Tag: UK

March 27, 2024

The Manchester-headquartered bank says a consultation for the proposed job cuts has now commenced, with the action expected to impact 12% of its total workforce. “The decision has not been made lightly, and the bank will continue to work closely […]

December 8, 2023

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 […]

October 23, 2023

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 […]

August 31, 2023

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 […]

July 21, 2023

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 […]

June 28, 2022

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 […]

June 2, 2022

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 […]

December 21, 2021

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”. […]

December 20, 2021

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 […]

September 10, 2021

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 […]

September 3, 2021

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 […]

August 25, 2021

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 […]

July 27, 2021

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 […]

June 17, 2021

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 […]

March 3, 2021

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, […]

January 27, 2021

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 […]

November 18, 2020

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, […]

November 6, 2020

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 […]

September 16, 2020

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. […]

July 21, 2020

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 […]