Millions of banking app users exposed to security flaw: HSBC, NatWest, Monzo, Santander, Starling and Virgin Money customers all affected Mobile banking security flaw Millions of Brits who use online banking services are exposed to some worrying fraud risks, industry experts warned today. Following an investigation by security experts 6point6, testing the online and mobile app security of 15 major current account providers on a range of criteria, including encryption and protection, login, and account management and navigation, consumer [...]
Half of all UK bank branches have been shut or are scheduled for closure as fintech kills off 736 locations in 2021 alone End of an era New figures published this morning show that the number of bank branches across the UK is dropping dramatically. In fact, nearly half of all banks’ branches have been lost since 2015, or are scheduled for closure, according to Which? Vulnerable customers are being left at risk of being “cut adrift”, the consumer organisation said after [...]
End of year rush sees value of FCA fines increase fourfold to £618m. highest level in six years City news An end of year surge in fines has seen the value of FCA fines increase fourfold to £618m this year, up from £156m last year, the highest value of fines in six years, according to new data shared with City A.M. this morning. The increase in fines in 2021 was dominated by four blockbuster fines [...]
Christmas in Canary Wharf: UK’s largest banks face £8.5bn HMRC bill with £35.8bn of tax under consideration December 22, 2021 Large banks face a potential £8.5bn tax liability from the UK tax authority, according to new figures obtained by Freedom of Information (FOI). The FOI to HM Revenue and Customs (HMRC), carried out by City law firm DLA Piper, showed that, at the end of March 2021, additional tax liability under investigation had increased by [...]
MPs want answers from FCA over over NatWest money laundering case October 20, 2021 An influential group of MPs has written to the financial watchdog over its investigation into money laundering at NatWest. Treasury Committee chair Mel Stride has asked Financial Conduct Authority (FCA) boss Nikhil Rathi to explain why it took five years to secure a prosecution against the bank. Earlier this month NatWest admitted three counts of [...]
Exclusive: NatWest-backed Updraft raises £72m in latest funding round October 19, 2021 NatWest-backed Updraft, an app which aims to help people get out of debt, has raised £72m in its latest funding round as it eyes expansion. The fintech firm, which is looking to lend £200m to UK customers next year, allows customers to connect their bank accounts and view their debts from across credit cards and [...]
Despite rise of 40 per cent so far this year, bank stocks have more room to run October 15, 2021 Bank stocks have already risen nearly 40 per cent this year, but National Securities Chief Market Strategist Art Hogan says they have more room to run. Watch the full report.
NatWest to launch first eco-friendly loans as part of new £100bn green funding pot October 13, 2021 NatWest said this morning it plans to bring £100bn to green funding to the market by the end of 2025 and the City bank will also roll out its first eco-friendly business loans. The bank stressed its strategy is to help small firms capitalise on the drive to tackle climate change. The pledge sees the [...]
‘FCA claimed a big scalp’: NatWest’s £320m money laundering fine sends message to the entire City October 8, 2021 NatWest is this morning staring at the prospect of a fine of up to £320m following the bank’s admission of guilt yesterday in relation to three charges of money laundering. The banking giant admitted it had failed to properly monitor £365m when it was deposited into a customer’s account. The case is widely seen as [...]
Dirty money in the City: NatWest pleads guilty to money laundering charges as CEO apologises October 7, 2021 NatWest pleaded guilty this morning at Westminster Magistrates’ Court to three counts of failing to comply with anti-money laundering legislation. The bank admitted failing to comply with laws over “large cash deposits” into a sole customer’s accounts. The firm pleaded guilty at Westminster Magistrates’ Court on Thursday to three counts under regulation 45(1) of the [...]