Tag: Banking News

Frodo Financial launches overdraft service

Frodo Financial launches overdraft service

Frodo Financial, a new financial technology company, has launched an online overdraft system which provides an alternative to a bank overdraft. The new Frodo Flexi account provides a rolling cash-credit facility of between £1,000 and £10,000 that runs alongside a customer’s current account with their existing bank. It offers a 16.9% APR variable interest rate [...]

October 8, 2012 | 0 Comments More
Which? calls for Big Change to bank culture

Which? calls for Big Change to bank culture

Consumer watchdog Which? has launched a new campaign calling for banks to put customers first. The ‘Big Change’ campaign will put pressure on the banking sector to focus less on profits and more on the services they offer. Its launch precedes a meeting of the Parliamentary Commission on Banking Standards in December, which will consider [...]

September 19, 2012 | 0 Comments More
Banks warned to improve IT systems

Banks warned to improve IT systems

In the wake of the IT meltdown at the RBS group earlier this summer, the Treasury Select Committee is calling on banks to check their IT systems. The error occurred on 19 June during routine maintenance of the RBS computer system. It caused automated batch processing software to malfunction and although this was quickly fixed, [...]

September 4, 2012 | 0 Comments More
NatWest hit by IT problems again

NatWest hit by IT problems again

A further IT problem is affecting customers of NatWest bank, just weeks after an IT failure in June left NatWest and Ulster Bank customers without access to their funds. As before, NatWest customers are finding that they cannot access their accounts and their cards are being rejected in stores and restaurants. On its Twitter feed, [...]

July 26, 2012 | 0 Comments More
Co-op bank boosts high street presence

Co-op bank boosts high street presence

The Co-op’s long-awaited deal with Lloyds Banking group has taken a major step forward with the sealing of a Heads of Terms agreement, under which the Co-op will pay around £750m for 632 Lloyds branches. Lloyds Banking Group was ordered to sell the branches under the terms of the bail-out it received from the government [...]

July 19, 2012 | 0 Comments More
UK trade minister drawn into HSBC money laundering scandal

UK trade minister drawn into HSBC money laundering scandal

UK trade minister, Lord Green, will have to answer some “serious questions” over HSBC’s involvement in money laundering, Chris Leslie, the shadow financial secretary to the Treasury, said. Lord Green was chief executive of HSBC from 2003 and 2006, and was chairman until 2010 when he resigned to become part of the coalition government. A [...]

Labour calls for banks to sell branches

Labour calls for banks to sell branches

Labour is calling for major UK retail banks to sell hundreds of branches in order to create seven High Street banks rather than the current ‘big five’. This would increase lending and competition in a market that is currently dominated by Barclays, Lloyds, HSBC, RBS and Santander, the party believes. According to the Mail on [...]

July 9, 2012 | 2 Comments More
JP Morgan profits up 13%

JP Morgan profits up 13%

The US banking reporting season has got off to a good start today after JP Morgan reported a 13% increase in profits to $5.4 billion (£3.3 billion) – exceeding analysts’ expectations. Furthermore, revenues were 7% higher in the three months to the end of June at $27.4 billion. The good performance comes despite losses from [...]

July 14, 2011 | 0 Comments More
Goldman shares fall on Q4 profits announcement

Goldman shares fall on Q4 profits announcement

US banking giant Goldman Sachs has today reported a $2.39 billion (£1.49 billion) profit for the fourth quarter, 53% lower compared with a year ago. However, the figures were roughly in line with expectations but shares still fell 3.1% to $169.22 in pre-market trading. The fourth quarter figures come at the end of a difficult [...]

January 19, 2011 | 0 Comments More
Compensation for savers increases from £50,000 to £85,000

Compensation for savers increases from £50,000 to £85,000

The Financial Services Compensation Scheme (FSCS), the body established to compensate victims of banking failures, will now reimburse up to £85,000 per saver if a bank collapses, up from the £50,000 limit previously agreed. It is hoped the new limit, which is paid for by the UK financial services industry, will avert customer panic if [...]

January 2, 2011 | 1 Comment More
Banking results season kicks off this week

Banking results season kicks off this week

British banks will unveil their first-half profits this week with the five biggest banks expected to reveal they are back in the black. Banking giant HSBC will kick off the reporting season tomorrow, with Lloyds Banking Group and Standard Chartered announcing their results on Wednesday, Barclays on Thursday and Royal Bank of Scotland (RBS) on [...]

August 1, 2010 | 0 Comments More
Santander puts £50 monthly penalty on unauthorised overdrafts

Santander puts £50 monthly penalty on unauthorised overdrafts

Santander has announced plans to charge customers up to £50 per month for using their unauthorised overdraft. The £5 per day charge, capped at a maximum of £50 in any one month, will apply to new current accounts opened from December. Customers who use their authorised overdraft will be charged 50p per day, up to [...]

July 1, 2010 | 1 Comment More
Islamic finance course launched in Edinburgh

Islamic finance course launched in Edinburgh

Britain’s first postgraduate course in Islamic finance is to be launched today at the Islamic & Ethical Finance Conference in Edinburgh. The MSc in Islamic accounting and finance will be taught at Dundee University, who created the course to meet rising demand from banks for professionals trained in the Islamic principles of banking. “Not many [...]

April 29, 2010 | 0 Comments More
Sustainable banks pledge to serve the poor

Sustainable banks pledge to serve the poor

Eleven industry leading sustainable banks have pledged to deliver banking services to the world’s poorest people. The banks made the promise at the second summit of the Global Alliance for Banking on Values (GABV) in Dhaka, capital of Bangladesh, earlier this month. “Fighting poverty will remain the first priority for the banking sector in the [...]

March 8, 2010 | 0 Comments More
Tesco opens UK’s first self-service store

Tesco opens UK’s first self-service store

In a bid to speed up trips to the shops, supermarket giant Tesco has opened the first self-service store in Northampton. The Tesco Express store has five self-service tills but no manned checkouts. There is, however, one member of staff available to authorise transactions for age-restricted items such as alcohol and knives. The news will [...]

October 22, 2009 | 0 Comments More
Sarkozy threatens walk-out if no progress made on bonuses at G20 summit

Sarkozy threatens walk-out if no progress made on bonuses at G20 summit

The Elysée Palace has today announced that French President, Nicolas Sarkozy, may walk out of the G20 summit in Pittsburgh next week unless an agreement is reached with regard to bank bonuses. France has long been arguing that excessive bankers’ bonuses reward the risk-taking that led to the financial crisis. At last week’s meeting of [...]

September 14, 2009 | 0 Comments More
Is RBS pre-empting the Supreme Court?

Is RBS pre-empting the Supreme Court?

Consumer advice sites Moneyfacts and uSwitch.com have reacted with cynicism to the Royal Bank of Scotland’s (RBS) decision to lower overdraft fees. RBS and sister bank NatWest cut unauthorised overdraft fees in half to £15 earlier this week. Charges for bounced cheques were reduced from £38 to £5. The changes come ahead of a ruling [...]

September 9, 2009 | 0 Comments More
Ten US banks to repay $68bn into Tarp

Ten US banks to repay $68bn into Tarp

Ten US banks have been given approval to repay a combined $68 billion (£41 billion) in Government bailout money, said the US Treasury. In a sign that stability is returning to the banking sector, the banking giants will repay some of the money it was loaned in the US Government’s $700 billion Troubled Asset Relief [...]

June 9, 2009 | 0 Comments More