Monzo smashes past £2bn valuation in fresh round from Silicon fund June 25, 2019 Just six months on from its last capital plug, digital bank Monzo has raised £113m from major US tech investor Y Combinator in a round that values the startup at more than £2bn. Through its Continuity fund, Y Combinator joined the round alongside other investors including Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel [...]
Labour to launch inquiry into ‘shadow banking’ that funds anti-environment industries June 24, 2019 Labour is launching an inquiry into “shadow banking” in a bid to crack down on investment that fuels industries contributing to climate change. Shadow chancellor John McDonnell announced the the investigation in a speech to UK Finance on Monday as he talked up Labour’s green credentials. McDonnell praised the actions of the Extinction Rebellion protestors [...]
Lloyds freezes 8,000 offshore bank accounts June 24, 2019 Lloyds Banking Group has frozen about 8,000 bank accounts registered offshore after asking the customers for three years to prove their identities. The banking giant, which has its international business in Jersey, was forced to take action in order to meet regulatory requirements. Read more: Deutsche Bank faces US money laundering investigation The move to [...]
Danske Bank sacks former interim CEO over £50m fees crisis June 24, 2019 Danske Bank plunged into a fresh crisis this morning as it fired the man who served as its interim chief executive during a money laundering scandal. The embattled Danish bank dismissed Jesper Nielsen from his role as head of banking and his membership of the bank’s executive board. Read more: Danske finds new boss after [...]
Bank of Scotland fined £45m for failing to report HBOS fraud June 21, 2019 Bank of Scotland has been hit with a £45.5m fine for failing to report suspicions of fraud at its Reading branch. The Financial Conduct Authority (FCA) said there was “insufficient challenge, scrutiny or inquiry across the organisation and from top to bottom”. Read more: Lloyds bank avoids shareholder revolt over pension pay The bank identified [...]
City MP Mark Field faces calls to resign after grabbing Mansion House protester by neck June 21, 2019 City of London MP Mark Field is facing calls to resign this morning after a video emerged of him grabbing a climate change protester by the neck. The foreign officer minister has referred himself to the Cabinet Office for investigation and police have confirmed they are looking into the incident. Read more: Climate protests get [...]
Treasury Committee chair Nicky Morgan blasts FCA over consumer access to financial services June 21, 2019 Treasury committee chair Nicky Morgan criticised the Financial Conduct Authority (FCA) today for “lacking in desire” to improve consumer access to financial services. The Treasury Committee made a series of recommendations of how consumer access to financial services could be improved in a report published last month. These included a requirement that firms act in [...]
Climate protests get ugly as City waves goodbye to Hammond June 21, 2019 Two of the most powerful custodians of the UK economy last night laid out their vision for how the financial sector can thrive after they leave office. Addressing a City audience in the heart of the Square Mile, chancellor Philip Hammond announced a major review into financial regulation as the banking sector undergoes rapid change and Britain prepares to leave the European Union. [...]
Bank of England cuts growth forecast and holds interest rates as no-deal Brexit risk rises June 20, 2019 The Bank of England has decided to keep interest rates unchanged warning that the likelihood of no-deal Brexit was rising and global trade tensions were intensifying. The rate-setting committee, which raised rates to 0.75 per cent in August last year, unanimously voted to hold interest rates, it said today. Read more: Three reasons why the [...]
UK banks need ‘more support’ and tax cuts after being let down over Brexit June 20, 2019 UK banks need more support from government to promote a positive vision and cut taxes on the industry, UK Finance chairman Bob Wigley has said. The trade body chair said government failed to adequately support the finance industry in the Brexit negotiations and called for a new formal body to be set up. Read more: [...]