By: Chris Dorrell

Chris Dorrell is a freelance journalist and City AM contributor. He was previously City AM's banking and then economics reporter. When Chris is not breaking news, he can often be found playing with his band Totally Amorphous.

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Watchdog sets out new rules to reimburse APP fraud victims in ‘world first’

June 7, 2023

The Payment System Regulatory (PSR) has confirmed new rules that will force banks and payment companies to reimburse victims of authorised push payment (APP) fraud. Following consultation, the regulator has set out how mandatory reimbursement will work in practice. It said the new rules will prompt a “step change” in how firms approach fraud prevention. [...]
UK’s newest bank Griffin secures £11m in funding round as it plots expansion

June 7, 2023

Griffin, the UK’s newest bank, has gathered £11m in a fundraising round just a few months after it secured its banking licence. The funding round was led by venture capital firm Mass Mutual Ventures, with existing investors Seedcamp and EQT Ventures participating in the fundraise. Griffin said the funds will go towards leaving the ‘mobilisation’ [...]
FTSE 100 close: Markets close lower as housebuilders weigh on index

June 7, 2023

Strong morning bumps for Primark-owner Associated British Foods and BT were offset by a slump for housebuilders today as the FTSE 100 closed marginally lower. A slump in trading for housebuilders kept movement on London’s flagship index subdued, with the index closing lower. Housebuilders were down after figures from Halifax showed a first annual fall [...]
Challenger banks hunt for acquisitions as rising interest rates reveal opportunities

June 7, 2023

Challenger banks are increasingly on the lookout for acquisition opportunities as rising interest rates reveal takeover opportunities in the sector. Nigel Terrington, chief executive of Paragon Bank, told City A.M. that they “continue to look for opportunities” having made four acquisitions in seven years. Terrington noted that “in environments like this, some lenders are not [...]
Mortgage rates rocket but savings rates barely move after May’s inflation shock

June 6, 2023

Mortgage rates have skyrocketed in recent weeks after the UK’s most recent inflation reading sent rate expectations soaring, but savings rates have lagged behind. According to data from Moneyfacts, rates on a two-year fixed rate have jumped from 5.34 per cent on 24 May to 5.75 today. Similarly, interest rates on a five-year fixed rate [...]
Paragon Bank’s share price surges after record profits and deposit inflows

June 6, 2023

Shares in Paragon Bank surged nearly eight per cent this morning after the FTSE 250 lender reported record interim profits and significant deposit inflows. In the first half of the year, Paragon’s underlying profit jumped 22 per cent to £128.9m as the bank benefitted from rising interest rates. The bank’s net interest margin (NIM), the [...]
Watchdogs in focus as proposed shakeup of financial regulation returns to parliament

June 5, 2023

The UK’s financial regulators will be in focus as lawmakers consider a range of proposals to boost the accountability of watchdogs. A range of amendments to the Financial Services and Markets Bill have been put forward, focusing on the scrutiny of regulators as the Bill returns to parliament this week. Regulatory scrutiny has been a [...]
Aviva joins dormant asset scheme as programme expands to insurance and pension funds

June 5, 2023

Insurance giant Aviva joined the dormant asset scheme today as the programme opened up to pensions and insurance firms. Aviva will join over 40 banks and building societies that currently participate in the scheme. Kirsty Cooper, group general counsel and company secretary, said Aviva had been working with the Reclaim Fund and dormant asset scheme [...]
HSBC criticised for ‘political decision’ to close Hong Kong opposition party bank accounts

June 5, 2023

HSBC has been criticised for closing bank accounts held by one of the few remaining opposition parties in Hong Kong as well as some of its core members. According to the Hong Kong Free Press, HSBC has closed three accounts belonging to the League of Social Democrats. In a letter explaining the decision, the bank [...]
UBS expects to complete Credit Suisse deal within a week

June 5, 2023

UBS expects to complete the acquisition of Credit Suisse as early as 12 June but reports suggest its next earnings statement will be delayed until the end of August. In a regulatory filing today, UBS confirmed Credit Suisse will be delisted from the Swiss stock exchange when the deal is complete. It said Credit Suisse [...]

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By: Chris Dorrell

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