into the bank’s catastrophic IT meltdown last year. City law firm Slaughter and May has concluded that TSB’s board lacked “common sense” in the run-up to an IT outage which left 2m TSB customers without access to online banking. Both TSB and [...]
Dame Jayne-Anne Gadhia’s fintech startup Snoop gets watchdog approval November 19, 2019 Fintech startup Snoop, launched by ex-Virgin Money boss Dame Jayne-Anne Gadhia, has won approval from the UK’s financial watchdog to handle customer data, a key step in the company’s ambitions. Snoop is an app that pledges to use consumer’s financial data to deliver “personalised insights to help consumers avoid rip-offs and make the most of [...]
TSB IT meltdown blamed on data centre test failure November 18, 2019 The IT meltdown that left nearly 2m TSB customers without access to online banking is set to be partly blamed on the company’s failure to test one of its new data centres. A long-awaited inquiry by City law firm Slaughter and May has concluded that the decision to test only one of the new data [...]
How the pound could react to a Tory General Election victory November 18, 2019 Buffeted by Brexit and a global economic slowdown, the pound has had a wild ride in 2019. Now, City economists believe sterling is at a crossroads, with the upcoming General Election poised to send sterling soaring – or diving. A Conservative majority could fire the pound above $1.40, analysts said, but a Labour victory may [...]
Creative monetary policy alone won’t spur sustainable economic growth November 18, 2019 The latest decision from the European Central Bank to reactivate quantitative easing to revitalise the comatose Eurozone economy has been met with scepticism — this time even by central bankers in the Eurozone. The doubters within the central banking community are now openly voicing their disagreement with such monetary policy tools. Monetary policy in the [...]
TSB’s IT boss ‘kept board in dark’ ahead of tech meltdown November 17, 2019 TSB Bank’s head of IT reportedly failed to warn board members about “shortcomings” with the testing of a new technology system days before it suffered a huge meltdown. TSB is facing a lengthy investigation by City law firm Slaughter and May into the botched rollout of a new IT system that caused nearly 2m customers [...]
Lloyds shareholders lose £385m HBOS High Court case November 15, 2019 Lloyds shareholders today lost a £385m High Court case against the bank’s acquisition of HBOS at the height of the financial crisis. England’s highest court rejected a claim from a group of 5,803 investors that they were “mugged” when the bank recommended the 2009 deal without revealing the state of HBOS’ finances. Read more: First [...]
How can you stop your credit card being sexist? November 14, 2019 Can a credit card be sexist? It’s not a question most people would have thought about before this week, but on Monday, the US financial regulator announced an investigation into claims of gender discrimination by Apple Card. The algorithms Apple Card used to set credit limits are, it has been reported, inherently biased against women. [...]
Google to offer current accounts from next year November 13, 2019 Google will offer personal current accounts from some time next year in partnership with banks and credit unions, as the tech titan tries to take a bite out of the personal banking market. Citigroup and the Stanford Federal Credit Union will run the accounts for the project, which has been named Cache, the Wall Street [...]
Banks are under threat – and this time it’s personal November 13, 2019 The launch of Uber Money, which provides payment and banking services to the company’s drivers, is an example of the next big trend in banking — the rise of the so-called “non-bank”. The establishment of a financial product for non-banks goes beyond simple revenue growth. It is about establishing loyalty, and in the case of Uber, loyalty [...]