Virgin Money boosts consumer loan book in ‘difficult market’ January 28, 2020 The UK’s sixth-largest lender Virgin Money oversaw a solid expansion of its personal and business loan book in the three months to December despite a “difficult market”, it announced today in a trading update. Virgin Money – which was bought by CYBG for £1.7bn in 2018 – also confirmed the worst is over in terms [...]
Saga takes £4m hit from Thomas Cook collapse January 28, 2020 Over-50s insurer Saga has said underlying profit before tax will meet expectations despite the company taking a £4m hit from the administration of Thomas Cook. However, it warned home and motor insurance policies will pull in revenue three per cent lower than the previous year. But margins will still hit the higher end of Saga’s [...]
Virgin Money begins the search for a new chairman January 24, 2020 Virgin Money today announced that its chairman, Jim Pettigrew, will be stepping down from his role. Pettigrew will retire in September 2021 – when his tenure on the board will hit the new nine-year limit for chairmen. Virgin Money said that Pettigrew’s departure is “in line with the board succession plan and good corporate governance [...]
Uber ramps up British charm offensive with sweeping Nissan deal January 24, 2020 Nissan and Uber have signed a deal that will provide the ride-hailing giant’s drivers with a fleet of new electric cars, as Uber attempts to lay on the charm with on British authorities. The Japanese car maker will provide 2,000 new Nissan Leaf cars, made at the firm’s factory in Sunderland, to Uber at a [...]
TfL banned Uber over concerns it could not prevent breaches by its drivers January 23, 2020 A letter released today revealed that TfL stripped Uber of its licence in London because of “serious doubts” it would be able to prevent breaches that put the public at risk. The letter from TfL to Uber, dated 25 November, detailed some of the breaches that TfL was concerned about, which included drivers providing services [...]
Watchdog tells financial firms to be ready in case of no-deal Brexit January 23, 2020 Financial firms in the UK should be ready in case Britain does not reach a trade deal with the European Union by December, according to a senior regulator. Britain leaves the EU next week, with “business as usual” transition period in place until December. Formal trade talks are set to begin in the coming weeks. [...]
Natural disasters knock global economy for $232bn hit in 2019 January 22, 2020 Economic losses from natural disasters topped $232bn in 2019 as the costliest decade on record comes to a close, according to a new report by insurance giant Aon. There were 409 natural disasters in 2019, 41 of which were responsible for wiping out over a billion dollars each. The two costliest events were the twin [...]
The City highlights its importance ahead of key Brexit talks January 21, 2020 The City has outlined its importance to international finance ahead of crunch EU talks with a report that shows it continues to outperform other financial sectors in helping firms tackle risk. It comes as a debate rages over how close the UK should stay to the EU after Brexit. Chancellor Sajid Javid at the weekend [...]
Open Banking can rebalance the market and put consumers in control January 21, 2020 Two years since its inception, Open Banking has begun to transform the banking world. While understanding may still be low among those outside of the financial sector, do not underestimate this phenomenon. In fact, low awareness is to be expected — Open Banking is a technology that exists behind the scenes, and customers will only [...]
Over 1000 EU financial firms planning to open UK offices after Brexit January 20, 2020 More than 1000 banks, asset managers, payments firms and insurers from the European Union are planning to open offices in post-Brexit Britain so they can continue to serve UK clients. The new offices would help financial firms counter the loss of business as unrestricted two-way access between the UK and EU comes to an end [...]