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4 mentions found


☆ Stingy UK bank saving rates may become a non-issue
  + stars: | 2023-08-10 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
LONDON, Aug 10 (Reuters Breakingviews) - Banks are keeping the fruits of higher interest rates for themselves. Between January 2022 and May 2023, the Bank of England hiked rates by 4.25 percentage points. The nine largest UK banks boosted the interest on easy-access savings accounts by 1.18 percentage points, the FCA found. The upshot is that they’ll have to bid more aggressively for funding in the future, for example by raising interest rates on savings accounts. Second-quarter results suggest it too is paying more for funding: interest expense almost doubled between the second half of 2022 and the first half of 2023.
Persons: juicier, BoE, George Hay, Streisand Neto Organizations: Reuters, Authority, Barclays, Lloyds Banking Group, Bank of, FCA, Monday, Reuters Graphics Reuters, NatWest, Barclays ’, Lloyds, Banco Santander, Banco Bilbao Vizcaya Argentaria, European Central Bank, Bank of England, ECB, Spanish, Financial, HSBC, Santander UK, Nationwide Building Society, TSB Bank, Virgin Money, Bank, Thomson Locations: Britain, Spain, Bank of England, Italy, Hungary
☆ Britain's banks told to justify low savings rates by end of August
  + stars: | 2023-07-31 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
REUTERS/Henry Nicholls/File PhotoLONDON, July 31 (Reuters) - Britain's banks and building societies have until the end of August to justify to regulators why some of their savings rates are low or face sanctions, the markets watchdog said on Monday, as Bank of England rates look set to rise to their highest since 2008. Smaller lenders offer higher savings rates than their bigger rivals, the FCA added. "Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value, according to the consumer duty that enters into force today," the FCA said in a statement. Banks and building societies offering the lowest rates have to complete a "fair value" assessment for the regulator by the end of August. The FCA will also review the timing of changes to savings rates each time BoE rates move, publish an analysis every six months of easy-access rates, analyse how savings products contribute to profitability and, by the end of March 2024, review how firms engage with customers.
Persons: Henry Nicholls, Banks, BoE, Huw Jones, Kevin Liffey Organizations: REUTERS, Bank of, Financial Conduct Authority, Lloyds, HSBC, NatWest, Santander UK, Barclays, Nationwide Building Society, TSB Bank, Virgin Money, Bank, FCA, Thomson Locations: London, Britain
☆ UK banks’ Big Bang thankfully looks like big flop
  + stars: | 2022-11-30 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
Yet, the mooted changes would probably only benefit middling lenders like Santander UK, Virgin Money (VMUK.L) and Banco Sabadell’s (SABE.MC) TSB Bank, according to the FT. And on Wednesday, the BoE’s supervisory body said it planned largely to stick to international bank-capital rules, dubbed Basel 3.1. But the big flop might not be such a bad thing for the country’s financial sector. Separately, the government’s City minister Andrew Griffith said on Nov. 29 that he wanted to relax the so-called ringfencing regime that forces large British lenders to separate their retail and investment banking arms. According to the Financial Times, the ringfencing regime would still apply to the biggest UK banks but there could be exemptions for lenders with limited trading operations including Santander UK, Virgin Money and TSB Bank.
☆ Silicon Valley Bank hires UK chair, sees deal boom despite tough macro outlook
  + stars: | 2022-09-22 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Sept 22 (Reuters) - California-based Silicon Valley Bank (SIVB.O) (SVB) has hired former TSB Bank executive Darren Pope as Chairman of its newly-formed British subsidiary, as it expands its business advising on tech deals despite the darkening economic outlook. Initial public offerings have been even harder-hit, with funds raised plunging 88% this year compared to 2021 to just $1.2 billion, according to the Refinitiv data. "A lot of money has been raised by venture capital and that money is time-bound," Platts said, meaning it has to be invested, giving Silicon Valley Bank confidence to grow its British business despite the tougher macro environment. Silicon Valley bank hired more than 150 staff across finance, risk and compliance roles in Europe in 2021, Reuters reported in July last year, as it looked to connect investors with tech firms across the continent. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting By Lawrence White; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.
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