Danske Bank shares crash to four-year low over Russian money laundering October 5, 2018 Shares in Danske Bank plunged to four-year lows this morning, after reports of an internal memo suggested the bank executed up to €8.5bn (£7.5bn) in mirror trades for Russian customers in 2013. The bank's share price fell as much as 11 per cent this morning to 141.30 Danish crowns, its largest one-day drop in seven years. [...]
Ex-HSBC employee jailed over £67,000 customer accounts scam October 5, 2018 A former HSBC employee has been imprisoned for 18 months after leaking customer account details to criminals who stole £67,000. Liberty Staph, 27, of Broadley Street in Marylebone, who worked in an HSBC contact centre in central London, pleaded guilty to three counts of fraud by abuse of position. Detectives uncovered that three bank customers had [...]
Tandem Bank narrows losses as revenue run rate rises to £15m October 5, 2018 Digital banking challenger Tandem has narrowed its losses over the last year, with a current annual revenue run rate of £15m, according to new figures seen exclusively by City A.M. Tandem Money, the parent company to the bank, reported total costs of £23.5m during 2017, up from £20.4m in 2016, according to its latest annual [...]
Financial Conduct Authority increases Brexit planning urgency, says chief executive Andrew Bailey October 4, 2018 The Financial Conduct Authority (FCA) has increased the urgency with which it is preparing for the UK to exit the European Union, chief executive Andrew Bailey said today. Former Bank of England deputy Bailey said the city watchdog is working with European regulatory partners to plan for a range of scenarios as the March 2019 deadline [...]
Watchdog slaps Lloyds with legal demands over PPI failures October 4, 2018 The UK’s competition watchdog has handed Lloyds legal directions after the lender failed to meet its obligations around managing accounts with payment protection insurance (PPI), the policy at the centre of a huge mis-selling scandal. The Competition and Markets Authority (CMA) has called on the lender to “put effective systems and procedures in place” after it [...]
Danske Bank faces US probe over €200bn money laundering scandal October 4, 2018 The crisis at Danske Bank deepened today as it confirmed that US authorities are investigating a €200bn money laundering scandal involving suspicious Russian money. Danske Bank has received "requests for information" from the US Department of Justice (DoJ) about the suspected money laundering which took place in its Estonian branch between 2007 and 2015. The [...]
RBS: No-deal Brexit could send UK economy reeling October 4, 2018 Royal Bank of Scotland (RBS) boss Ross McEwan has warned that a no-deal Brexit could push the UK into another recession. Economic growth could fall flat or even turn negative if the UK leaves the EU without a deal, he told the BBC. Read more: 'End Brexit psychodrama' – Chamber of Commerce chief pleads with [...]
German digital bank N26 backed by Tencent and Peter Thiel launches in the UK October 4, 2018 A German digital bank backed by Tencent, Li Ka-shing and Peter Thiel will launch in the UK today with the aim of taking on the big high street banks and adding to the fierce competition among British app-only banks. N26, which already counts 1.5m customers across 17 European countries, has started rolling out its banking [...]
International Monetary Fund warns against financial regulation rollback October 3, 2018 The International Monetary Fund (IMF) today cautioned against a “race to the bottom” on financial deregulation as it warned that regulators risk “fighting the last war” in the face of technological change. The Washington-based body said that “reform fatigue” could pose a risk to financial stability if regulation of systemically important institutions is reversed, in [...]
City watchdog boss rejects calls for financial services deregulation post-Brexit October 2, 2018 The chair of the Financial Conduct Authority today said that the City regulator will not engage in a “race to the bottom” after Brexit in a bid to preserve the UK’s position among global financial centres. Charles Randell said calls for deregulation from some quarters of the financial sector show that “some memories are beginning [...]