Transferwise rebrands to Wise ahead of London listing February 22, 2021 A decade after its launch Transferwise has rebranded to Wise ahead of its long-awaited IPO. The fintech, which was most recently valued by private investors at $5bn, has come a long way since its launch in 2011 when it initially offered money transfers. It says the new moniker reflects its growth. “Today our name catches [...]
European Commission gives the green light on data adequacy agreement with UK February 19, 2021 The European Commission has said the UK’s data protection laws are in line with the EU’s, paving the way for a long-term adequacy decision. Article 44 of GDPR prohibits the transfer of personal data from the EU/EEA to recipients in jurisdictions outside the bloc, unless specific conditions are met. One of the conditions is an [...]
Lloyds and HSBC: What to expect in next week’s earnings February 19, 2021 This week Barclays and Natwest announced a return to dividend payments but laid bare the extent of the pandemic on earnings. Barclays reported a 30 per cent drop in pre-tax profit to £3.1bn for 2020, while Natwest reported a pre-tax loss of £351m for the year. Next week it will be Lloyds and HSBC’s turn [...]
Barclays pay pot for top execs swells to £1.6bn despite profit plunge but Jes Staley takes £2m pay cut February 19, 2021 Barclays pay pot for top execs swells to £1.6bn despite profit plunge but Jes Staley takes £2m pay cut
Sterling hits $1.40 for the first time in nearly three years February 19, 2021 Sterling hit $1.40 against the dollar for the first time in nearly three years this morning on vaccine optimism and better than expected PMI readings. The UK’s PMI reading during the third lockdown showed the downturn was less severe than anticipated, pushing cable above the $1.40 mark for the first time in 34 months. “Although [...]
Government ‘acted unlawfully’ by failing to disclose Covid contract details, court rules February 19, 2021 The High Court has ruled that the government acted unlawfully by failing to disclosed details of its Covid contracts. “The Secretary of State acted unlawfully by failing to comply with the Transparency Policy” Judge Chamberlain concluded in his judgment this afternoon. He added “there is now no dispute that, in a substantial number of cases, [...]
“Some challengers don’t want to make a profit” says Cashplus boss February 19, 2021 With plans to raise external investment and a new chairman in tow, challenger bank Cashplus is going full steam ahead just weeks after securing its full banking licence. Earlier this month the Prudential Regulation Authority (PRA) granted Cashplus a full banking license. Like its digital peers, Cashplus offers current accounts for UK SMEs, currently serving [...]
Exclusive: Cashplus hires new chairman after securing banking licence February 18, 2021 Digital challenger bank Cashplus has hired banking veteran Mark Sismey-Durrant as its new chairman just weeks after securing a new banking licence. Earlier this month the Prudential Regulation Authority granted Cashplus a full UK banking licence 16 years after it was founded. Sismey-Durrant, previously chief executive of Sun Bank, Heritable Bank and most recently Hampshire [...]
UK businesses eye fintech sector to help drive profitability February 18, 2021 A growing number of UK businesses are looking to the burgeoning fintech sector to help boost profits post-Brexit. Britain’s payments startups have seen renewed interest during the pandemic as consumers and businesses pivot online. A third of senior managers surveyed by cybersecurity firm ESET are prioritising improved efficiency and may opt to implement fintech solutions [...]
The biotech bosses welcoming Neil Woodford back, even if FCA and savers stay wary February 18, 2021 Neil Woodford is far from universally popular, and those fans he has are for the minute rare to put their head above the parapet. But Angharad Carrick found some, leading a number of Britain’s fastest-growing biotech firms. The return of Neil Woodford has, understandably, annoyed plenty. Chief amongst them are the savers he left out [...]
