We’re instinctively afraid of Big Things, but we don’t need to break up the Home Office January 25, 2023 Whether its Big Government or Big Tech, we have an innate fear of anything too large or unwieldy. But breaking things up - or making them smaller - won't in itself fix problems in the system, writes Sascha O'Sullivan.
Oaknorth and Atom Bank call on Grant Shapps to boost lending to small businesses January 24, 2023 The Federation of Small Businesses (FSB) and a group of top fintech firms, including Oaknorth and Atom Bank, have called on Grant Shapps to improve small businesses’ access to borrowing, warning that failure to do so could further damage the UK’s economic growth prospects. The business lobby and a number of fintech lenders have warned [...]
Open banking body appoints former Mastercard and Natwest exec to top job January 23, 2023 The body charged with overseeing the rollout of open banking in the UK has appointed a former Natwest and Mastercard executive as its new chair, City A.M. can exclusively reveal, as the regime moves into its next phase of implementation. Marion King, a former director of Payments at Natwest Group and president of Mastercard UK [...]
Fuel price warning if Asda forecourt mega-merger goes ahead January 23, 2023 A MOOTED merger between Asda and its owners’ separate forecourt business could lead to significantly higher fuel prices, a campaign group has warned. The billionaires – who bought Asda in 2020 for £6.8bn – are reportedly plotting to merge the supermarket chain with their forecourt business EG Group. The merger could create a new company [...]
Wait, so who’s watching the watchdog? January 23, 2023 The Financial Services and Markets Bill reaches a significant stage on Wednesday, and Lord Holmes explains how it's regulated.
HSBC will face no penalty for breaching open banking rules over 50 times January 19, 2023 The Competition & Markets Authority has criticised HSBC for breaching open banking rules on over 50 occasions, but the banking giant has been told it will receive no penalty. HSBC published inaccurate information and failed to publish required information on more than 50 occasions over the last five years, the watchdog said. The violations of [...]
Fintech: City minister Andrew Griffith says UK must “raise our aspirations” in growth race January 16, 2023 THE City minister Andrew Griffith has said it is time to raise the “aspirations” of the United Kingdom in order to create a more innovative, growing economy. Griffith, a former Sky exec, writes in City A.M. today that the “stunning success of UK fintech, which supports tens of thousands of jobs,” can provide a roadmap [...]
Open banking success has cracked the code for more tech innovation in the UK January 15, 2023 The benefits of new technologies can seem hidden at first - but innovation always brings growth. Open banking is a great example on which the government is basing its strategy, writes Andrew Griffith
Open banking enters ‘new phase’ after CMA rules six major banks fulfil requirements January 12, 2023 Open banking has entered a “new phase” after the Competition and Markets Authority (CMA) determined that the six largest banks in the UK have implemented the requirements of the open banking roadmap. The open banking trustee advised the CMA on Monday that Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander had implemented the remaining roadmap items. [...]
FCA to expand guidance for insurers on protecting cash-strapped customers January 11, 2023 The City watchdog has vowed to update guidance for insurers on protecting customers amid the UK’s cost-of-living crisis. The UK’s Financial Conduct Authority (FCA) today set out plans to expand guidance, which was first introduced during the pandemic, to ensure all struggling customers are protected. Under the FCA’s proposed new guidance, insurers will be [...]