Challenger banks yet to overcome Brits’ lack of trust, study finds November 20, 2019 Two fifths of Brits don’t trust challenger banks at all, while over half are worried technology will put their data at risk, according to a new study. The research, conducted by Fujitsu, suggests that concerns over security are slowing the British public’s adoption of technology. Read more: Trading giant Robinhood makes its UK debut in [...]
Stop attacking ECB, new board member tells fellow Germans November 20, 2019 Incoming European Central Bank (ECB) board member Isabel Schnabel has told her fellow German economists to dial back their attacks on the Eurozone’s central bank, saying they threaten the euro. “Dear fellow German economists, if you are wondering what you can do for Europe: Please help to dispel the harmful & wrong narratives about the [...]
City watchdog hits Henderson Investment Funds with £1.9m fine for overcharging retail customers November 20, 2019 City watchdog the Financial Conduct Authority (FCA) today said it had fined Henderson Investment Funds Limited (HIFL) nearly £1.9m for treating retail customers unfairly. The FCA said HIFL had overcharged 4,500 retail customers in two of its funds, the Henderson Japan Enhanced Equity Fund and the Henderson North American Enhanced Equity Fund. In 2011 HIFL’s [...]
ECB: Record-low interest rates causing ‘excessive risk-taking’ November 20, 2019 Record-low interest rates in the Eurozone have led to “excessive risk-taking in some sectors” which could threaten financial stability, the European Central Bank (ECB) has warned. The ECB defended low rates in its latest financial stability report, however, saying they were necessary to support economic activity in the struggling Eurozone. Read more: ECB warned over [...]
HSBC investment banking boss to lose role in shake-up November 20, 2019 HSBC’s investment banking boss is reportedly set to be replaced as part of a shake-up under interim chief executive Noel Quinn. The lender’s head of global banking and markets Samir Assaf is to be moved to a non-executive role, according to the FT. Read more: Softbank in talks over KPMG’s private members club Assaf has [...]
Three more companies ditch sponsorship of Prince Andrew’s Pitch@Palace scheme November 19, 2019 Three more companies said they would no longer support Prince Andrew’s entrepreneurial scheme Pitch@Palace, a day after KPMG jumped ship. International banking giant Standard Chartered was the first to pull the plug. A spokesman confirmed: “We won’t be renewing the sponsorship when it ends in February.” Read more: Corporate sponsors look to desert Prince Andrew’s [...]
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 [...]