Challenger banks win customers on back of better savings rates than big boys July 6, 2023 More generous savings rates at challenger banks are seeing customers flock to newer players in the market, as pressure grows on big banks
PEP talk: City minister urges FCA to review bank account closures after Farage claims July 5, 2023 Andrew Griffith has called on the financial regulator to ensure bank accounts of prominent public figures – PEPs – are not closed due to fears about political exposure. The City minister tweeted a letter to the Financial Conduct Authority (FCA) calling on the body to speed up its investigation into politically exposed persons (PEPs) account [...]
Natwest calls for greater commercial incentives to boost open banking take-up July 5, 2023 Natwest has called for a “step change” in the regulation of open banking as the sector moves towards the next stage of its life. Citing research from consultancy firm Oxera, Natwest argued there should be greater commercial incentives for expanding the reach of open banking. Claire Melling, head of bank of APIs at Natwest, said: [...]
Headcount at six largest UK banks ticks up for first time since pandemic July 5, 2023 The number of employees at the six largest UK banks increased slightly last year, the first increase since the pandemic. According to statistics in the Banker’s Top 1,000 World Banks report, the six largest UK lenders – HSBC, Barclays, Lloyds, Standard Chartered, Natwest and Nationwide – increased their headcount by 0.6 per cent last year. [...]
Augmentum: London-listed fintech fund rides out volatility as portfolio edges upward July 4, 2023 Listed fintech fund Augmentum reported a bump in the value of its portfolio today as it shrugged off the volatility that has hammered tech and fintech firms globally over the past year.
Savings rates: Big banks to meet regulator this week after ‘blatant profiteering’ claims July 4, 2023 Banks will meet with the regulator this week to discuss the savings rates on offer as pressure grows on the UK’s largest lenders to avoid so-called ‘profiteering’. Heads of the largest UK banks – including Lloyds, NatWest, Barclays and HSBC – will meet with the Financial Conduct Authority on Thursday, according to people familiar with [...]
FTSE 100 close: London index’s downbeat run extends into second half of 2023 July 3, 2023 London’s FTSE 100 kicked off the second half of the year in subdued style today, despite a rally among Britain’s largest banks and industrial giants. The capital’s premier index was up for most of the day, before eventually closing marginally lower, down 0.06 per cent to 7,527.27 points. The domestically-focused mid-cap FTSE 250 index, which [...]
HSBC, Barclays, Lloyds and NatWest under fire for ‘measly’ savings rates… again July 3, 2023 Banks are in the firing line for low savings rates once again after the big four lenders received another letter from the influential Treasury Committee. Writing to the UK heads of the big four banks, Harriet Baldwin – chair of the Treasury Committee – said the Committee was “concerned that banks’ savings rates remain too [...]
FTSE 100 close: Banks regain ground amid interest rate concerns as Vodafone slumps June 26, 2023 London’s FTSE 100 was dragged into the red today, driven by Britain’s largest banks struggling amid concerns about how much higher UK interest rates will go and Vodafone tumbling. The capital’s premier index fell 0.11 per cent to 7,453.59 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
Bank shares slump: Barclays, HSBC, NatWest and Lloyds down as investors fret over loan defaults June 23, 2023 Shares in Britain’s big banks have tumbled again today as investors fret over the impact of rising interest rates and the prospect of loan defaults on the horizon.