The Yorkshire attacks account switch stitch up February 24, 2015 THE YORKSHIRE Building Society wants to become a challenger in the current account market, but its boss yesterday said it cannot because the switching service is not working. Seven-day switching helped the numbers moving between banks rise to 1.16m last year, but chief executive Chris Pilling told City A.M. that this is not the “game-changing shift” the [...]
Watchdog forces payday lenders to put prices on comparison site February 24, 2015 THE COMPETITION and Markets Authority (CMA) yesterday ordered payday lenders to publish details of their loans on at least one comparison website, as the competition watchdog looks to increase transparency in the industry. In a report on the payday lending market, the CMA said that the country’s short-term lenders “should provide customers with clear, objective [...]
Wonga cuts 325 jobs in restructure amid payday lender crackdown February 24, 2015 Troubled payday lender Wonga, which became the face of sky-high interest rates, will cut 325 jobs in a significant restructure amid mounting regulatory pressure on the short-term loans industry. Its bid to save at least £25m over the next two years comes as the competition regulator announced new rules for lenders, after a price cap was [...]
Payday lenders face new regulation: Price comparison websites and clearer fees information demanded by competition regulator February 24, 2015 Payday lenders will have to advertise loans on price comparison websites under a host of new rules set out by the competition regulator. Companies offering short-term loans must make the details and costs of potential loans clear to consumers in a comparable way, the Competition and Markets Authority (CMA) has said It follows a 20-month [...]
Investment banks join long list of City competition probes February 19, 2015 BANKS are facing their 26th competition investigation in a decade as the City watchdog yesterday announced a new probe into the investment and corporate banking industries. The Financial Conduct Authority’s (FCA) move adds to existing investigations into the current account and savings markets, the small business banking sector, and the wider wholesale markets, leaving banks [...]
City watchdog in investment banking probe: What will the FCA do and who’s involved? February 19, 2015 Big investment banks may be too dominant in some areas of the industry, limiting competition and hurting companies and consumers, the Financial Conduct Authority (FCA) warned yesterday. Prices are not always transparent enough to allow firms to compare banks effectively, the FCA said. The watchdog has received complaints that shares in major deals are allocated to [...]
FCA launches competition investigation into investment and corporate banking February 19, 2015 The financial regulator has announced plans to launch a fresh probe into the investment and corporate banking sector. The Financial Conduct Authority will begin a full investigation of competition following a review which found price clarity and service quality was limited, making it difficult for clients to assess if they are getting value for money. [...]
Energy firms welcome CMA regulation as Ovo praises “punchy statement” February 18, 2015 Regulatory changes in the energy sector as suggested by the Competition and Markets Authority (CMA) yesterday have been welcomed by both the Big Six companies and newer entrants. The CMA announced last July that it would be examining the energy market after a referral by Ofgem. The group said in an update to the market [...]
HSBC needs to re-learn its ABCs, or better still, its KYCs February 18, 2015 PLAC, CRD-4, the FCA and the PRA: but for HSBC, the most important acronym in the banking lexicon right now is KYC (Know Your Customer). Since inheriting the reins of Europe’s largest bank four years ago, Stuart Gulliver has rarely been out of his firefighter’s overalls. On many of those occasions it was the bank’s [...]
Energy bills: Customers are missing out on up to £234 savings from big six energy suppliers February 18, 2015 The majority of people are missing out on big savings by not switching energy supplier. An investigation into the dominance of the big six energy firms – Centrica, EDF, NPower, SSE, E.On and RWE- has found customers are missing out on hundreds of pounds of savings. The interim findings from the Competition and Markets Authority [...]