Boss of £775m Royal Bank of Scotland competition payout confirms Santander UK is in running September 27, 2018 The head of a scheme to pay out £775m from Royal Bank of Scotland (RBS) to boost banking sector competition today confirmed that Santander UK and other large lenders are in the running for multi-million-pound award, in spite of criticisms from rival banks. The scheme, designed by the Treasury but run independently by Banking [...]
Jeweller Nirav Modi seeks asylum in the UK in wake of Punjab National Bank fraud scandal June 11, 2018 Celebrity jeweller Nirav Modi has claimed political asylum in the UK after fleeing fraud charges in India. Modi is wanted in his home country for an alleged $2bn bank fraud at Punjab National Bank. According to a report by the Financial Times, officials in India and the UK say he is in London and is [...]
CYBG’s £1.7bn takeover of Virgin Money approved by shareholders September 10, 2018 Shareholders have backed banking group CYBG's £1.7bn takeover of Virgin Money. CYBG, which owns Yorkshire Bank and Clydesdale Bank, and Virgin Money held general shareholder meetings this morning where three motions related to the deal were passed with an overwhelming majority. Read more: Virgin Media wins landmark legal case against council over land access All three resolutions were passed [...]
We speak to the head of Zopa about the FCA’s credit clampdown and how to survive another financial crisis September 13, 2018 In the grand scheme of financial services, the peer-to-peer lending industry is young. With the sector now in its early teens, it’s this immaturity that often seems to spark questions about resilience, particularly how peer-to-peer companies would cope during another economic downturn. Those in defence of the industry tend to use Zopa as an example: a [...]
We speak to the head of Zopa about the FCA’s credit clampdown and how to survive another financial crisis September 13, 2018 In the grand scheme of financial services, the peer-to-peer lending industry is young. With the sector now in its early teens, it’s this immaturity that often seems to spark questions about resilience, particularly how peer-to-peer companies would cope during another economic downturn. Those in defence of the industry tend to use Zopa as an example: a [...]
Banking bigwigs appointed to decide bank winners of £425m RBS competition fund May 2, 2018 Banking bigwigs Godfrey Cromwell and Brendan Peilow were today appointed to head the body which will decide which small business challenger banks receive chunks of a £425m cash pot put up for grabs by Royal Bank of Scotland (RBS). Banking Competition Remedies Ltd (BCR) will judge the applications from lenders such as Metro Bank, Virgin [...]
CYBG agrees deal with Virgin Money June 18, 2018 This morning CYBG confirmed that it had reached a £1.7bn deal with Virgin Money to create a new challenger bank to the big four of HSBC, Barclays, Lloyds and RBS. While some have suggested that the terms of the deal aren’t exactly generous I think the deal is less about the terms than whether it's [...]
Bank of England to set targets for to prevent tech failures June 14, 2018 The Bank of England (BoE) has said it will set targets for banks and other financial companies to meet to prevent and manage cyber attacks or major IT failures. The Financial Policy Committee, the branch of the BoE that deals with systemic risks in the UK financial system, is developing guidelines to deal with operational [...]
Card clash: Mastercard UK’s Mark Barnett on the battle for payments market share October 15, 2018 The likelihood is that, reading this, you have a Visa debit card somewhere on your person. Only two per cent of Britons currently have a Mastercard debit card, but that will change shortly after a string of wins for the US giant which will see its market share increase by 10 times. TSB and Santander [...]
The RBS state aid fund is in serious danger of becoming a lost opportunity April 12, 2018 The Royal Bank of Scotland’s £425m fund was created with the best intentions. Launched last year, the Capability and Innovation fund aimed to fulfil European state aid conditions arising from the bank’s £45bn bailout during the financial crisis. The fund will be split into different grants to help “challenger banks and other financial services providers” [...]