After fining Metro Bank and Starling, which challenger bank will the FCA target next? November 13, 2024 The Financial Conduct Authority has signalled that it is ready to take a hard line against challenger banks for financial crime failings after dishing out hefty fines to young lenders.
Sainsbury’s sells Argos credit cards for £720m in financial services retreat October 31, 2024 Sainsbury’s has struck a deal to sell its Argos credit card portfolio for roughly £720m as the supermarket withdraws further from financial services to focus on retail.
The Notebook: Starmer leading like a civil servant isn’t working October 14, 2024 And it is leading to dangerous, unwanted and undemocratic policymaking – like the introduction of bank spying powers, writes Silkie Carlo This weekend marked 100 days of the new Labour government – a period of deliberate doom and gloom rather than honeymoon. As I wrote in my Notebook for this paper upon his election, Sir [...]
Monzo set for £4.5bn valuation in employee share sale October 10, 2024 Monzo is launching a secondary share sale that is set to value the digital challenger bank at £4.5bn, Morning Wire has learned.
Starling Bank fined £29m for ‘shockingly lax’ financial crime controls October 2, 2024 The Financial Conduct Authority (FCA) has fined digital challenger bank Starling £28.96m for failings related to its financial crime controls that the City regulator called "shockingly lax".
Nationwide completes Virgin Money takeover to create high street banking titan October 1, 2024 Nationwide has completed its £2.9bn takeover of Virgin Money in the UK's biggest banking merger since the financial crisis amid increasing consolidation among mid-sized lenders.
Bank of England mulls ‘further steps’ to boost City’s global competitiveness September 26, 2024 The UK's banking regulator is mulling "further steps" to boost the City's international competitiveness as one of its top brass hailed a "broadly welcoming" response to its softening of bank capital rules.
Monzo celebrates fourth year on top of bank satisfaction rankings August 15, 2024 Monzo has once again taken first place in an official league table measuring whether customers would recommend their bank to friends and family, with the firm marking four years in the top spot. The digital-only bank, founded in 2015, has topped the Competition and Markets Authority’s (CMA) biannual current account satisfaction ranking since August 2020, [...]
Unicorn digital bank Oaknorth to award first dividend after bumper profit August 13, 2024 Digital challenger bank Oaknorth has agreed to award its maiden dividend to shareholders after the fintech unicorn enjoyed a jump in profit last year.
Shawbrook: Underlying profit dips as challenger bank’s margins narrow August 8, 2024 Challenger bank Shawbrook has reported a dip in underlying profit for the first half of 2024 as looming interest rate cuts from the Bank of England narrowed its lending margins.