Lloyds boss Antonio Horta-Osorio questioned by bank over alleged tryst trip August 10, 2016 Lloyds Banking Group's boss has faced some tricky questions from his own bank over reports he had a tryst while away on business. Antonio Horta-Osorio, who has been at the helm of the taxpayer-backed bank since 2011, is said to have met with alleged lover Dr Wendy Piatt, a former Tony Blair aide, while travelling in June to a [...]
Uncertainty of being given overdraft prevents two thirds of customers from switching current accounts July 27, 2016 Two thirds of current account holders are in the dark about whether they can switch accounts if they are overdrawn, according to new research. Research from uSwitch.com, the price comparison site, found that people do not switch accounts as they are unsure about whether they are able to make the change when overdrawn, despite a [...]
Ovo Energy makes first profit as smart meter push pays off September 30, 2016 Independent energy supplier Ovo made a pre-tax profit for the first time in its seven-year history, helped by improved customer tenure and as "being a first mover with smart meters paid off". The company said today that its pre-tax profit hit £30.4m in the six months to 30 June, up from a loss of £3.6m a year earlier. [...]
Pressure mounts on FCA to introduce overdraft cap October 11, 2016 The Financial Conduct Authority (FCA) has come under renewed pressure to clamp down on excessive overdraft fees today after new research revealed thousands of people are being hit with triple-digit bills. Debt charity Step Change said between six and 10 thousand people a month contact them looking for help managing their finances after incurring overdraft [...]
Andrew Tyrie slams CMA over free banking “con trick” October 22, 2015 A leading Tory MP has slammed the new Competition and Markets Authority (CMA) report on retail banking, saying its conclusions are “going to take a lot of justifying”. Andrew Tyrie, who chairs the Treasury Select Committee, said free-if-in-credit (FIIC) accounts are a “con trick” and it was “disappointing” that the CMA decided not to end [...]
Are the CMA’s provisional recommendations enough to increase competition in the banking sector? October 22, 2015 Omar Ali, head of UK financial services at EY, says Yes The CMA’s provisional remedies will encourage competition in a market that’s already much more competitive than it was. We now have several credible challenger banks, a burgeoning fintech sector and a switching service better than most markets. But the CMA is right to [...]
Paysafe share price soars as company buys affiliate marketing technology provider Income Access September 1, 2016 Paysafe's share price has jumped today after the payments solutions firm announced it was snapping up Income Access. Paysafe is buying the Montreal-based company, which provides affiliate marketing technology to businesses, for cash consideration of CA$40m (£23bn). Investors were clearly thrilled with the decision, as shares are currently up 2.2 per cent at 446.2p. "This transaction delivers on Paysafe's strategic [...]
Dairy Crest share price rises as CMA approves Muller takeover October 19, 2015 The Competition and Markets Authority (CMA) has cleared the £80m sale of Dairy Crest's dairy operations to Muller UK. The sale was referred to the CMA earlier this year over concerns there would be loss of competition to supply fresh liquid milk in the catchment area of Dairy Crest’s Severnside dairy, especially in the South West and Wales. Muller has [...]
Big six energy giants set to avoid break up June 19, 2016 The six biggest energy companies in the country will avoid being broken up this week. The Competition and Markets Authority (CMA) is set to publish the findings of its two-year investigation in to the industry on Friday. The report is expected demand suppliers create a database of so-called disengaged customers, who have been on a standard [...]
Four reasons why you should think about switching your bank account August 10, 2016 Banks are going to offer customers more sophisticated digital products following an order from competition chiefs. Every high street bank alongside the only-online “challenger” banks will soon have to launch an app where customers can see all of their accounts in one place. It will also allow people to see better deals among competitor banks, so [...]