Calling all startups: The FCA’s fintech accelerator is open for business May 9, 2016 Fintech startups will now be able to test out their ideas without fear of getting on the wrong side of regulators. A so-called sandbox has been launched by the Financial Conduct Authority (FCA) today offering a tech accelerator environment for young firms looking to disrupt finance. "Supporting innovation is an essential part of our role in promoting competition [...]
New FCA boss: Time to end banker-bashing May 9, 2016 Banker-bashing: it's one of the UK's favourite hobbies. But now the soon-to-be boss of the Financial Conduct Authority (FCA), Andrew Bailey, has said it's time to start using the carrot, rather than the stick. In a speech today, Bailey – who is expected to take up his new post shortly – said although changes have taken place in the [...]
Why banks should be offering more P2P and bitcoin services for SMEs May 9, 2016 UK banks could generate £8.5bn in extra revenue by 2020 if they broaden their offerings for small and medium enterprises (SMEs), according to a new report. Accenture's SME Banking 2020 report found there is currently a “significant perception gap” between small businesses and banks. Banks are also facing “stiff competition” from fintech, and should be [...]
Tidjane Thiam facing a second consecutive quarterly loss at Credit Suisse May 8, 2016 Tidjane Thiam is set to come under more pressure this week when Credit Suisse reports its first-quarter results. Thiam took over as chief executive of the bank from insurance group Prudential last July. Since then, Credit Suisse's share price has plummeted by around 50 per cent to $14 (£9.70). [charts-share-price id="250"] Read more: Credit Suisse braces for bumpy road ahead The [...]
Application fraud rates up by 20 per cent as current accounts and credit cards get hit May 6, 2016 Rates of financial application fraud have continued to climb in 2016, pushed on by credit card and current account scams. Current account fraud again topped Experian’s fraud index charts for fraudulent applications at a rate of 126 in every 10,000 applications, compared to 81 in 10,000 over the same period a year ago. Credit card fraud [...]
UK banks would face a squeeze on their balance sheets after Brexit May 5, 2016 Profits at the UK’s largest banks would be squeezed if the UK votes to leave the European Union, a top credit ratings agency has said today. Moody’s has warned that Brexit would hit demand for loans, potentially reduce the value of banks’ balance sheets and heap pressure onto London’s fragile investment banking sector. “Uncertainty before [...]
Barclays’ plans to offload 12 per cent of its Africa business won’t affect talks with former chief executive Bob Diamond May 4, 2016 Barclays' plans to sell off a 12 per cent stake of its African business has not derailed talks between the bank and it's former chief executive Bob Diamond, City A.M. understands. "It doesn’t make the slightest jot of difference," a source with knowledge of the early-stage negotiations told City A.M. Atlas Merchant Capital, the US-based arm of Bob Diamond's banking investment [...]
RBS shareholders approve executive pay at annual meeting, joining Aviva and BAE Systems in waving through exec pay packages May 4, 2016 Embattled Royal Bank of Scotland has been fighting to defend its management practises and executive pay this afternoon at its annual shareholder meeting (AGM) in Edinburgh. The banks shareholders eventually voted overwhelmingly in favour of the bank's executive pay, with over 99 per cent approving the report. RBS boss Ross McEwan faced a barrage of [...]
RBS chairman urges shareholders to put things into context at its AGM May 4, 2016 Perhaps feeling the chill of a shareholder spring in the air, the chairman of RBS has urged those present at today's AGM to put the bank's performance into context. Howard Davies remarked that, although it was disappointing to see RBS' share price 38 per cent lower than at last year's AGM, shares in the banking sector more [...]
Libor latest: Tom Hayes appoints new lawyer, and he’s making good progress on crowdfunding the legal fees May 4, 2016 Tom Hayes has instructed solicitor Karen Todner to lead the next stage in his appeal, it was announced today, as he turns to crowdfunding to raise his legal fees. Hayes, a former UBS and Citigroup trader, was convicted of offences related to manipulating the Yen-linked Libor last August. He was initially sentenced to 14 years in prison, [...]