Big banks hurt by competition investigation November 6, 2014 INVESTORS fled the big banks’ shares yesterday as a major new investigation threatened to break them up or impose significant new costs. But small lenders cheered the probe as a chance to end the dominance of the giant high street banks. The Competition and Markets Authority (CMA) is investigating the personal current account and the [...]
Pensions sales drive strong third quarter results for Royal London November 6, 2014 Royal London Group – the UK’s largest mutual life and investment company – posted strong third-quarter results yesterday, with pensions sales up 39 per cent year-on-year. Group pension sales were a key driver for company’s positive results, up 101 per cent to £1.72bn from the third quarter of last year. Individual pensions and drawdown sales [...]
Exclusive: Virgin Money IPO gets thumbs-up from investors as “big four” banks are slated by CMA November 6, 2014 Bankers working on the flotation of Virgin Money are likely to exercise their "greenshoe" option when it launches its initial public offering (IPO) later this month, City A.M. understands. A source close to the deal said such has been the enthusiasm from investors for shares in the bank, it will sell an extra tranche of [...]
“Big four” banks’ small business lending placed under official investigation by the Competition and Markets Authority November 6, 2014 Britain’s biggest banks are to be thrust under the microscope by a watchdog launching an in-depth investigation into personal current accounts and small business lending. The Competition and Markets Authority (CMA) believes the UK retail banking sector is failing its customers through a "crippling lack of competition and transparency". HSBC, Barclays, Lloyds Banking [...]
In pictures: Inside Leeds’ new Netto store November 6, 2014 It was several months ago that Sainsbury's decided if you can't beat 'em, join 'em, and launched a tie-up with Danish discounter Netto. Today, the first of 15 new stores opened in Leeds. Lest we forget, the retailer beat a retreat from the UK market back in 2010, selling its 193 stores to Asda for [...]
Save money on your overseas transfers November 5, 2014 Whether you’re dreaming of buying a place in the sun, emigrating abroad or need to send money to family and friends overseas, you could save money with a currency specialist. For many people their bank would be the obvious choice when moving money overseas, but banks do not traditionally offer the most competitive exchange rates. [...]
Lord Hill should not fear ambition in pursuing capital markets union November 2, 2014 Today is Jonathan Hill’s first day as European commissioner for financial stability, financial services and capital markets union. He takes on the role at an inflection point: there is broad recognition that Europe needs deep, healthy, and diverse financial markets if it is to unlock economic growth. Banks still provide the major proportion of Europe’s [...]
Save money when buying overseas October 31, 2014 Whether it’s a villa in the sun-kissed Côte d'Azur, a chalet in the Alps or a pied-à-terre in Paris, France has long been a favourite destination for second home owners. And that desire shows no sign of abating, as trends in the French capital are showing: “In Paris, foreign buyers are now accounting for nearly [...]
HSBC unfairly sold loans to small firms October 22, 2014 HSBC and First Trust Bank broke competition rules by wrongly indicating that small businesses had to have an account with them if they wanted a loan, the Competition and Markets Authority (CMA) said yesterday. Former regulator the Office of Fair Trading (OFT) began the investigation, last year telling HSBC to review its sales process. In response, [...]
Competition and Markets Authority chastises HSBC over small business loan “bundling” October 22, 2014 HSBC is one of two banks chastised by the government's new competition watchdog over the way it sells loans to small businesses. The Competition and Markets Authority (CMA) said today it had previously warned banks over "bundling", the practice of forcing small and medium-sized firms taking out a loan with them to open business accounts, [...]