High street bank bosses warn of rising fraud threat from social media March 20, 2024 Bosses from the UK's biggest high street banks have told MPs that they are improving their fraud reimbursement rates, while calling for greater cooperation with social media companies to prevent scams that originate on their platforms.
FCA urges Big Tech to crack down on fraud amid rise in unauthorised firms February 8, 2024 The Financial Conduct Authority (FCA) has launched a fresh call for social media firms to do more to prevent mass fraud on their platforms, City A.M. can reveal.
Watchdog sets out new rules to reimburse APP fraud victims in ‘world first’ June 7, 2023 The Payment System Regulatory (PSR) has confirmed new rules that will force banks and payment companies to reimburse victims of authorised push payment (APP) fraud. Following consultation, the regulator has set out how mandatory reimbursement will work in practice. It said the new rules will prompt a “step change” in how firms approach fraud prevention. [...]
Wave of cost of living concern sweeps across Britain January 5, 2022 A wave of concern over the soaring cost of living is sweeping across Britain, reveals fresh figures released today. Over half of households are worried the cost of living crisis will hit their living standards this year, according to research carried out by high street bank TSB. Nearly one in three Brits are concerned their [...]
Coventry Building Society agrees terms to buy Co-op Bank for £780m April 18, 2024 Coventry Building Society has agreed terms to buy The Co-operative Bank for £780m as a wave of consolidation sweeps through the mid-sized banking sector.
Bonanza pay deal of up to £3.4m for new Nationwide chief executive June 19, 2022 The new boss of building society Nationwide could be awarded as much as £3.4m a year if she hits all targets. Debbie Crosbie is set to trouser a salary worth more than £1m while she will also be awarded up to £1.7m over seven years to cash out of pay deals at previous employer TSB. [...]
Cyber attack on London hospitals must be a wake-up call for our politicians June 14, 2024 The NHS cyber attacks show exactly why digital security is critically important, yet our politicians don't seem to care, writes Edward Lewis
Regulator’s new enforcement proposals meet with mixed reviews from experts May 9, 2023 Plans to encourage self-reporting from financial firms under investigation have received mixed reviews from regulation experts. Under proposals set out last week, the Prudential Regulation Authority (PRA) said subjects under investigation could halve their fines by cooperating early in the investigation. The PRA said the so-called ‘early account scheme’ is designed to provide “greater clarity [...]
Surge in ombudsman complaints deepens row over UK’s fraud refund scheme September 4, 2024 Fraud-related complaints to the UK's financial ombudsman have hit their highest level since at least early 2018, adding pressure on payment firms contesting a scheme set to force them to reimburse scam victims from next month.
IBM takes control of TSB’s IT after digital meltdown January 15, 2020 TSB today handed control of its IT systems to tech giant IBM in a deal to overhaul its banking platforms as the bank attempts to escape the shadow of a disastrous digital meltdown. Spanish bank Banco Sabadell, which has owned TSB since 2015, hired IBM for €1bn (£856m), according to Reuters. Read more: TSB Bank [...]