The influential Treasury Committee has launched a stinging attack on a probe into competition in retail banking November 2, 2016 An influential group of MPs has lashed out at a light-touch report into high street banking, days before the City watchdog publishes its verdict on the sector. Treasury Select Committee chair Andrew Tyrie said the failure of the Competition and Markets Authority to propose dramatic reform smacked of “complacency”, while Labour MP Rachel Reeves said the [...]
Three in four bankers think London will remain the financial capital of Europe November 2, 2016 Nearly three in four bankers think that London will still be the financial centre of Europe in five years time – even after the UK leaves the EU. According to a survey of 80 banking executives released by Synechron, 72 per cent said they think the UK will remain the most attractive place for financial [...]
London Stock Exchange boss warns moving euro clearing away from UK could cost banks $77bn November 1, 2016 The chief executive of the London Stock Exchange Group has warned that moving euro-denominated clearing away from the UK could cost banks $77bn (£63bn) in additional collateral. Xavier Rolet said that moving clearing from London to other financial centres would impose a “prohibitive cost on European banks”. Read more: Warning over moving euro clearing from London [...]
Chairman and non-executive director to leave challenger bank OneSavings November 1, 2016 The chairman and a non-executive director of OneSavings Bank have resigned, the lender announced today. Chairman Mike Fairey will step down from his position at the 2017 annual general meeting, while non-exec Dr David Morgan will leave at the end of the year. Read more: OneSavings Bank boss explains why his business is safe as [...]
The bank referral scheme is one thing – but the government must ensure small firms know what they’re getting into November 1, 2016 When George Osborne announced the bank referral scheme two years ago, he aimed to “bring new lenders much closer to the small businesses they serve.” It was an admirable goal, and one that’s nearer to becoming a reality with today’s launch of the new service to introduce small and medium-sized firms which are rejected for [...]
Standard Chartered gets a tongue-lashing from its boss as share price plummets November 1, 2016 Shares in emerging markets lender Standard Chartered plummeted over six per cent this morning after its chief exec called his company out for a performance that was "not yet acceptable". The figures Third quarter revenues were slightly down at $3.5bn from $3.6bn in the year before and identical to the second quarter. Operating profits were [...]
Antony Jenkins’ fintech startup has revealed its first banking client November 1, 2016 The former boss of Barclays Antony Jenkins has revealed his new fintech startup's first client – and it's a well known name. 10x Future Technologies will build a digital banking platform for Virgin Money, the challenger bank founded by Richard Branson and boasting millions of customers. It will work on creating a digital platform for the bank [...]
HSBC calling? Dame Clara Furse steps down from Bank of England’s Financial Policy Committee November 1, 2016 Dame Clara Furse has stepped down from the Bank of England's Financial Policy Committee (FPC), fuelling speculation that she's being lined up for a top job at HSBC. “It’s been an enormous privilege to work with the governor, other FPC colleagues and Bank staff on developing the UK’s macro-prudential policy in its early years," said Furse. "I [...]
Lending leaps at Virgin Money but it’s cautious over Brexit November 1, 2016 Challenger bank Virgin Money shrugged off post-Brexit vote volatility, increasing mortgage and credit card lending – although it warned it was exercising caution. The figures Gross mortgage lending rose 19 per cent to £6.5bn in the nine months to the end of September, putting its total mortgage balances at £28.9bn. That pushed Virgin's share of total mortgage lending up to 3.6 [...]
UK’s financial services sector goes from strength to strength as City trade surplus jumps to a record high November 1, 2016 The UK's financial services sector has boomed to its highest level of trade surplus yet, highlighting the importance of maintaining and developing the City's trade ties post-Brexit. The level of trade surplus in the financial sector jumped $283m (£185m) to reach $97bn (£63.4bn) in 2015, according to a TheCityUK report. The lobby group said the financial sector surplus is [...]