FINANCE & BANKING

Many people struggle to save money consistently. About 34% of UK adults have no savings, or less than £1000 in their savings account

This news comes alongside reports of the Bank of America, Wells Fargo and Citibank persisting in the closure of branches across the United States.

In an interview with Dmytro Dubilet, the founder of Fintech Farm, we delved into the crucial role that user experience plays in adopting neobanks.

How did 2023 go for the founder of Warrior Trading founder Ross Cameron? He recaps the year, warts and all, and plans to use lessons learned going forward.

Do you want to trade more safely and consistently? Discover top tips from expert traders on controlling risks in your trades.

Riding on the success of the UK firm Rapyd which raised £235 million, the UK fintech sector continues to be a leader in fintech funding despite a decrease in the number of deals secured in 2023 by over 100.

More than 220 students from Barclays' top recruitment universities won't work for Barclays unless they terminate all financing for oil and gas companies.

The decline in the Eurozone area economies, notably Germany, that are in or near entering recession would, alongside high oil prices, suggest Euro weakness going forward.

The Bank of England recently released its Financial Stability Report, spotlighting the resilience of UK households and businesses in the face of escalating interest rates.

The Public Accounts Committee (PAC) shed light on computer errors within the Department for Work and Pensions (DWP) that resulted in 165,000 individuals missing out on £1.2 billion in the preceding year.

AI and machine learning have been used across the financial sector for at least a decade, such as to help detect fraud and money laundering.

The report highlights the risk of a vicious cycle, where low interest rates fail to stimulate meaningful economic growth and cause a recession.

MPs have launched an inquiry that sets out to teach all students – aged 11 to 16 – about money management amid the cost of living crisis.

HSBC, headquartered in London but primarily focused on the Asian market, announced pre-tax profits of $7.7 billion (£6.4 billion) for the third quarter spanning from July to September.

Santander's profits rose by 20 per cent achieving an attributable profit of €8,143 million in the first nine months of 2023, but warn borrowers of the Impending impact of high-for-longer interest rates.

To prevent financial scandals and bolster investor confidence, regulators must continuously update and refine regulations to match evolving financial markets.

On Thursday, Metro Bank issued a statement to reassure investors after the short suspension of their shares due to volatility amidst suffering a hefty 25 per cent fall.

Europe's largest local authority confirmed it had issued the declaration that it cannot balance its books without government intervention.

The abrupt increase in mortgage rates in recent months has been a response to the Bank of England's actions, which have raised interest rates 14 times since December 2021.

Bank of Ireland's glitch allowed customers to withdraw cash exceeding their balances, causing chaos and police presence at ATMs around Ireland and leaving individuals unable to access their online banking services.

The last time rates were this high was in April 2008, in the midst of the global financial crash, with the UK's central bank expecting inflation to fall below five per cent in the autumn or winter.

The Bank of England warns that nearly one million UK households will face higher mortgage payments due to rising interest rates, potentially impacting financial stability.

According to the report, three out of four persons above the age of 65 prefer to do at least one bank transaction at their branch and aren't comfortable going fully online despite the rising phenomenon of banking deserts in the country.

Though traditional banks and credit card providers have thus far thrived in the face of new models of consumer finance, they are finally facing a challenge.

Despite narrowly escaping a technical recession late last year, the UK economy finds itself on fragile ground as high-interest rates loom.

The banks named in the recent report are Royal Bank Of Canada, HSBC, Deutsche Bank, Citi and Morgan Stanley. These banks allegedly participated in a series of one-to-one conversations in chatrooms, where they divulged sensitive information to traders.

Against a backdrop of some high-profile departures from the British stock market, a new Taskforce brings together various stakeholders to brainstorm solutions.

There is a huge number of brokerage companies operating in the UK.

A recent study shows that numerous UK investors are unaware of tax-efficient investment options such as ETFs, IFISAs and other products beyond traditional ISAs.