Meet the 18 companies joining the FCA’s regulatory sandbox November 7, 2016 The UK's foward-thinking financial regulator has chosen 18 companies to participate in its so-called regulatory sandbox, where they will be able to test out new technologies without breaching rules. Launched over the summer, the sandbox is designed to foster fintech innovation while remaining under the supervisory eye of the City watchdog, the Financial Conduct Authority. Read more: [...]
Here’s everything you need to know about the Tesco Bank fraud attack November 7, 2016 Tesco Bank has halted online payments as it deals with a massive fraud attack on its current account customers. The bank discovered a number of its customers' accounts had been subject to online criminal activity over the weekend. Here's what we know so far: Money was taken from 20,000 current accounts Tesco Bank's chief executive Benny [...]
Andrew Tyrie on Tesco Bank fraud attack: “We can’t carry on like this.” November 7, 2016 A senior MP today slammed banks' IT systems in the wake of a fraudulent attack on Tesco Bank current accounts over the weekend. Money was taken from around 20,000 Tesco accounts, the bank confirmed today, in an attack that was discovered on Saturday. Customers have been unable to make transactions online as a result of [...]
There’s a new £260m fund eyeing UK tech startups November 7, 2016 UK-based venture capital fund Scottish Equity Partners has raised £260m for a new fund to invest in high growth tech companies in the UK and Europe. Previous investments include fashion site Matches.com, unicorn startup Skyscanner and language app Babbel. Read more: IG Group boss joins fintech startup board The latest fund, SEP V, is eyeing growth [...]
How SoftBank won “national interest” backing from Theresa May for its “game-changing” Arm takeover November 7, 2016 Even the most devout follower of the London Stock Exchange’s RNS feed may have been confused by a statement issued by SoftBank last week. The Japanese lender published the number of staff employed by British tech giant Arm, a company it acquired in a £24bn mega-deal over the summer, as at 5 September. The figure, [...]
Five ways tech is helping the US vote for its next President November 7, 2016 Donald Trump or Hillary Clinton? Whichever way the US goes, voters are being given a helping hand by technology. The hotly contested race for the White House is nearly over, but the likes of Google and Uber have joined the final push to get millions of Americans out to vote. Every little helps, after all. 1. Google [...]
SoftBank’s boss wants to be the Warren Buffett of tech November 7, 2016 The boss of Japanese telecoms giant SoftBank, which snapped up UK chip maker ARM in a multi-billion pound deal earlier this year, has laid out ambitious plans for its new technology investment strategy. Chairman and founder Masayoshi Son said he wants to become the Warren Buffett of tech, handing over responsibility for the day to day [...]
Top 10 passwords that leave you open to a cyber attack November 7, 2016 Very few people are immune to the struggle that is trying to keep track of the passwords to all the various online accounts that come part and parcel of modern life. With passwords required for everything from email accounts to online banking and shopping, it's understandable that people will opt for something easy to remember [...]
Tesco Bank halts online payments after thousands of customers affected by fraudsters November 7, 2016 Tesco Bank has halted online payments for its current account customers due to fraudulent activity over the weekend. The bank identified "suspicious activity" via its fraud prevention systems on Saturday and yesterday warned thousands of customers that they may have been targeted by fraudsters. Today, chief executive Benny Higgins said online transactions from current accounts had [...]
Here’s how much less women in tech get paid compared with men November 7, 2016 Women working in the technology industry in the UK are being short changed. They are earning nine per cent less on average than their male counterparts in the same job, losing out on around £5,000 per year. And women in the UK are losing out more than those working in tech in other top hubs [...]