The UK’s fintech sector hits record level of investment as startups turn into scale-ups February 12, 2019 Investment into the UK's blossoming fintech sector broke records last year, as the country's startups reached a new stage in their growth journey. Venture capital and private equity investment in British fintech rose to an all-time high of $3.3bn (£2.6bn), up 18 per cent compared to 2017's levels, according to data published today by Innovate Finance. [...]
Pressure mounts on Treasury to publish legal documents on relationship with RBS GRG unit February 12, 2019 Pressure is mounting on the Treasury to release key legal documents regarding its relationship with RBS following allegations it held significant operational control over the bank's disgraced global restructuring unit GRG. Scottish Labour MP Martin Whitfield has lodged a series of parliamentary questions asking for a legal agreement between RBS and the Asset Protection Agency (APA), an [...]
CYBG enters joint venture with fintech platform Salary Finance to boost personal lending business February 12, 2019 Clydesdale and Yorkshire Bank owner CYBG has entered a joint venture with a fintech platform to boost its lending business. CYBG has partnered with fintech financial wellbeing platform Salary Finance as it looks to develop its unsecured loan business. Read more: CYBG shares soar as it boosts mortgage lending Both firms will pump £500,000 into [...]
Lloyds online banking down: Customers unable to access accounts as Lloyds suffers outage February 11, 2019 Lloyds' online banking system crashed this morning, leaving some customers unable to access the service. The failure followed scheduled maintenance to the bank’s online banking, mobile app and tablet app services over the weekend. Customers were able to access online banking from around 5pm this evening. Read more: Noel Edmonds’ lawyer to take on Lloyds over Bristol [...]
International Investing – the whys and wherefores February 11, 2019 | City Talk In 1926, engineer, inventor and philosopher Nicolas Tesla, said “”When wireless is perfectly applied the whole earth will be converted into a huge brain. We shall be able to communicate with one another instantly, irrespective of distance… and the instruments through which we shall be able to do his will be amazingly simple compared with [...]
Monzo to roll out business bank accounts in revenue shake-up February 10, 2019 Digital bank Monzo will launch its first business accounts today, as the loss-making challenger attempts to find a more efficient way to generate revenue. The bank will open a waitlist, initially accepting only the first 100 applicants into beta testing. Monzo said it hopes to fully launch accounts for small businesses by the end of [...]
High Court to examine allegations of Treasury involvement in scandal-hit RBS GRG unit February 10, 2019 The Treasury’s role in determining the strategy and actions of RBS’s disgraced restructuring unit GRG is to be examined in court for the first time after a High Court judge ruled the issue was relevant to a £100m claim being pursued by a Manchester-based property developer. The court ruling on Friday allows Oliver Morley, who [...]
Going for gold: How the Bank of England became a battleground of the Venezuela crisis February 10, 2019 While tens of thousands of Venezuelans continued their revolt against the regime of discredited strongman Nicolas Maduro last week, a rather different form of protest popped up in the Square Mile. A group of far-left protesters, who counted Ken Livingstone and Labour MP Chris Williamson among their ranks, accused the Bank of England of “theft” [...]
RBS set to report rise in profits for second consecutive year February 10, 2019 The Royal Bank of Scotland is set to report a rise in profits for the second year running in its full-year results this week. Net income is forecast to increase from £752m to £1.46bn and revenue is expected to increase from £12.8bn to £13.25bn when the bank reveals its financial results on Friday, according to [...]
RBS cuts bonus pool to £335m after posting successive annual profits February 9, 2019 Royal Bank of Scotland (RBS) will hand out a £335m bonus to its staff next week with it set to announce its second successive annual profit since becoming state-owned. The RBS board and UK Government Investments (UKGI) have agreed on the bonus amount. UKGI manages the public’s 62.4 per cent stake in the bank. Payouts [...]