Tech outages at financial firms double as watchdog warns of data breach risk November 27, 2018 IT failures at financial institutions have more than doubled in the last year, the Financial Conduct Authority has revealed, as firms fight to update their legacy technology to keep apace with fintech startups. In the 12 months to October, the UK's financial firms reported a 138 per cent increase in technology outages to the FCA, as [...]
Profit leaps at guarantor loans provider Amigo following its London float earlier this year November 27, 2018 Sub prime lender Amigo posted a 40 per cent jump in adjusted profit after tax today in its first results since its London flotation in June. Shares were down 1.15 per cent this morning at 262p, which also marked a dip on their original price of 275p. Revenue grew 40 per cent to £130.1m in [...]
Bitcoin plunges further below $4,000 as cryptocurrencies face scrutiny from regulators November 25, 2018 Bitcoin faced another sharp fall today as the cryptocurrency heads for its worst weekly loss in five years. Bitcoin fell to a low of $3,474.73 today, its lowest level since September 2017, according to data from Luxembourg-based Bitcoin exchange Bitstamp. The sharp fall means bitcoin is on track to see its largest weekly drop since [...]
How Brexit could help mortgage prisoners break free November 22, 2018 In the years leading up to the 2008 financial crisis, lenders were dishing out large mortgages and asking for tiny deposits in return. Property values were rapidly outpacing wage growth, and buyers were being allowed to borrow eight times their annual salary. For many homeowners, the problems started after the crash when the regulators forced [...]
Blockchain collaborators envision a new digital token standard for shares November 21, 2018 | Sponsored Right now, there is a shift from public token offerings to regulated token offerings, often in the form of equity tokens. A number of blockchain companies around the world are busy creating their own digital standards for tokenised corporate shares. David Siegel, Chairman of 20|30, a start-up in the FCA sandbox that is testing the [...]
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 [...]
Lloyds pays out to whistleblower who alleged HBOS cover-up November 14, 2018 Lloyds Banking Group has apologised and paid an undisclosed amount in compensation to a whistleblower who produced an internal report that criticised the lender’s handling of a large-scale fraud. The bank previously settled with Sally Masterton, a former senior risk officer at HBOS, over claims she had been unfairly dismissed. Masterton “acted with integrity and [...]
The number of people banned from the financial services sector rose 28 per cent last year November 12, 2018 The number of individuals banned from working in the financial services sector by regulator the Financial Conduct Authority (FCA) rose 28 per cent last year, research published today shows. There were 23 people banned from working in the industry by the FCA in 2017-18, up from 18 the previous year, according to City law firm [...]
Watch out for Brexit scammers, says UK financial regulator November 8, 2018 Scammers might seek to take advantage of uncertainty around Brexit to trick unsuspecting Brits, the Financial Conduct Authority (FCA) warned today. The regulatory said consumers should beware of unexpected calls, emails and text messages, and told consumers never to hand over their debit card pins. The warning came as part of a notice advising consumers [...]
Thousands could have PPI claims retried after FCA issues new guidelines November 7, 2018 UK banks could be forced to write to around 150,000 customers who may have been mis-sold payment protection insurance (PPI) as next year’s deadline to claim compensation looms. The Financial Conduct Authority said it is proposing the new rules so that customers who have complained unsuccessfully will know they have a second chance. Customers will [...]