- Altus Consulting has said that PSD2 will help banks re-enter the advice market and consolidate their clients’ pension assets. Big banks not already offering advice are poised to launch technology-led advice services. At least five – Lloyds Banking Group, NatWest, Santander, HSBC and Nationwide – are already testing their ideas with the FCA as part of the regulator’s sandbox project. Santander has already re-entered the advice market, while HSBC never left
- Banks are now required to warn customers if they face slipping into an overdraft, under rules that came into force on 2 February 2018. The new rules apply with immediate effect to new customers and will be extended to existing customers over the next month
- British Business Bank is to provide up to £100m of lending to small businesses and workers affected by Carillion’s liquidation. The banking sector’s trade body, UK Finance, has also confirmed an additional multi-million pound package for small businesses and personal banking customers
- Investly, an invoice financing platform for UK SMEs, has announced plans to raise $700,000 via Seedrs to take advantage of the new Open Banking regulations
- Goldman Sachs has agreed acquire Final, an Oakland-based credit card start-up. As part of the deal, Goldman will gain around a dozen engineers and product managers who will become part of the bank’s efforts to create consumer finance products as part of its new Consumer and Commercial Banking division
