Nationwide, Santander, TSB and Virgin Money probed over ‘measly’ savings rates BANKING An influential parliamentary body has expanded its inquiry into the low savings rates paid by the UK’s retail banks, describing the current rates on offer as “measly”. Having investigated the UK’s four largest retail banks, MPs at the Treasury Committee have now sent letters to Nationwide, Santander, TSB and Virgin Money. These lenders account for [...]
CBI exodus: Which firms have quit or suspended their relationship with the lobby group? CBI crisis A slew of top firms have quit or suspended engagement with the CBI today after the lobby group was rocked by new allegations of sexual abuse.
TSB Bank’s ex-chief information officer fined more than £80,000 over IT debacle TSB Bank TSB Bank’s former chief information officer has been fined £81,620 by the industry watchdog for failures relating to the botched merger of the firm’s IT services in 2018. The Prudential Regulation Authority (PRA) said Carlos Abarca, who left the bank in December 2019, “failed to take reasonable steps” to ensure that TSB managed the outsourcing [...]
Nationwide, Virgin Money and TSB rapped by Which? for leaving website and app ‘doors open’ to scammers February 7, 2023 Websites and apps used by customers of some of the UK’s largest banks are missing crucial security protections, potentially leaving “open doors” for scammers, consumer group Which? has claimed. Which? tested the customer-facing security systems of 13 current account providers from September to November 2022, with help from security experts at Red Maple Technologies. Account [...]
Record profits place TSB on course for £50m dividend but impairment charges rise on recession fears January 26, 2023 TSB Bank proposed a £50m payout to its parent company in the first quarter of 2023 as its yearly pretax profit increased to a record level. Pretax profit in the 2022 financial year rose to £183.5m from £157.5m in 2021, reflecting lending growth, higher interest rates and higher deposit margins. This figure includes the costs [...]
TSB: Quarter of fraud payment victims denied money back in new scheme as regulator urged to rethink January 7, 2023 TSB is urging a regulator to reconsider proposals which could mean one in four people who are tricked into transferring money to a fraudster being denied their money back. The bank said the Payment Systems Regulator (PSR) should reconsider the plans for a new bank transfer fraud refund mechanism that would allow banks to exclude [...]
TSB hit with £48.7m by watchdogs over 2018 IT fiasco December 20, 2022 High street lender TSB has been slapped with a £48.65m by City watchdogs today for “widespread” failings during a 2018 IT update programme, which left millions of customers without access to banking services.
TSB not for sale, chief of Spanish owner insists September 19, 2022 The chief of Spanish bank Banco Sabadell has dismissed speculation the firm is mulling ditching UK lender TSB. Cesar Gonzalez-Bueno, chief executive of Banco Sabadell, told reporters at an event today “there is no intention to sell” TSB. The push back comes after Edi Truell, a veteran City investor, is reportedly considering setting up an [...]
TSB’s profits more than double as lending and spending soars July 28, 2022 Edinburgh headquartered bank TSB today said its profits for the first half of the year had more than doubled, as its incomes were boosted by higher lending balances and increased card spending following the end of Covid restrictions. The bank said its statutory pre-tax profits had increased 139.9 per cent to £102.9m, as customer lending [...]
4,500 TSB staff to be given £1,000 payment to weather cost-of-living crisis July 25, 2022 Around 4,500 staff at TSB are to be given a £1,000 payment after the high street lender became the latest firm to announce payouts to help employees weather the cost-of-living crisis. The payment will be made to all staff at the bank earning £35,000 or less and will be made in two stages – one [...]