Stalemate in Santiago: Basel Committee fails to reach agreement on bank capital rules November 30, 2016 Negotiators have walked away from a two-day meeting about banking red tape in Santiago without having reached an agreement on capital rules. Speaking after the end of the Basel Committee meeting of banking regulators, chairman Stefan Ingves indicated that the group had started to form an outline for an agreement but were yet to settle on the finer details. "We [...]
The Bank of England is treating £5 note drama with “the utmost seriousness” November 30, 2016 The Bank of England has responded to angry vegans who have objected to the use of animal products in the manufacturing of £5 bank notes. It has said it didn't know the animal material – known as tallow – was used in the making of the note. The statement comes after someone asked about the [...]
RBS on renewed drive to cut costs and shed assets after Bank of England stress test flop November 30, 2016 The Royal Bank of Scotland will now renew efforts to slash costs and shed assets, as it tries to bolster its balance sheet after flunking the Bank of England's most recent stress test. The worst performer of the seven lenders tested, RBS will now be monitored by the Bank's prudential regulation authority and has had to [...]
RBS shares opened lower after it was the worst performer in Bank of England stress tests November 30, 2016 Royal Bank of Scotland (RBS) became one of the biggest fallers on the FTSE 100 this morning, with shares opening 2.3 per cent lower at 192.5p, after it was revealed as the worst performer in the Bank of England's stress tests. Having dipped almost three per cent yesterday, shares in RBS fell further this morning after [...]
This is how UK banks have responded to the Bank of England stress test results November 30, 2016 The results of the Bank of England's latest stress tests on the UK's major lenders are out – and Royal Bank of Scotland has been handed the wooden spoon. RBS failed on all measures, while Barclays and Standard Chartered both missed out on one measure. The other banks being tested were Santander UK, Lloyds Banking Group, [...]
The results are out: Here’s how your bank would do if 2008 repeated itself November 30, 2016 Royal Bank of Scotland has failed all of the Bank of England's stress test measures, the worst performer among the UK's major lenders. RBS will now have to draw up a new capital plan, and the Bank's prudential regulation authority (PRA) will monitor its progress. RBS finance chief Ewen Stevenson said: "We are committed to creating a stronger, [...]
Regulators promise “once in a generation” changes to payment systems, bringing Britain’s banking into the 21st century November 29, 2016 The way businesses and consumers pay their bills is scheduled for the largest shake-up in decades under plans proposed by regulators. Three of the main retail payment systems – Bacs, Cheques and Credit Clearing Company and Faster Payments Service – are to be binned and replaced with what authorities hope is a clearer and more [...]
The City watchdog sets its sights on overdrafts and other high cost products, after its success with payday loans November 29, 2016 The City watchdog is taking a closer look at overdrafts and other high-cost credit products, following a crack down on payday loan price caps last year. The Financial Conduct Authority (FCA) has today launched a consultation, calling for evidence and feedback, on products where it is concerned the cost to consumers might overweigh the benefits. Products [...]
Meet Masthaven: The latest challenger bank on the scene November 28, 2016 Masthaven has become the latest challenger bank on the scene, as it officially opens for business today. The bank was initially awarded its retail banking licence in April and has spent the time between then and now strengthening its team and developing its technology platform and product offering. At present, the challenger offers a flexible [...]
Barclays sells more of its non-core business, but not for as much as it might have hoped November 28, 2016 Barclays announced today it has dropped yet another of its non-core assets, this time its wealth and investment management business in Singapore and Hong Kong. Barclays completed the sale of the business, which serves high net worth and ultra high net worth clients, to the Bank of Singapore, the private banking subsidiary of Oversea-Chinese Banking Corporation. The Bank of Singapore snapped [...]