Noel Edmonds launches legal case against Lloyds Banking Group as he enters the I’m A Celebrity jungle November 22, 2018 Former Crinkley Bottom resident and Deal or No Deal supremo Noel Edmonds is set to take his fight with Lloyds Bank into the Australian jungle. Edmonds is set to use his I’m A Celebrity TV platform to blast the bank, which he blames for the failure of his business. His lawyer, Jonathan Coad of Keystone [...]
Nationwide profits fall as technology investment cuts into bottom line November 22, 2018 Profits fell by a fifth at Nationwide in its half-year results today, with the building society’s technology investment weighing down earnings. The figures Profit before tax tumbled 17.8 per cent to £516m for the six months to the end of September, compared to the same period in 2017, as it took a £135m charge for asset [...]
Danske Bank money laundering whistleblower Howard Wilkinson slams UK company structures as a ‘disgrace’ November 21, 2018 Danske Bank whistleblower Howard Wilkinson slammed British company structures for covering up money laundering activities. Wilkinson, who revealed an alleged €200bn (£178.1bn) money laundering scandal involving his former employer, said limited liability partnerships and Scottish liability partnerships “have been abused for years”. “The role of the United Kingdom is an absolute disgrace. Limited liability partnerships [...]
Paragon gets tough on property valuation to mitigate against Brexit concerns November 21, 2018 UK bank Paragon will take a “robust approach” to property valuation to mitigate against a potential economic downturn following Brexit, it announced today. The FTSE 250 lender said it has strengthened an in-house property team that conducts two thirds of valuations and validates all valuations undertaken by third party surveyors. The company said in a statement: “The [...]
Monzo teams up with Paypoint to allow users to deposit cash in shops November 21, 2018 Digital bank Monzo has today announced a strategic partnership with Paypoint, enabling its users to deposit cash into their Monzo account at any of Paypoint's 28,000-strong network of corner shops and local stores across the UK. Deposits can range from £5 to £300, with a fee of £1 per deposit and a cap of £1,000 every [...]
To restore public trust, it’s time for finance to find its purpose November 21, 2018 More than 10 years on from the collapse of Lehman Brothers, the finance industry still has much work to do to rebuild society’s trust. Given the centrality of financial services to the UK’s economy – whether through the tax revenues it pays, the two million jobs it supports, or the basic functions of our economy [...]
Deutsche Bank shares hit record lows as German bank dragged into money laundering scandal November 20, 2018 Shares in Deutsche Bank hit record lows today after the German bank confirmed it was involved in the Danske Bank money-laundering scandal. Danske whistleblower Howard Wilkinson had claimed on Monday that a major European lender was involved in processing up to $150bn (£117bn) in suspicious payments. The former head of Danske Bank’s trading unit in [...]
Tandem Bank takes in £15m from Convoy in Hong Kong expansion November 20, 2018 Fintech challenger bank Tandem has today closed a strategic partnership with Convoy Global Holdings, a Hong Kong-based financial services group which will make the London startup one of the first digital banks to launch in the city. Convoy is investing an initial £15m into Tandem Bank as part of the deal, which will provide Tandem with [...]
PPI claims surge against CYBG to push bank to a £145m loss November 20, 2018 Clydesdale Bank owner CYBG's share price fell more than 13 per cent today as a fresh raft of PPI claims pushed it to a £145m loss in its full-year results. The figures CYBG fell to the £145m loss after taking a £352m hit for PPI costs and £44m for other legacy conduct issues. A Financial Conduct [...]
Banks should watch out – the fintech era has barely begun November 20, 2018 The fintech sector makes a lot of noise in London. There’s an endless stream of news about open banking and challenger banks, while the traditional finance sector watches on with a mixture of admiration and suspicion. Banks have come under attack, not only from the hype-machine, but more meaningfully from startups. Traditional finance providers that assumed [...]