DEBATE: As RBS trials a fingerprint bank card, is biometric technology the future for digital payments? March 14, 2019 As RBS trials a fingerprint bank card, is biometric technology the future for digital payments? YES, says Ann Cairns, vice chairman of Mastercard. As we shift towards using digital services, and the need to protect our data becomes ever more critical, the use of passwords is woefully outdated. Many people simply have more passwords than [...]
One Savings Bank and Charter Court announce terms of £1.6bn merger March 14, 2019 Challenger banks One Savings Bank and Charter Court have confirmed the terms of a £1.6bn merger. Following the completion of the deal One Savings Bank shareholders will own around 55 per cent of the combined company, the firm announced as it posted its full-year results for 2018. Read more: One Savings Bank and Charter Court [...]
Former graduate trainee takes UBS to court over handling of London rape allegation March 13, 2019 A former graduate trainee has taken UBS to court over its handling of her alleged rape by a colleague nearly 20 years her senior. The claimant, referred to as Ms A, has filed a lawsuit against the Swiss bank for sexual harassment and victimisation, her legal team said today. Read more: UBS fined €4.5bn in [...]
Bank for International Settlements warns central banks over risk posed by cryptocurrency exposure March 13, 2019 The Bank for International Settlements (BIS) has warned banks that cryptocurrencies could pose a risk to financial stability. The BIS Basel Committee, which sets regulatory standards for central banks, said the growth of crypto asset trading platforms and new financial products could increase the risks faced by lenders. Read more: Most UK consumers unable to [...]
Swiss private bank Edmond de Rothschild to delist March 13, 2019 Swiss private bank Edmond de Rothschild has announced plans to delist and restructure in a move to consolidate the group. The family buyout comes after a settlement was agreed last year among Rothschild cousins over the use of the historic family name for commercial matters, forcing two warring companies to simplify their complex and intertwined [...]
Strong results in Asia push up Prudential’s profits March 13, 2019 Prudential saw profits in Asia grow by 10 per cent over 2018, as it cashed in on customer demand for health, protection and savings services in the continent. The figures The British life assurance and financial services company’s profit before tax rose by three per cent in 2018 to reach £4.8bn. Prudential’s cash holdings and [...]
Provident restores dividend as doorstep lender fights takeover bid from Non Standard Finance March 13, 2019 Provident Financial has restored its dividend after implementing a turnaround plan, the doorstep lender announced today as it fights off a takeover bid from rival Non Standard Finance. The figures Shares were up more than three per cent as the company announced that adjusted profit before tax increased by 82.3 per cent to £153.5m. Statutory [...]
Working groups established to help finance sector deal with climate change March 12, 2019 Four working groups have been set up to deal with the risks climate change poses to the UK’s financial system, the Bank of England and the Financial Conduct Authority (FCA) said. The groups will focus on risk management, scenario analysis, disclosure and innovation, the groups said. The decision was made at the first meeting of the Climate [...]
Challenger banks ‘still a year away’ from competing with major lenders, Aldermore chief executive Phillip Monks says March 12, 2019 Challenger banks are still at least a year away from being able to fully compete with the dominant UK lenders, according to the chief executive of Aldermore. Phillip Monks, who founded the first UK challenger bank 10 years ago, said the main players in the sector must secure a licence to adopt an internal ratings-based [...]
UK bank shares: A pre-Brexit view March 12, 2019 | City Talk Some UK bank shares have made massive profits for shareholders, but how should you play the sector now? It’s been a few weeks since the last of the big UK-listed banks published results for 2018, and share price performance since has been varied. Brexit, of course, has played its part and, with some lenders up [...]