For a rainy day: Monzo customers can now earn interest on their savings November 1, 2018 Fintech challenger bank Monzo is launching its first interest-earning savings pot. Customers will be able to create so-called savings pots within their Monzo account that will earn interest at one per cent per year, paid monthly, on savings of £1,000 and above. Customers can open up to 10 savings pots and can take money out [...]
ING shares rise despite €775m money laundering penalty slashing profits in half November 1, 2018 Shares in Dutch bank ING were up this morning as it reported better than expected third quarter results, despite profits getting hammered by a €775m fine. Net profits came in at €776m (£684m), a 44.6 per cent fall compared to the same period last year. Reuters reported that analysts had been expecting net profit to be [...]
Danske shares surge despite new Danish investigation and steep fall in profits November 1, 2018 Danske Bank’s shares rose steeply this morning despite profits plunging a massive 42 per cent in the third quarter off the back of a money-laundering scandal. The news comes as Danish authorities announced a separate investigation into the bank's role in a tax-avoidance scheme. The figures The company’s profit before tax took a major hit, [...]
Bank of England’s monetary policy committee keeps interest rates unchanged November 1, 2018 The Bank of England's monetary policy committee has decided to keep interest rates unchanged as expected. The rate-setting committee, which raised rates to 0.75 per cent in August, unanimously voted to hold its monetary policy following a meeting on Thursday, meeting the predictions of economists. The MPC signalled that an "ongoing tightening of monetary policy" may be [...]
Prime Minister shoots down report that financial services Brexit deal is almost secured November 1, 2018 The Prime Minister today denied reports that a Brexit deal to provide London’s financial services firms access to European markets is almost secured. The City’s access to financial markets in the EU after the UK exits the bloc next year would be based on the EU’s so-called equivalence system, according to a report in The Times this [...]
We must turn the page on the public perceptions of finance November 1, 2018 A company needs to stand for something more than making money. Sustainability matters more than profit. The mission should be a lasting contribution to society that finds a balance between all stakeholders. Those aren’t the words of a pious left-wing hand-wringer but of John McFarlane, chairman of Barclays, in an anthology of writing published this week [...]
Nicky Morgan says City could take decades to resolve regulatory relationship with EU October 31, 2018 It could take decades for the UK to work out its financial services regulatory relationship with the EU after Brexit, treasury select committee chair Nicky Morgan said. “The story of the next 40 years of this country, or it could be longer, in relation to that future relationship with the EU, is going to be [...]
Competition watchdog gives clearance for CME’s purchase of NEX Group October 31, 2018 The UK's competition watchdog has approved the $5.5bn (£4.31bn) acquisition of London-based financial exchange group Nex by US derivatives marketplace CME. The Competition and Markets Authority (CMA) announced today it will not refer the merger for an in-depth investigation, after it had launched an inquiry in mid-September. CME's share price edged 0.8 per cent higher following [...]
City A.M. shadow MPC unanimously votes to hold rates amid ‘Brexit fog’ October 31, 2018 Economists have urged the Bank of England to keep interest rates on hold at least until the “Brexit fog” has cleared. The bank's monetary policy committee (MPC) will meet on Thursday and is expected to leave rates unchanged at 0.75 per cent despite stronger-than-expected GDP growth and pay growth at its highest in almost a [...]
£350 for your thoughts: Nutmeg enters financial advice market with budget offering October 31, 2018 Online wealth manager Nutmeg revealed plans today to shake up the financial advice market with a low price fixed-fee model. The advice service, which will be provided over the phone, will offer a free initial consultation, followed by a £350 charge should the customer want recommendations. The move is a shift away from the common so-called [...]