Brokers predict ‘mortgage price war’ as lenders including HSBC and Nationwide cut rates again August 9, 2023 Brokers have suggested there could be a “mortgage price war” as lenders continue to reduce rates amid hopes inflation is finally on the way down. Nationwide reduced prices on some of its fixed products by up to 0.55 percentage points while HSBC reduced rates by up to 0.2 percentage points. TSB also lowered rates by [...]
Secure Trust Bank: New loans surge as lender eyes expansion August 9, 2023 Secure Trust Bank recorded a significant increase in lending in the first half of the year as it sets its sights on continued expansion over the next few years. The specialist bank reported lending growth of 8.2 per cent in the first half of the year, bringing its lending balances to £3.2bn. Three of the [...]
European bank shares fall after shock 40 per cent Italian windfall tax on excess profits August 8, 2023 Shares in European banks fell after the Italian government announced a surprise windfall tax on banks who have seen bumper profits thanks to higher interest rates. Late last night Giorgia Meloni’s populist government agreed to impose a one-off 40 per cent tax on extra-profits, defining extra-profits as when net interest income has grown beyond three [...]
HSBC’s top lobbyist apologises for slamming UK’s tougher stance on China August 7, 2023 A senior HSBC exec has apologised after accusing the UK of being 'weak' by responding to American pressure to toughen its stance on China.
Santander, Lloyds face £1bn car finance claim for pushing customers into pricey deals August 6, 2023 Santander and Lloyds face a new UK lawsuit over alleged “anti-competitive agreements” they had with car dealerships that pushed customers towards more expensive finance options when they were buying second-hand cars. The claim, filed at the Competition Appeal Tribunal last month, targets three of the largest motor finance providers: Santander UK, Black Horse, which is [...]
City regulator responds to Hunt’s de-banking letter and will report back by September August 4, 2023 The City regulator will outline the scale of the so-called ‘de-banking’ scandal next month, in response to a letter from the Chancellor last night. Writing to Jeremy Hunt, the Financial Conduct Authority acknowledged his “request of areas to cover” in an investigation into the row, and that it was “in line with our plans”. The [...]
De-banking a threat to free speech, Hunt says as he asks FCA to investigate August 3, 2023 Chancellor Jeremy Hunt has asked the City watchdog to look into the extent of de-banking, as he said the practice poses a “threat” to free speech. It comes as banks face widespread reforms over account closures, after the Nigel Farage row that last week led to the resignation of the top bosses at Natwest and [...]
Societe Generale tops forecast, but retail woes put focus on CEO plan August 3, 2023 Societe Generale beat quarterly earnings forecasts on Thursday as the French bank kept costs and provisions down, but a slump at its retail business will turn up pressure on its new CEO as he prepares to unveil his plan. An investor day on Sept. 18 will be a key test for Slawomir Krupa, tasked with [...]
Monzo staff comms reveal anti-Tory messages as de-banking scandal grows August 3, 2023 Monzo staff made multiple disparaging remarks about the Conservative party, according to reported internal company messages, as a growing row about lenders closing individuals bank accounts engulfs the banking sector. The internal communications, reported by The Telegraph, show staff describing Tories as “evil”, and called for Conservative MP Jacob Rees-Mogg to “do the human race [...]
Natwest forced to pay £90,000 after sacking exec days after cancer surgery August 2, 2023 A former Natwest executive was awarded £90,000 yesterday after she brought a case against her old employer for dismissing her days after she underwent surgery for cancer. Adeline Willis, a senior risk and compliance officer, was let go by Natwest in April 2020, eight months after a bowel cancer diagnosis and just days after she [...]