Fintechs can now apply for Financial Conduct Authority approval for accessing data from top banks as Open Banking moves a step closer October 12, 2017 Fintech startups are a step closer to getting their hands on customer data from some of the biggest high street banks in another move towards Open Banking. Firms wanting to take advantage of account information being made available under rules outlined by the competition authority last year can apply to the Financial Conduct Authority from [...]
The government is looking into whether companies are using share buybacks to inflate bosses’ pay January 28, 2018 The government could crack down on share buybacks, as it has hired researchers to determine whether they are being used by companies to artificially inflate their executives’ pay. Share buybacks, where a company purchases some of its own shares to reduce the number available in the market and often raise their price, can increase a [...]
HSBC profits plunge 62 per cent as one-off costs eat into bottom line, and bank mulls moving 1,000 jobs to Paris because of Brexit February 21, 2017 HSBC revealed this morning that its profits have dropped dramatically after a series of one-off hits eroded its bottom line, and added that it was considering moving 1,000 jobs from London to Paris because of last year's Brexit vote. Shares in HSBC Holdings dropped 4.5 per cent at the open and were down 6.5 per [...]
What Facebook’s downfall will mean for the future of fintech April 20, 2018 The year began with headlines predicting the entrance of Facebook and Google into the banking market, following the introduction of new Open Banking rules which forced banks and payment companies to share data with third parties if customers agreed. The changes were meant to boost account switching and improve price comparison, but some speculated that [...]
Facebook makes fintech move with UK launch of p2p payments via Messenger feature November 6, 2017 Facebook is making its first foray into finance in the UK with the launch of a new feature which lets users send and receive payments via Messenger. Cash can be transferred with just a message and users can even add emojis and gifs. Facebook’s artificial intelligence powered virtual assistant for Messenger, called M, will also [...]
EU markets regulator ESMA finally releases long-delayed list of stocks affected by Mifid II dark pool volume cap March 7, 2018 The European markets regulator has finally released a long-delayed list of stocks which will be affected by the Mifid II cap on “dark pool” trading, covering the shares of some of the biggest household names across Europe. If more than four per cent of stocks are traded “in the dark” on any particular venue on [...]
Bakkavor causes confusion by announcing IPO pricing a week after cancelling float November 10, 2017 Bakkavor has caused confusion this morning after announcing the pricing details for an IPO which it said last week would no longer go ahead. The group, which makes prepared foods for supermarkets, said last Friday that it had not received sufficient institutional demand for its proposed offering and that it would not be in the [...]
HSBC’s online banking is down August 1, 2016 HSBC is suffering technical problems, leaving customers unable to access online banking services. The issue arose around 3pm according to Downdetector, which has had more than 900 reports of issues so far. HSBC said its service is currently unavailable, but did not elaborate on the reason behind the issue. The issue is also affecting First Direct, the [...]
Douglas Flint warns more clarity on Brexit is needed to safeguard City jobs as HSBC mulls moving as many as 1,000 to Paris January 10, 2017 The group chairman of HSBC has today warned more clarity is needed on Brexit to prevent firms, including his own, collectively moving thousands of jobs out of London preemptively. In an almost three-hour grilling with the Treasury Select Committee, Douglas Flint cautioned the lack of coherent guidance on where the government intended to go with Brexit [...]