Revolut to take on payday loans industry Revolut is certainly not averse to enter new areas and has recently announced that it is launching a new reason why workers should get their salaries paid into a Revolut account by essentially providing clients with the ability to draw them down in advance of payday. So what’s…
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Who are the regulators trying to protect? The strange story of Amigo continues. I have commented on this before. Amigo is a company that provide(s) (d) loans for individuals with poor credit rating so long as they can find someone to provide a sufficiently creditworthy guarantor. This idea always looked problematic to me. A Guarantee…
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Tesco Bank gives up the ghost. Who can blame them? Tesco Bank decided in December 2019 to stop offering current account services to new customers and followed up in July this year by confirming that existing customer accounts would be closed on November 30th this year. Not surprisingly the 250,000 current account customers affected decided…
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Have mortgage lenders forgotten Deja vu? Lucy Burton a rather attractive young Telegraph reporter warns the banks to be honest with their clients and begs those self same clients to recognise that the UK mortgage market is overheating. One of the advantages of being old is that you tend to have seen history repeating itself…
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Criminal Case Review Commission (CCRC) takes another look at alleged LIBOR rigger Tom Hayes case. Tom Hayes has been fighting to clear his name ever since 2017 and despite not knowing the case intimately I feel a certain amount of sympathy for him. Once powerful institutions have decided that you must take the rap then…
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Bank of England signals concern over Cloud providers dominance in UK financial sector To be honest I am surprised that it has taken this long for this undoubted issue to surface. Let’s put it this way if all cloud companies were Chinese would we have tolerated the migrations we have had to date? Cloud computing…
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First of its kind LSE listing for Wise ought to be thought provoking? Not surprisingly, this story has been widely reported for a couple of reasons. Firstly because it is the first time a listing in London does not involve the issuance of new shares, thereby saving considerable underwriting costs and placement costs and secondly…
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HSBC bucks trend as European banks decline in importance The Banker magazine has released new data on the standing of the worldwide banking industry. There are no surprises but why should there be banking is not the business it used to be and the transparency of accounting standards across continents does not look like it…
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The trouble with Newcomers The Daily Telegraph’s City Correspondent , Ben Marlow cites the not untypical tale of Digital newcomer Revolut in his column of 22nd. June 2021. The interesting thing is that the same story seems to repeat itself across the whole of the digital banking sector. Revolut in many ways is a great…
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JP Morgan wealth management strategy becoming clearer It seems like JP Morgan operating under the Chase Manhattan banner’s plans for its UK digital banking start up are a little bit more than just plans for the UK market. Nutmeg is a digital fund manager which has been operating since 2011 and has amassed a considerable…
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