Metro Bank, a relative newcomer to the high street, is opening seven more branches across south east England. The bank, which opened its first branch in 2010, already has 12 branches in Greater London. It has raised £126m from investors to fund new branches in Brighton, Reading, Hemel Hempstead, Romford, Staines and Epsom. Speaking to [...]
London-based Metro Bank is partnering with Australian online banking solutions provider Sandstone to create an online application platform for Individual Savings Accounts (ISAs). CallCredit will provide verification and credit checking data for the new service, which will be available in time for consumers to take advantage of the new Isa allowance, starting in April. This [...]
In a further massive shake-up of the UK’s banking industry, the Independent Commission on Banking (ICB) is looking at ways to increase competition and choice among high street banks. One option could see existing banking giants broken up and new names enter the industry. The ICB, which is headed by Sir John Vickers, was established [...]
NBNK plans to compete with other High Street banks and has raised £50 million via a share issue. The institution, set up by two City financial-sector heavyweights, is set to build a significant presence in the UK and is now trading on London’s AIM. The bank said it will use the funds to buy branches [...]
Metro Bank, which is Britain’s first new high street lender for more than a century, opened its doors today in Holborn, central London. The bank welcomed dogs with a bowl of water and a bone and offered their owners free breakfast. Dog lover, US billionaire and former Commerce Bank owner, Vernon Hill, said “dogs rule [...]
Metro Bank, which aims to make banking a “fun retail experience” opens in Holborn, central London today. The bank is Britain’s first new high street lender for more than a century and it has pledged to return to “core banking values”. The bank said it will employ more cashiers than the existing “big four” banks, [...]
Metro Bank, which was recently granted a banking licence by the Financial Services Authority (FSA), has told Sky News that it plans to make banking a “fun retail experience”. The bank, which is set to become Britain’s first new high street lender for more than a century, is set to open two branches in central [...]
Virgin Money, which is set to launch as a retail bank later this year, has announced it will charge a monthly fee for current account customers. However, the company said the fees will be low and will replace high overdraft charges. Sir Richard Branson’s Virgin Money recently acquired regional bank Church House Trust. Virgin Money, [...]
City watchdog, the Financial Services Authority (FSA), has granted a banking licence to Metro Bank - which is set to become Britain’s first new high street lender for more than a century. Metro Bank, which is backed by US billionaire and former Commerce Bank owner Vernon Hill, is planning to open two branches in central [...]
Mortgage fraud increases by 23 per cent
Information services company Experian has reported a 23 per cent increase in the number of people giving false information in order to obtain a mortgage. In the second quarter of this year, 39 out of every 10,000 mortgage applications were found to be fraudulent, compared with 32 in the 2011 second quarter. Lenders have tightened [...]
Government to crack down on hidden credit card charges
Tougher rules are to be brought in to protect consumers from hidden credit card charges and premium-rate phone calls to customer service departments. The Government has launched a consultation on how to implement the changes, which are required under a European Consumer Rights Directive and will apply to countries across the European Union. The new [...]
Which? report claims free banking is a myth
A new report by consumer group Which? highlights the high charges that can be applied to ‘free’ current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. [...]
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly [...]
Think tank calls for council housing sell off
The Policy Exchange, a leading UK think tank, is calling for expensive social housing to be sold as it becomes vacant. This could raise £4.5 billion a year and the money could be used to create the largest social house building programme since the 1970s, the think tank suggests in a new report. Between 80,000 [...]
Barclays appoints new chairman
Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, [...]
Post Office stepping up mortgage offering
The Post Office is expanding its mortgage service with the introduction of mortgage specialists in its branches. Mortgages have been available from the Post Office since 2009, but applications have had to be made online or over the phone. It currently offers mortgage with deposits as low as 10 per cent and plans to enhance [...]
Help Loan closed after breaching money-laundering rules
Payday Loan company MCO Capital has been closed down by the Office of Fair Trading (OFT) and fined £544,000 after failing to check the identity of its borrowers. The firm, which traded as Help Loan, was targeted by criminals and cheated of more than £1.5m by the fraudsters due to its negligence. The criminals stole [...]
Health insurance becoming unaffordable warns Bupa
The rising cost of private healthcare is pushing health insurance in the UK up to unaffordable levels, according to international healthcare group Bupa. A lack of competition among private hospitals has led to the cost of treatment rising, and the insurer says that this could lead to health insurance becoming unaffordable. An increase in the [...]
Bank of England forecasts zero economic growth
The Bank of England does not expect the UK economy to grow at all this year according to its latest quarterly report. It had previously forecast growth of 2 per cent for 2012 but recent gloomy economic data has led to the growth forecast being revised downwards. The forecast for medium-term growth has also been [...]
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