More customers leave TSB than any other bank, data shows January 30, 2019 More customers abandoned TSB in the third quarter of last year than any other bank, according to the latest data, while Nationwide gained the most new accounts. TSB, which suffered two major IT outages in 2018, saw net losses of 16,142, followed by Natwest which lost 12,514 accounts overall. A total of 40, 656 customers moved their [...]
Co-op Bank losses deepen amid tougher mortgage competition February 27, 2020 The Co-operative Bank has reported an increased pre-tax loss for 2019, as the high street lender struggled with tough mortgage competition and PPI compensation payouts. The figures Co-op Bank posted a loss before tax of £152.1m for 2019, an eight per cent rise on the £140.7m recorded the previous year. It said that its underlying [...]
Markets live: FTSE 100 rebound sours as traders await Fed rates decision June 10, 2020 The FTSE 100 faltered as an initial rebound quickly turned sour and the UK index fell back into the red by the afternoon. London’s blue-chip index pushed 0.74 per cent higher as markets opened today, before dipping into the red by mid-morning. The FTSE pared back some of the losses by the afternoon but edged [...]
City of London Corporation puts up posters in City pubs in bid to combat sexual harassment December 3, 2019 The City of London Corporation is set to be the latest square mile institution to campaign against sexual harassment in the financial industry. The Reframe the Night Campaign will feature 600 posters at various City venues that are adorned with phrases traditionally used to excuse sexual harassment. Read more: Lloyd’s of London to put up [...]
London small business boss blasts Barclays over coronavirus loan scheme May 5, 2020 Small businesses are at risk of collapse due to stringent eligibility rules for emergency coronavirus loans, the boss of a London marketing agency rejected for a loan has warned. Richard Cox, co-founder of The Village Communications, accused banks of a “complete lack of interest” in helping small firms that were struggling to stay afloat during [...]
Go back to the drawing board and help UK businesses become top of the class March 21, 2019 If you walk into any classroom in the country, you will find a small group of diligent pupils at the front, hands raised, offering an answer to today’s problem. There’s also likely a second lot at the back of the class monopolising the teacher’s time. This leaves the majority of students in the middle who [...]
Metro Bank tops customer service survey as challenger bank grows in popularity February 15, 2019 Metro Bank has topped an industry-wide customer service survey despite battling an accounting error, which has hit shares in recent weeks. The challenger bank knocked First Direct off the top spot in a Competition and Markets Authority (CMA) survey based on whether customers at the UK’s 16 largest current account providers would recommend their bank to friends [...]
HSBC first quarter profit halves on coronavirus pandemic April 28, 2020 HSBC saw coronavirus rip its first quarter profit in half today as it counted a huge $2.4bn jump in credit losses as a result of the pandemic. The bank’s share price declined 1.7 per cent to 409.3p in early trading as it revealed profit before tax sank 48 per cent year on year to $3.21bn. [...]
MPs fear FCA proposals on overdraft rules could end free banking January 15, 2019 The head of the UK’s financial watchdog told MPs this morning that he is “very alert” to the possibility that proposed rules to tackle charges for unplanned overdrafts could raise the cost of planned consumer borrowing. MPs raised concerns that changes to overdraft rules could negatively impact the availability of free banking as banks would [...]
Financial services trade talks with Switzerland may be a template for post-Brexit success September 8, 2020 The coronavirus pandemic might have left us with a mountain to climb, but our nation’s economic recovery can be accelerated by one of our greatest trading assets: the UK’s financial services sector. As chair of the All-Party Parliamentary Group for Insurance and Financial Services – and a former insurance broker – I know first-hand how [...]