By: Chris Dorrell

Chris at City AM from 2023-2025, first as banking reporter and then economics reporter. He continues to freelance and plays with his band Totally Amorphous

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Fintech calls for anti-fraud tax to tackle scamming epidemic

May 11, 2023

Tide has argued the government should introduce an anti-fraud tax to fund the battle against fraud as the fintech firm criticised the lack of ambition in the recently released fraud strategy. Although Tide – which provides mobile banking services for SME businesses – welcomed the creation of a National Fraud Squad, it argued it was [...]
HSBC fined £12m by US watchdog due to ‘widespread and longstanding failures’ in bank’s Whatsapp use

May 11, 2023

HSBC has been fined $15m (£12m) by the US Securities and Exchange Commission (SEC) as banks continue to pay the price for the use of private messaging services such as Whatsapp. The penalty was issued in response to “widespread and longstanding failures” by the bank and its employees to “maintain and preserve electronic communications.” According [...]
Top shareholder advisory firm U-turns to back JP Morgan pay plan after misinterpreting data

May 11, 2023

Influential shareholder advisory firm Institutional Shareholder Services (ISS) has U-turned on its initial recommendation to reject the pay packages for senior executives at JP Morgan. Just last week ISS had urged shareholders to vote against executive’s pay packages. However, JP Morgan wrote a letter to the firm on Monday, arguing it had wrongly interpreted data [...]
Interest rate boon for UK banks coming to an end despite BoE’s 25 basis point hike

May 11, 2023

Banks have been revelling in the BoE’s sharp rate hikes, but today’s 25 basis point hike – which brings interest rates to 4.5 per cent – is unlikely to improve banks’ bottom line significantly, analysts said. Increasing competition and regulatory pressure means banks will likely have to pass on more of the rate hike – [...]
FTSE 100 Live: London markets fall following Bank of England’s interest rate decision

May 11, 2023

London’s FTSE 100 index fell this afternoon following the Bank of England’s latest interest rate decision, when the Bank’s base rate was lifted by 25 basis points. The capital’s premier index fell 0.64 per cent to 7,691.42 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Fraudsters stole £1.2bn in 2022 as UK labelled ‘fraud capital of the world’

May 11, 2023

The UK has much further to go in its campaign against fraud as the latest figures show that over £1.2bn was stolen in 2022. According to new figures from UK Finance, £2,300 was lost every minute to authorised push payment (APP) fraud and unauthorised fraud. Commenting on the report, chief executive of UK Finance David [...]
Binance seeks green light from UK as City minister lays out future for crypto rules

May 10, 2023

Binance said it would do “everything we possibly can” to be regulated in the UK as the world’s largest crypto exchange hit out at the US’s regulatory environment. Speaking at the Financial Times’s Crypto and Digital Assets Conference, Binance’s chief strategy officer Patrick Hillmann argued the US “has been very confusing over the past six [...]
Despite bank collapses, US lenders report record $80bn in quarterly profits

May 10, 2023

Profits at US banks in the first quarter reached record levels, rising by a third to a total of $80bn, even as the sector dealt with the fallout of the Silicon Valley Bank’s (SVB) collapse. The banking turmoil was in fact a significant contributor to the profit boost. Half of the increase came from First [...]
Nationwide, Santander, TSB and Virgin Money probed over ‘measly’ savings rates

May 10, 2023

An influential parliamentary body has expanded its inquiry into the low savings rates paid by the UK’s retail banks, describing the current rates on offer as “measly”. Having investigated the UK’s four largest retail banks, MPs at the Treasury Committee have now sent letters to Nationwide, Santander, TSB and Virgin Money. These lenders account for [...]
Credit crunch: Data suggests high street banks reining in small business lending already

May 10, 2023

Small and medium-sized enterprises (SMEs) are increasingly concerned about lending conditions as new data shows that high street banks are pulling back from SME lending.

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By: Chris Dorrell

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