Four things you need to know about today’s CMA retail banking report August 9, 2016 The Competition and Markets Authority (CMA) has published its long-awaited final recommendations for the UK's banking sector. Since the probe first launched in July 2014, the competition watchdog has faced intense scrutiny from all sides, with smaller institutions hoping the CMA will break up the “Big Five” banks – RBS, Lloyds, HSBC, Santander and Barclays [...]
CMA puts plans for changes to account switching that could cost up to £10bn on the back burner August 9, 2016 The Competition and Markets Authority (CMA) has today released the final report on its retail banking investigation, with a big focus on making switching bank accounts easier for customers. One of the "more fundamental changes" to the switching process would be the introduction of account number portability (ANP), which would "mean that a customer would effectively take their [...]
How nine challenger banks reacted to the CMA’s report on current accounts August 9, 2016 Nine challenger banks including TSB and Metro Bank have slammed the findings of the UK's competition watchdog in its investigation into the retail banking sector, arguing the review has missed “a golden opportunity”. The Competition and Markets Authority (CMA) report, published this morning, called on banks to implement an “open banking” standard by 2018, allowing customers to monitor and access all [...]
West Bromwich Albion takeover: New owner Guochuan Lai promises to “maintain stable structure” of Premier League club August 5, 2016 West Bromwich Albion's new Chinese owner pledged to maintain the club's stable structure after completing a takeover of the Premier League team. An investment group headed by Chinese entrepreneur Guochuan Lai has agreed a deal to purchase the club from outgoing chairman Jeremy Peace and is now just waiting on Financial Conduct Authority (FCA) and Premier League approval. [...]
Focus On Archway: Will a new road system, public square and revamped tube station boost house prices in N19? August 4, 2016 Legend has it that when Dick Whittington was on his way out of London, he reached Archway, heard the peal of the Bow Bells and decided to return to the capital. Its reputation as a hinterland, a border, endured for centuries afterwards. Known originally as Highgate Archway – as in, the place you pass through [...]
Treasury committee chair Andrew Tyrie has warned government crowdfunding incentives may need to be reconsidered August 4, 2016 Senior Tory Andrew Tyrie has warned that tax incentives to invest in peer-to-peer lending may be dragging consumers towards inappropriate products. Treasury Select Committee chair Tyrie wrote to the Financial Conduct Authority in June to call for closer scrutiny of the market. And in a letter published yesterday, outgoing FCA boss Tracey McDermott admitted the [...]
Energy market regulator Ofgem responds to Competition and Markets Authority’s recommendations August 3, 2016 Ofgem, the gas and electricity markets regulator, has set out its plans to improve competition in the sector, which includes creating a database of customer details to ensure consumers are being offered the best energy deals – and putting a price cap on the amount paid by households using a prepaid meter. The Competition and [...]
Deutsche Bank and Credit Suisse booted from top stock market index August 2, 2016 The bad news just keeps on coming for the naughty children of the European banking sector. To top off what has been one of the finest examples of a corporate annus horribilis, both Deutsche Bank and Credit Suisse are to be kicked out of the Eurostoxx 50 after their market cap has shrunk to record lows. [...]
“Unscrupulous” deals should be scrutinised and potentially blocked in the wake of the BHS debacle according to the former chair of the pension protection fund July 31, 2016 THE pensions regulator should be given new powers to block “unscrupulous” deals, or be bolstered by the creation of a separate agency, in order to avoid a repeat of the BHS pensions debacle according to the former chair of the Pension Protection Fund, Lady Barbara Judge. She believes a new entity along the lines of [...]
Megabrew: SABMiller share prices fizzes up as AB InBev’s takeover cleared by Chinese authorities, but deal’s outcome still unclear July 29, 2016 China's ministry of commerce has given conditional approval to Anhueser-Busch InBev's takeover of SABMiller, but the deal is still on the rocks after the British drinks giant paused integration activities earlier this week. The competition authority's decision is the final milestone for the deal, dubbed "megabrew", which has been cleared in the three other key markets of the [...]