Earlier this month, the Financial Conduct Authority (FCA) engaged in discussions with executives at the largest banks in the UK, emphasizing the need for an expedited increase in savings product rates. The financial institutions under scrutiny by the FCA included Lloyds, HSBC, NatWest, Santander, Barclays, Nationwide Building Society, TSB Bank, Virgin Money, and The Co-operative …
In September 2015, an intriguing incident took place at the Walsall shopping centre in the West Midlands. A man carrying black bags entered the local NatWest branch, unaware of the unexpected turn of events that would unfold. The bags, seemingly unremarkable to those around him, gave way under their weight. To the astonishment of onlookers, …
The Co-operative Bank has made an agreement to purchase Sainsbury’s £480m mortgage business, marking its first portfolio acquisition in over a decade. This deal comes after previous reports had hinted at a breakdown in negotiations over the price. Sainsbury’s Bank will be transferring 3,500 customers to its competitor, effectively exiting the UK mortgage market. The …
The debanking of customers in the aftermath of the Nigel Farage scandal is now the subject of investigation by the City watchdog. Taking action, the Financial Conduct Authority (FCA) will be contacting over 25 of the largest banks and building societies in the UK, requesting information regarding account closures. The FCA is specifically interested in …
A high-ranking executive at HSBC has issued an apology after criticizing Britain’s compliance with US directives to reduce business dealings with China. Sir Sherard Cowper-Coles, the head of public affairs at the London-based bank, claimed that the UK was exhibiting weakness by blindly following US demands. This was reported first by Bloomberg. Sir Sherard cited …
An exciting potential merger is on the horizon for the Co-operative Bank. The bank is considering joining forces with Shawbrook, a specialist lender with a significant customer base of small businesses, real estate agents, and consumers. This merger would result in the creation of a combined bank worth an impressive £3.5bn, with the Co-operative Bank …
Each and every customer of C Hoare and Co, a bank that has been owned by the Hoare family for 12 generations, benefits from the dedicated service of a relationship manager and their assistant, providing them with two reliable points of contact. In a similar fashion, Hampden and Co, a relatively new bank, assigns private …
Approximately 12.7 million individuals, accounting for one in five people, reported experiencing IT or system failures in the past year until May 2022. Among them, nearly 2 million indicated that they were severely impacted on at least one occasion. A dissatisfied customer shared, “Having been a loyal customer for 23 years, I have noticed a …
A new policy introduced by a City firm indicates that lawyers who work from home more than two days a week will not receive bonuses. To be eligible for future bonuses, employees must spend at least three days a week in one of Osborne Clarke’s offices or with clients. Graham de Guise, the chief people …
Virgin Money, a FTSE 250 lender, has announced plans to close nearly one-third of its bank branches, putting over 250 jobs at risk. The decision comes as customers increasingly prefer online banking, resulting in reduced footfall at high street branches. The closures will affect 39 branches and were determined by factors such as footfall, transaction …