Regulator ramps up Lloyd’s of London whistleblowing monitoring December 23, 2019 The Bank of England has ramped up its monitoring of Lloyd’s on London’s whistleblowing processes, it said today. The Prudential Regulation Authority (PRA) announced the insurance market had agreed to extra checks. Read more: FCA head Andrew Bailey confirmed as next Bank of England governor In February, Lloyd’s told the PRA its only anonymous whistleblowing [...]
Barclays and Lloyds among the worst performers in EU bank stress test November 3, 2018 Barclays and Lloyds surprised markets yesterday after being named and shamed in the EU’s banking health check. The two British lenders were among the worst performers in the EU banking watchdog’s new report, which tested European banks and their ability to withstand a hypothetical market shock. While none of the 48 lenders fell below the [...]
Barclays halts job cuts while coronavirus crisis ongoing April 14, 2020 Barclays has halted new job cuts while the coronavirus is ongoing the bank said in a memo. Barclays said it is also supporting staff in the process of being made redundant, the memo seen by Reuters said. The lender said it would support staff by paying up to 80 per cent of an employee’s wages [...]
Metro Bank needs to start moving forward February 27, 2020 By pretty much any conceivable metric, Metro Bank has had a miserable recent history. A major accounting blunder disclosed at the start of 2019 has sparked two regulatory investigations, led to the departure of its chairman and chief executive, and wiped almost 90 per cent off the lender’s market cap. Unsurprisingly after all that, yesterday’s [...]
Lloyds unveils family mortgage offer to help millennials buy a home January 28, 2019 Llloyds Bank will allow first-time buyers to avoid saving for a deposit by allowing parent’s savings to be used in its place. The Lend a Hand mortgage, which is 100 per cent loan-to-value, launched today removes the need for a deposit which is instead provided using the savings of the buyer's family member who can [...]
FTSE 100 extends losses after worst daily drop in a month May 1, 2020 The FTSE 100 extended its losses today after suffering its worst daily drop in a month yesterday as dire economic reports and weak earnings weighed on traders. London’s blue-chip index was down roughly 2.3 per cent at 5,762 points by around 10.20am today. By the mid-afternoon the FTSE 100 had trimmed its drop to just [...]
Provident puts up staunch defence against ‘risky and flawed’ £1.3bn Non-Standard Finance takeover bid March 24, 2019 Provident Financial urged shareholders to reject the “risky and flawed” £1.3bn bid from rival Non-Standard Finance (NSF) as the two doorstep lenders continued their war of words. Provident issued a 47-page defence against its smaller rival’s hostile takeover bid and strengthened its own board over the weekend. Read more: Provident restores dividend as doorstep lender [...]
UK banks ease coronavirus business loan requirements April 27, 2020 The UK’s biggest banks have said they will ease their lending conditions to make it easier for small businesses to access cash through the coronavirus business loan schemes, after chancellor Rishi Sunak offered 100 per cent guarantees to the smallest businesses. The coronavirus business interruption loan scheme (CBILS) has been criticised by many firms who [...]
UK current account deficit narrows ahead of coronavirus slowdown March 31, 2020 The UK’s current account deficit narrowed in the final quarter of 2019, figures showed today, although this was due in large part to movements in gold trade. The deficit is the difference between the value of the goods and services a country imports and the goods and services it exports. Britain imports more goods and [...]
Lloyds to put £13bn wealth unit into joint venture with Schroders October 7, 2018 Lloyds, Britain’s biggest high street lender, plans to merge its £13bn wealth-management wing into a a new joint venture with investment giant Schroders, according to a report. Details of the arrangement – which would transform the UK’s wealth-management sector by bringing Schroders’ services closer to a more wider group than its current, affluent cliente – [...]