Watchdog calls for end to relaxation of pre-emption rules November 20, 2020 The audit regulator has called for an end to the relaxed pre-emption rights past the November deadline, in what has been hailed as a positive step for retail investors. The so-called pre-emption rights were first introduced in March by the Financial Reporting Council (FRC) in a bid to help struggling companies raise cash quickly. The [...]
Starling becomes first challenger to make a profit November 20, 2020 Starling has become the first of the challenger banks to break even as its rivals record mounting losses, with plans to expand across Europe. Positioned as challengers, digital banks Monzo, Starling and Revolut have faced criticism from investors and the Bank of England for failing to deliver profit. But in a trading update today, Starling [...]
Nationwide profits resilient despite coronavirus hit November 20, 2020 Building society Nationwide reported a resilient performance in the first half year with profits stable, despite a £139m impairment charge. The lender reported a 17 per cent rise in pretax profit from £309m to £361m, despite a £139m provision for loans that may not be repaid due to the pandemic. Net lending for the six [...]
UK retail sales outperform expectations ahead of second lockdown November 20, 2020 UK retail sales rose for the sixth consecutive month, smashing analysts’ expectations as Britons stocked up on goods ahead of new restrictions. In October UK retail sales volumes grew 1.2 per cent, well ahead of the 0.0 per cent expected, said the Office for National Statistics. Volumes are now 6.7 per cent higher than in [...]
Forter valuation soars to $1.3bn after raising $125m in Series E round November 19, 2020 E-commerce fraud prevention platform Forter has raised $125m in a Series E round bringing its valuation to over $1.3bn. The round was led by Bessemer Venture Partners and Itai Tsiddon with participation from Felix Capital and Sequoia Capital among others. Forter said it would use the investment to expand its network, which has doubled in [...]
Qatar’s sovereign wealth fund invests in Lloyd’s insurance vehicle Inigo November 19, 2020 A group of investors including Qatar’s sovereign wealth fund are reportedly in talks to back the new Lloyd’s of London vehicle Inigo. Earlier this week Enstar and Stone Point Capital announced it had sold certain underwriting assets, including its Lloyd’s Syndicate 1301 and its managing agency, to Inigo. The new company is led by former [...]
UK salaries rise by 1.7 per cent on low inflation November 19, 2020 UK employees in the private sector received a better-than-forecast average salary increase this year next year are set to be muted. ECA International’s Salary Trends report reveals most employees received a 1.7 per cent salary increase, ahead of the forecasted 1.1 per cent due to low inflation. Real salary increase is based on the difference [...]
Charles Stanley profits sink as FUM weighs down revenue November 19, 2020 Wealth manager Charles Stanley reported a 27.5 per cent decline in profit as funds under management dragged revenues lower. The London-listed firm reported revenues fell 4.1 per cent to £81.9m in the first half of the year, reflecting the impact of the pandemic on funds under management and administration (FUMA) and lower interest rates. It [...]
Data first: How tech startups build trust and tap investment November 19, 2020 When Phil Marshman set about launching his health startup Sentai this year he faced a challenge. For the serial entrepreneur, it was not the pandemic or the intricacies of artificial intelligence or even getting to market that posed a challenge, it was customer data. “For any product team you need to be data first… We [...]
Treasury launches listings review to lure companies to float in the UK November 19, 2020 The Treasury has today launched a review into the rules governing public listings in a bid to lure firms to float in the UK. Former British commissioner to the EU Lord Hill will lead the review which is aimed at helping to shape the UK’s financial services industry after Brexit. Lord Hill will present his [...]
