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 [...]
Barclays, Lloyds and Natwest launch business hubs as branch closures hit small firms March 11, 2019 Three of the UK’s largest banks have unveiled plans for joint business hubs amid fears small firms are being hit by branch closures. Natwest, Lloyds Bank and Barclays have announced the pilot, which will see six business banking hubs launched across the country. Read more: Digital bank Monzo in discussion with Post Office over cash [...]
Bank of America Merrill Lynch creates new UK investment banking top job March 11, 2019 Bank of America Merrill Lynch has created a head of UK investment banking role in a vote of confidence in the country amid political uncertainty. Former UBS head of UK advisory James Robertson and Peter Luck, who joined the company in 2013, have been appointed to the role. Read more: Bank of America Merrill Lynch edges [...]
Natwest launches fingerprint payment trial for contactless card purchases March 11, 2019 Natwest will trial fingerprint payment technology to allow customers to make purchases worth more than £30 when using their contactless card. The trial, which will begin in the next few weeks, will allow shoppers to verify payments above the £30 contactless limit using their fingerprint rather than having to enter their Pin number. Read more: [...]
One Savings Bank and Charter Court shares soar after merger talks confirmed March 11, 2019 Shares in One Savings Bank and Charter Court Financial Services soared this morning on the news that the firms are in the final stages of talks regarding a potential merger. One Savings Bank saw its share price jump 9.84 per cent to 406p this morning, while Charter Court’s stock was up 10.31 per cent to [...]
Provident Financial brands £1.3bn Non-Standard Finance takeover offer ‘strategically and financially flawed’ March 11, 2019 Doorstep lender Provident Financial has doubled down on its rejection of a takeover bid by rival firm Non-Standard Finance (NSF) this morning. Provident said it believes the proposed £1.3bn deal is “strategically and financially flawed” after NSF published a document outlining the terms of the offer over the weekend. Read more: Non-Standard Finance targets Provident [...]
Revolut fights back: Nik Storonsky on negative press, growing pains and what’s next March 11, 2019 Revolut has endured a torrid start to 2019. Drawing the City watchdog’s attention after causing concerns by temporarily shutting down its sanctions screening system last year, the fintech starlet was revealed to have lost its finance chief, and drew further negative publicity when a customer complained of a bungled £70,000 payment. Its woes were compounded [...]
Nicky Morgan ducks investigation into Treasury role in RBS GRG unit March 10, 2019 Former Cabinet minister Nicky Morgan has ducked an investigation into the relationship between the Treasury and RBS's disgraced global restructuring unit GRG. Morgan, who chairs the Treasury Select Committee, responded to a letter from Sir Vince Cable in which the former business secretary called for a probe into allegations the Treasury may have “actively encouraged” the activities [...]