Thousands of people may lose credit cards under new FCA rules

Thousands of credit card customers are at risk of having their accounts suspended in the new year due to the City regulator’s new affordability rules. Credit card providers – including UK banks such as Barclays, Lloyds and Royal Bank of Scotland – were last year forced to identify customers who had been in persistent debt for at least 18 months, […]

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MPs urge compulsory refunds for victims of bank transfer fraud

Financial companies should be required by law to refund victims of bank transfer scams, and should consider reimbursing the many thousands defrauded since 2016, according to a report from MPs. They also said retailers and other companies that suffer data breaches that lead to fraud should be forced to pick up the bill for the costs of reimbursing customers and […]

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Number of IT failures at banks and other firms is unacceptable, say MPs

An influential committee of MPs has condemned as unacceptable the number of IT failures in the financial services sector, which it said have left customers “cashless and cut off”. With bank branches and cash machines disappearing, customers are increasingly reliant on online banking services, but these have been severely disrupted by IT failures at firms including TSB, Visa, Barclays and […]

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Lloyds to have last word on scale of PPI scandal

More than £50bn – that’s what the PPI scandal has cost Britain’s banks. How much more will become clearer this week when Lloyds, the biggest seller of the dud product, winds up the banks’ trading statement season on Thursday. PPI – short for payment protection insurance – is the biggest rip-off in British banking history. The bill so far for […]

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Metro Bank chairman steps down early after torrid year

Metro Bank’s founder, Vernon Hill, has resigned as chairman with immediate effect – only weeks before he was expected to step down from the role, leaving new leadership to handle a regulatory investigation into its accounting error. The high street challenger bank said Hill, who founded the bank in 2010, would step down as chairman on Wednesday but stay on […]

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Wall Street drops; White House considers delisting Chinese companies

NEW YORK (Reuters) – U.S. stocks fell on Friday after news that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges and limit U.S. investments into China. The tariff-sensitive Philadelphia semiconductor index .SOX extended its decline to 2.7%. The index was already under pressure from Micron Technology Inc’s (MU.O) tumble after it forecast a disappointing first-quarter profit. […]

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Monzo closes premium packaged account to new customers

Digital bank Monzo has closed its fee-charging packaged current account to new customers five months after launching it and is refunding some of those who signed up. After being criticised by customers, the app-based bank said the premium service, Monzo Plus, “isn’t the best it could be”, and that things didn’t go according to plan. As a result, it is […]

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Lloyds earmarks up to £1.8bn more for PPI claims

Lloyds Banking Group will incur a further charge of up to £1.8bn to cover claims relating to mis-sold payment protection insurance after being hit by a surge in claims last month. Lloyds said the last-minute rush was bigger than expected, and has prompted it to make another PPI charge of between £1.2bn and £1.8bn. At the top end, this is […]

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Xero banking on artificial intelligence

Xero chief executive Steve Vamos says the accounting platform’s reliance on artificial intelligence will continue to increase. "We see AI machine learning touching pretty much potentially every aspect of what we do," Mr Vamos said ahead of the platform's annual Xerocon conference in Brisbane. Xero chief executive Steve Vamos. Credit:Louise Kennerley Mr Vamos said Xero had greatly increased its use […]

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