TSB chief Paul Pester: Seven day bank account switching service fails too many people February 11, 2015 The bank account switching service does not help customers who rely on overdrafts, TSB Bank chief Paul Pester complained yesterday. It is harder for those customers to move, letting the big banks keep hold of them – and their juicy fees – with little competition, he claimed. “Those customers who could benefit most from switching [...]
City Moves for 18 November 2015 | Who’s switching jobs November 17, 2015 CAPITAL GROUP The investment management company has appointed Chris Miles as director, financial intermediaries. He joins from Fidelity Worldwide Investment, where he was associate director, wealth manager sales, responsible for the sales and relationship management of discretionary accounts. PwC The professional services firm has appointed Leo Ring and Hannah Carter to its pensions and investment [...]
Challengers say CMA retail banks review does not go far enough October 22, 2015 Bosses at Britain’s smaller challenger banks are questioning the Competition and Markets Authority (CMA), saying that watchdog’s latest report “does not go anywhere near far enough” in boosting competitiveness in the retail banking sector. TSB chief executive Paul Pester said the CMA’s provisional findings, first published this morning, were a “solid first start” but there [...]
Bank of England and PRA’s new ring-fencing rules “could cost banks five per cent” of their operating budget October 15, 2015 The Bank of England has today laid out further details about how Britain's biggest banks will have to restructure in order to comply with so-called ring-fencing regulations. From 2019, banks with core deposits greater than £25bn will have to separate their retail activities from the riskier parts of the business. The requirements were first set out in the Financial Services [...]
Virgin Money share price rises as mortgage lending jumps: More proof challenger banks are winning? October 15, 2015 The "Big Four" have good reason to worry about challenger banks, after Virgin Money announced net mortgage lending almost doubled in the nine months to the end of September. The figures Gross mortgage lending jumped 38 per cent to £5.5bn in the first three quarters of the year, the bank said today, with net mortgage lending rising 98 per [...]
IPO latest: Lloyds spin-off Equiniti expects a market capitalisation of up to £600m after IPO October 14, 2015 Equiniti, the payments technology provider, has added to the current flurry of IPO activity, announcing the price range for its shares will be between 165p and 200p. The price would give Equiniti an initial market capitalisation of between £495m and £600m: the company estimates the flotation to net around £135m, which it plans to use to pay off some [...]
HBOS report: Crisis probe is the Never-Ending Story November 19, 2015 It has been 2,617 days since Lloyds TSB’s merger with HBOS was struck. Today – at last – we will get the fullest account yet of why HBOS needed rescuing in the first place. The delay in publication isn’t the least shocking aspect of Britain’s banking crisis. If the purpose of such inquiries is to [...]
The Prudential Regulation Authority has two new board members David Thorburn and Dr Norval Bryson July 29, 2015 The Bank of England's Prudential Regulation Authority (PRA) is about to get two new board members. The Bank announced the appointment of former Clysdesdale and Yorkshire Banks chief executive David Thorburn, and Dr Norval Bryson who's due to step down as deputy chairman of Scottish Widows and non-executive director of Lloyds TSB, effective from September 2015. [...]
Cash is no king: But there are some high interest paying current accounts November 19, 2015 With the UK’s low-interest rate environment likely to continue well into next year, few would claim that cash is king. But at a time of meagre bond yields and volatility in equity markets, cash is no pretender either. The attractiveness of easy-access accounts has weakened in recent years, with most providers offering less than 1.5 [...]
Deloitte UK’s Young Banker of the Year Awards 2015 nominees: They’re bankers, but not as you know them… August 27, 2015 Meet Deloitte UK's Young Banker of the Year Awards' nominees In recent years, identifying oneself as a banker has been something of a social faux pas. But are things about to change? As the summer break comes to an end, financial advisers Deloitte are kicking off the new school term with their Young [...]