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Tag: UK


Regulations

UK’s FCA proposes new rules to protect access to cash

December 8, 2023

Via: FinTech Futures

In accordance with the new powers granted to the FCA by the Financial Services and Markets Act 2023, the regulator says that designated banks and building societies will need to assess the gaps in access to cash, taking local factors […]


Capital and Risk, Liquidity

British Pound (GBP/USD) Latest – Volatility on the Horizon?

October 23, 2023

Via: DailyFX

The British Pound is little changed as traders open their books for the week with little macro news around to start a move. The situation in the Middle East remains unpredictable and very volatile, while the proposed Israel move into […]


Channels

UK sees surge in open banking payments with new monthly high

August 31, 2023

Via: FinTech Futures

Six years after being instated by the Competition and Markets Authority’s (CMA) Retail Banking Market Investigation Order, open banking – an avant-garde technology enabling consumers and businesses to tap their transaction data to access more personalised financial services – is […]


News

Virgin Money to shutter 39 bank branches across the UK

July 21, 2023

Via: FinTech Futures

As more and more customers take to online banking services, Virgin Money says it has seen “far less visits” to its brick and mortar branches, with most people only visiting to discuss significant life events. “The decision to close a […]


News, Regulations

UK neobank Kroo gains full banking licence

June 28, 2022

Via: FinTech Futures

With the new licence now in hand, Kroo can offer depositors protection through the Financial Services Compensation Scheme (FSCS) for up to £85,000. Founded in 2016, Kroo offers its 23,000 customers a current account with overdraft facilities along with socially […]


Capital and Risk, Liquidity

British Pound (GBP) Forecast: Positive Start for Cable on Spring Bank Holiday

June 2, 2022

Via: DailyFX

GBP/USD called back some of yesterday’s downside in the Asian and European sessions after the dollar took its foot off the pedal as U.S. Treasury yields eased. Currently, the UK economy is under pressure from rampant inflation and slowing manufacturing […]


Regulations

FCA fines HSBC £64m for failings in its AML processes

December 21, 2021

Via: FinTech Futures

The FCA claims HSBC’s transaction monitoring systems showed “serious weaknesses” over a period of eight years from March 2010 to March 2018. The regulator says HSBC did not dispute its findings and agreed to settle “at the earliest possible opportunity”. […]


Activity, Investment Banking

Citi spin-out Proxymity raises $31m in Series B funding round

December 20, 2021

Via: FinTech Futures

Original consortium investors BNY Mellon, Citi, Computershare, Deutsche Bank, Deutsche Börse, JP Morgan, and State Street all participated in the round. The platform was incubated in Citi and launched in the UK in 2018, following a collaborative pilot partnership with […]


News

PayPal increases transaction fees between UK and Europe

September 10, 2021

Via: Banking Technology

Payments moving between the UK and the European Economic Area (EEA) will be hit with a 1.29% fee, a rise from the usual 0.5% currently paid. PayPal has placed blame for the decision on rising operating costs and increased interchange […]


News

Former HSBC boss to head up UK green infrastructure bank

September 3, 2021

Via: FinTech Futures

Flint will formally take up his new position at the UK Infrastructure Bank (UKIB) on 27 September. The bank aims to support regional growth through private and local government partnerships in order to finance a green industrial revolution in clean […]


Capital and Risk, Liquidity

British Pound (GBP) Price Outlook: GBP/USD at Risk From Truck Driver Shortage

August 25, 2021

Via: DailyFX

News reports that UK restaurants and supermarkets are running out of supplies could be long-term negative for the British Pound if it delays the eventual tightening of monetary policy by the Bank of England. McDonald’s, for example, said Tuesday that […]


Capital and Risk, Operational

Fintechs will be at the heart of the next wave of security wars

July 27, 2021

Via: FinTech Futures

Today, UK fintechs make up 10% of global market share, are collectively worth more than £11 billion in annual revenue, and earned more investment than the next five biggest European countries combined. Seeking to capitalise on this staggering growth, the […]


Channels

JPMorgan to buy robo-adviser Nutmeg to bolster UK footprint

June 17, 2021

Via: Banking Dive

JPMorgan Chase CEO Jamie Dimon said at the bank’s 2020 annual investor meeting that it would be “much more aggressive with acquisitions across the board.” The comment, incidentally, came days after rival Morgan Stanley announced it would buy brokerage firm […]


Capital and Risk, Macroeconomic

UK hikes corporation tax to 25% as pandemic support hits £407 billion

March 3, 2021

Via: CNBC

LONDON — British Finance Minister Rishi Sunak announced Wednesday that U.K. corporation tax will increase to 25% in April 2023 as the government looks to restore public finances in the aftermath of the Covid-19 pandemic. In his Budget statement Wednesday, […]


Regulations

Brexit forces interest-rate derivatives trading shift to US

January 27, 2021

Via: FinTech Futures

This trading shift is dealing a blow to the City of London, highlighting the importance for the UK of reaching a post-Brexit agreement on financial regulation with the EU. The International Financial Review (IFR) reports that volumes of euro interest-rate […]


Activity, Corporate Banking

HSBC Private Banking loses global innovation head Diana Biggs

November 18, 2020

Via: FinTech Futures

Biggs originally joined HSBC in 2017 as its head of digital innovation for UK and Europe in retail banking and wealth management. After two years in that role, she moved on to spearheading the private bank’s fintech partnerships, technology innovation, […]


Activity, Corporate Banking

Lloyds plans 1,040 job cuts to back office support staff

November 6, 2020

Via: FinTech Futures

The roles lost are grouped around the bank’s technology and retail operations. Lloyds says that this fresh round of cuts is offset by the creation of 340 new roles elsewhere. The bank says the changes reflect its “ongoing plans to […]


Capital and Risk, Operational

Fraudsters rake in £58m during COVID-19 by impersonating banks

September 16, 2020

Via: Banking Technology

According to UK Finance, its members reported 15,000 cases between January and June 2020. Criminals raked in more than £58 million using the technique. Impersonation scams occur when a victim pays a criminal claiming to be from a trusted organisation. […]


Activity, Investment Banking, Trading

Robinhood scraps launch of its investing app in the UK

July 21, 2020

Via: CNBC

Robinhood has postponed the launch of its popular stock-trading app in the U.K. indefinitely. The Menlo Park, California-based fintech firm told people signed up to its U.K. waitlist Tuesday that it had put the brakes on its global expansion ambitions […]


Activity, Corporate Banking

Banks investigate sales push linked to corporate loans

May 19, 2020

Via: Banking Technology

The Financial Times reports that lenders including Barclays, Deutsche Bank, HSBC and Santander are conducting internal reviews to find out whether any of their investment bankers tried to link emergency financing to more lucrative services, according to people familiar with […]