Industry News

BOE Is Building a Fintech Network for Knowledge Sharing

  The UK’s central bank is gathering the brightest minds in fintech to help it keep up-to-date with developments in the fast-growing sector.   The initiative has been launched by the central bank’s fintech accelerator, which works with financial services firms to develop new tools for use by businesses in the City. The cohorts will…

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Restrictions Lifted on Brokers Promoting P2P Finance

  The alternative finance industry has struggled to build awareness, understanding, and trust about its platforms and products among SMEs. Countless industry reports highlight the lack of information about peer-to-peer finance (P2P) among UK business owners.   However, a move earlier this week from The National Association of Commercial Finance Brokers (NACFB), might give the…

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Bank Lending to SMEs Contracts in 2017

  The latest statistics from the Bank of England reveal that lending to Britain’s 5.5 million private sector businesses by the largest UK banks fell by £536 million from December to January.   According to AltFi, this is by far the biggest retrenchment in SME lending in the past two years, and which is as…

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Regional Awareness of Alternative Finance Lacking

  Awareness of alternative finance, which includes peer-to-peer (P2P) finance products, among SMEs, is at its lowest in the Midlands and the north of England, the British Business Bank (BBB) has revealed.   The BBB said that fewer than 40 per cent of firms in the Midlands were aware of P2P lending, compared with almost 60…

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Bank of England Has ‘Improved’ Its Economic Forecasting

The Bank of England’s economic forecasting ability is in the spotlight again as several officials, including the governor Mark Carney and the Bank’s chief economist, Andy Haldane, have this week been grilled by The Treasury Select Committee. The questioning follows the Bank’s inflation revisions earlier this month and further industry criticism about its ability to get basic…

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The Remorseless March of Fintech Is a Challenge for Regulators

  In a speech to MBA students at the Cambridge Judge Business School, the chairman of the Financial Conduct Authority (FCA) John Griffith-Jones, said that “Technological advances pose a challenge for regulators,” and he added, “rules that were designed for the paperwork era do not work for the online one.”   This problem is not…

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More Than Half of UK SMEs Struggle to Access Finance

57 per cent of the UK’s small and medium-sized enterprises (SMEs) struggle to obtain finance. This is according to research commissioned by financial services firm American Express. The study also reports that more companies than ever are turning to non-bank sources such as crowdsourcing and alternative lenders to gain access to growth capital. The research,…

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