One Savings Bank and Charter Court Financial Services Group confirm £1.6bn merger talks March 10, 2019 Challenger banks One Savings Bank and Charter Court Financial Services Group are in final talks over a potential £1.6bn merger, the firms have confirmed. The companies said they are in advanced discussions regarding an all-share combination, which would see One Savings Bank chief executive Andy Golding become the boss of the combined group. Read more: [...]
Leading challenger banks in advanced talks about £1.6bn merger March 9, 2019 OneSavings Bank and Charter Court Financial Services Group are in advanced talks about a merger that would create a lender worth more than £1.6bn Discussions have been ongoing for a number of months between two of Britain's biggest challenger banks and an announcement could confirm a deal within the next fortnight, according to Sky News. Read [...]
Investors fear £236m given to London Capital & Finance is lost after firm collapses March 9, 2019 London Capital & Finance (LCF) has collapsed and thousands of people who collectively invested £236m into a high-risk bond scheme fear they may have lost everything, according to the BBC. The scheme was marketed as a "Fixed Rate ISA" and the company, now in administration, is under investigation for mis-selling products. Many of those who put [...]
Bank of England takes action over Visa card payment outage March 8, 2019 The Bank of England (BoE) has taken action against Visa following an outage last year that caused more than 2m card transactions to fail. The BoE has announced supervisory action to ensure that Visa Europe enforces the recommendations made following an independent review by EY in the wake of the incident. Read more: TSB online [...]
Non-Standard Finance targets Provident takeover despite rejected bid March 8, 2019 Sub-prime lender Non-Standard Finance is continuing to target a takeover of troubled rival firm Provident despite its offer being rejected, the company revealed in its full-year results this morning. The figures Read more: Provident Financial resolves regulation issues with City watchdog Revenue increased 47 per cent to £158.8m from 107.7m in the 12 months to [...]
Barclays, HSBC, JP Morgan back Wealthiher initiative to help women with wealth March 8, 2019 Some of the City’s biggest firms and major international banks have thrown their weight behind an initiative to help women grow and protect their wealth. Read more: Women-led startups win under 10 per cent of VC funding Wealthiher will showcase the rise in women’s wealth, and highlight the different needs that wealthy women have. The [...]
BNY Mellon backtracks on home working crackdown after staff outcry March 7, 2019 US bank BNY Mellon has U-turned on a proposed crackdown on flexible working arrangements after an outcry from staff. The bank had launched a review of flexible working with staff expected to work from the office in most circumstances. Financial News first reported the story on Monday which triggered a backlash from staff and diversity campaigners. Read [...]
The big banks are losing their grip on the market to fintechs and challengers, but can big data save the day? March 7, 2019 Over a year on from the launch of Open Banking, and following last year’s IT catastrophes at Visa and TSB, it is no surprise that many in our industry are considering how effectively the big banks are reacting to this era of transformative technological upheaval. It is estimated that the five biggest UK banks hold [...]
Nationwide invests in former Barclays CEO’s fintech firm in bid to shake up business banking March 7, 2019 Nationwide has acquired a £15m stake in fintech startup 10x Future Technologies as it looks to boost its digital offering and shake up the business banking sector. The UK’s largest building society has invested in the firm founded by former Barclays boss Antony Jenkins to build a digital platform for its new business current account. [...]
Three directors to leave Barclays board as bank faces threat from activist investor Ed Bramson March 6, 2019 THREE directors will leave Barclays in May, the bank said today, as it looks to fight off activist investor Ed Bramson’s bid for a seat on the board. The bank said Mike Turner, former chief executive of BAE Systems, would step down as the arrival of new chairman Nigel Higgins “presented an opportunity to review [...]