MasterCard hit with record £14bn bill as 46m customers could win compensation September 8, 2016 MasterCard is being sued for £14bn in the largest legal claim in British history over allegations it used its market dominance to overcharge millions of UK customers. The credit card providers have been accused of charging shops excessive fees to process card transactions, which resulted in retailers being forced to pass on these costs in [...]
From networking to a grounding in the basics, an EMBA could help you make the jump into finance September 8, 2016 There is no guarantee that an Executive MBA will be a ticket into banking. That said, approximately 30 per cent of graduates from Cass and Cambridge Judge Business School go on to take a job in financial services, and top investment banks are still recruiting directly out of business schools. The key, according to a [...]
Whistleblowers in banks to get more protection from today September 7, 2016 It goes without saying that in recent months Brexit has been at the forefront of the minds of those working in financial services in the City. No doubt, Brexit will continue to dominate the headlines for years to come. However, we should not let Brexit overshadow or mask the sweeping reforms already taking place across [...]
Sir Charlie Bean: London will lose its foreign exchange crown after Brexit September 7, 2016 The City of London will be stripped of its status as the world's premier foreign exchange centre once the UK leaves the EU, a former Bank of England deputy governor has warned. Sir Charlie Bean, who sat on the Bank's rate-setting Monetary Policy Committee (MPC) for 14 years between 2000 and 2014, told peers he [...]
Customers don’t want to bank on Santander anymore after it chopped interest rates on its popular 123 account September 7, 2016 The news that Santander has notified customers that they face a cut to interest rates has caused something of a stir. The Spanish bank is cutting the rate of interest on its popular 123 current account by half. Customers will receive 1.5 per cent interest as opposed to the previous three per cent. This follows on [...]
Alternate lender goes mainstream with banking group membership September 6, 2016 The alternative loans market has become a little more mainstream after one lender was made a member of the British Bankers’ Association (BBA) for the first time. Just Loans Group – founded in 2012 – has become the first alternative commercial lender to become an associate member of the trade body. The BBA is the [...]
Andrew Tyrie blasts banks as they come clean on overdraft fees September 6, 2016 Influential Tory backbencher Andrew Tyrie has blasted UK banks for their bewildering array of overdraft fees and charges and called for customers to be given more information about their accounts. Tyrie, who chairs the Treasury Select Committee (TSC), also criticised recent proposals from the Competition and Markets Authority (CMA) to encourage customers to switch bank accounts. [...]
Hong Kong follows UK lead with fintech “sandbox” September 6, 2016 Hong Kong is the latest city to follow the example of the UK's financial watchdog and set up its own scheme to accelerate the development of financial technology. The Hong Kong Monetary Authority (HKMA) has launched a so-called sandbox to let banks experiment with as yet unregulated technology and ideas. Read more: A new corporate-backed fintech [...]
London is no longer the leading hub for this financial product September 6, 2016 London has lost its interest rate derivatives crown for the first time in a survey's 21-year history — and rival financial hub New York has wrestled it from the top spot. Investors and companies use the popular financial product to bet or hedge against unexpected moves in interest rates by central banks. Read more: Global investors back London to retain financial centre crown [...]
SocGen sells Tower Hill office to Hong Kong-listed property developer September 5, 2016 Societe Generale has sold its Tower Hill premises to a Hong Kong-listed property developer, SRE Group. The sale for around £84.5m in cash of the nine-storey office building and linked five-storey car park was formally agreed last Friday but was not reported until today. According to the fine print of the deal, the sale of the building will complete [...]