Big banks accused of trying to freeze out smaller rivals
Fintech firms say large lenders are trying to seize control of reforms aimed at making it easier for consumers to switch accounts
9 June 2021 • 10:00am
Fintech firms have accused big banks of trying to freeze them out of the market by seizing control of reforms designed to make it easier for consumers to switch lenders.
A group of 19 fintech executives have written to the Competition and Markets Authority (CMA) complaining that its consultation on the future of so-called open banking reforms will put decision making in the hands of the big lenders.
Sunak wins support for letting the City dodge G7 tax grab
Joe Biden not expected to let UK financial services be excluded from tax deal despite fears London-based banks will be ensnared
9 June 2021 • 5:45pm
Influential European Union member states are lining up behind Rishi Sunak s bid to exempt the City from G7 tax proposals, setting the stage for a clash with US president Joe Biden.
Several of Europe s G7 economies are said to support the Chancellor in his reported push to spare financial services from measures which will tax companies profits more heavily in the countries where they make most sales.