The chairman of the Treasury Committee, Andrew Tyrie, has said hurdles set out for banks entering the market are unreasonable – and cause consumers and small businesses to lose out due to a lack of competition.
After arguments about how competitive smaller banks can be if the ability to provide big bonuses are curtailed, a European authority has ruled that caps must be in place to protect against salary escalation.
A series of quarterly meetings with the Treasury’s director of financial services have begun, with the Funding for Lending scheme, capital requirements and banking surcharges on the agenda.
“Financing growth; how the mid-market is driving economic recovery”, the third annual instalment of Bank of London and The Middle East’s (BLME) research into the growth of the mid-market, unveiled how bosses see their respective scale with challenger banks as a good match.
With technology seemingly having changed the retail banking industry for good, we took a look at five challenger banks which gained banking licences and focused on technology in an attempt to beat the larger competition.
Chancellor George Osborne has been under growing pressure to reconsider his tax on banks, amid warnings that it penalises challenger banks. As part of the argument, EY has revealed that the tax-take would “be at least double” the Treasury’s estimate.
Alternative finance is an increasingly important means for small companies to get ahead and there has been some encouraging news from three of the challenger banks this week.
When Metro Bank became the first new high street bank in 100 years in 2010, it reflected that an arguably stagnant sector was getting a much-needed wake up call. More and more names have since entered the industry, but which are succeeding and what's on the horizon for the newcomers?
Described as a "new lending bank for high-growth small and medium-sized companies", OakNorth has recruited a number of high-ranking senior business leaders to its board.
Challenger bank Virgin Money – the banking arm of the Virgin empire – will reportedly IPO later this week.
The post-recession period has seen a number of challenger banks enjoy impressive growth as businesses and consumers began to look beyond the big players.
It’s a race to disgrace: which companies are more distrusted by their customers? Is it the large energy utilities? Or the large banking utilities?