Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 619.00
Bid: 619.20
Ask: 619.30
Change: 4.00 (0.65%)
Spread: 0.10 (0.016%)
Open: 618.80
High: 627.50
Low: 618.00
Prev. Close: 615.00
HSBA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UK lawmakers condemn watchdog efforts to boost banking competition

Tue, 01st Nov 2016 15:28

By Huw Jones

LONDON, Nov 1 (Reuters) - Lawmakers tore into officials fromBritain's competition watchdog on Monday, accusing them of a"dereliction of duty" and "passing the buck" in their reportinto how to boost competition in high street banking.

Parliament's Treasury Select Committee members said theCompetition and Markets Authority report, published in August,failed to prise open a sector dominated by the "big four"lenders, Lloyds Banking Group, HSBC, Barclays, and Royal Bank ofScotland.

The arrival of many "challenger" banks on the market hasfailed to make a big dent in big four market share. Consumers inBritain don't have to pay for a bank account if they stay incredit, so don't have much incentive to switch bankingproviders, while those with unauthorised overdraft face heftyfees.

The CMA report avoided radical measures such as breaking upbanks, ending free in credit banking, or imposing regulatorycaps on unauthorised overdraft charges, and instead focused ongiving customers the information and tools to find the bestdeal.

The CMA is on its own in believing this would loosen bigfour dominance, the committee's chairman Andrew Tyrie said atthe end of a three-hour grilling of the watchdog's officials.

Lawmakers, academics and consumer groups are disappointedwith the CMA, Tyrie said.

"Most of them have concluded that you have dropped thecatch," he told Alasdair Smith, who headed the CMA's 5 millionpound, 700-page review.

Smith replied, "I am confident that this is a very strongreport and that the package of measures we are putting in placewill have a transformational effect."

OVERDRAFT MONEYSPINNER

The CMA report said banks must publicise their monthlycharge for unauthorised overdrafts, a billion pound a yearmoneyspinner that accounts for a third of retail bankingrevenues.

An "open banking" plan will also allow third party firms toaccess a customer's banking data to analyse which type ofaccount would be best value.

But Rachel Reeves, a Labour opposition lawmaker, said a"payday" loan, whose interest rate is now capped by regulatorsafter public outcry over their size, was cheaper than anunauthorised overdraft.

The CMA has asked the Financial Conduct Authority to look ata possible regulatory cap on unauthorised overdraft fees.

"You are passing the buck to the FCA. I do think that is adereliction of duty," Reeves said.

Lawmakers said the CMA was relying on a marketing campaignthat failed to tackle overdraft charges that "subsidise" freebanking for those in credit, leaving big banks "unmolested" andfacing just "one or two fiddles around the edges".

Similar, "incremental" efforts going back nearly two decadesthat relied on consumers being very pro-active also failed tomake a dent in market concentration, they said.

Some lawmakers want customers to be able to keep theiraccount number if they switch banks, but the CMA said this wouldbe too expensive for banks to implement.

Smith said account switching from one bank to another, whichlegislation has made much easier in recent years, will double tosix percent within three years.

"So if we keep calm and wait for the passage of time, thingsare going to improve?" Tyrie said. "The cavalry is coming!"

"Yes, everything takes time," Smith replied.

Since the financial crisis that prompted Britain to rescueseveral banks, the committee has been instrumental in pushingthrough financial sector reforms and it may now focus itsefforts on the FCA to boost competition in high street banking. (Editing by Alexandra Hudson)

More News
28 Mar 2024 09:55

UBS makes Ermotti Europe's best-paid bank boss with $16 mln package

Ermotti earned $15.9 mln in 2023

*

Read more
27 Mar 2024 14:42

Bank of England steps up scrutiny of private equity and bank valuations

LONDON, March 27 (Reuters) - The Bank of England said on Wednesday it was taking a deeper look at risks from the opaque private equity sector, and why valuations of Britain's main banks are "subdued" compared with international peers.

Read more
27 Mar 2024 09:40

LONDON BROKER RATINGS: Sainsbury's, Petershill Partners upped to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
27 Mar 2024 08:54

Britain's Vanquis bank 'resets' business after 2023 loss

LONDON, March 27 (Reuters) - Vanquis Banking Group on Wednesday said it was resetting its business, highlighting the challenges faced by Britain's smaller banks, after reporting a 4.4 million-pound ($5.55 million) loss before tax for 2023.

Read more
27 Mar 2024 07:44

Britain's Vanquis bank 'resets' business after 2023 loss

LONDON, March 27 (Reuters) - Vanquis Banking Group on Wednesday said it was resetting its business, highlighting the challenges faced by Britain's smaller banks, after reporting a 4.4 million-pound ($5.55 million) loss before tax for 2023.

Read more
25 Mar 2024 10:19

LONDON BROKER RATINGS: SocGen raises Sage; Numis cuts Virgin Money

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

Read more
18 Mar 2024 06:59

PRESS: M&S and HSBC planning loyalty "superapp", seven-year deal — Sky

(Alliance News) - Marks & Spencer Group PLC and HSBC Holdings PLC are preparing plans to announce a new seven-year deal that includes the creation of a loyalty "superapp", Sky News reported Sunday.

Read more
11 Mar 2024 14:05

HSBC to recruit about 50 more bankers for US commercial bank - Reuters

(Sharecast News) - HSBC is planning to recruit about 50 more bankers in its US commercial bank to lend to start-up companies, mainly in the technology and healthcare sectors, according to a senior executive.

Read more
7 Mar 2024 15:29

London close: Stocks finish firmer as US jobless claims rise

(Sharecast News) - London markets closed with modest gains on Thursday, after higher-than-expected jobless claims figures from the US, and a flurry of corporate news in the UK.

Read more
4 Mar 2024 21:56

IN BRIEF: HSBC issues USD2.75 billion worth of senior notes

HSBC Holdings PLC - Asia-focused lender - Issues USD1.50 billion 5.546% fixed rate/floating rate senior unsecured notes due 2030 and USD1.25 billion 5.719% fixed rate/floating rate senior unsecured notes due 2035. HSBC will apply to list the notes on the New York Stock Exchange.

Read more
1 Mar 2024 09:14

LONDON BROKER RATINGS: Numis cuts St James's Place to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
29 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 1 March 
AEW UK REIT PLCdividend payment date
Alternative Income REIT PLCdividend payment date
Atrato Onsite Energy PLCdividend payment date
Carr's Group PLCdividend payment date
CC Japan Income & Growth Trust PLCdividend payment date
CVC Income & Growth Ltd (EUR)dividend payment date
CVC Income & Growth Ltd (GBP)dividend payment date
Gabelli Merger Plus+ Trust PLCdividend payment date
ICG Enterprise Trust PLCdividend payment date
IG Group Holdings PLCdividend payment date
JPMorgan China Growth & Income PLCdividend payment date
JPMorgan Claverhouse Investment Trust PLCdividend payment date
LXi REIT PLCdividend payment date
Pollen Street PLCdividend payment date
TwentyFour Select Monthly Income Fund Ltddividend payment date
UK Commercial Property REIT Ltddividend payment date
Monday 4 March 
no events scheduled 
Tuesday 5 March 
Henderson Smaller Cos Investment Trust PLCdividend payment date
PayPoint PLCdividend payment date
Wednesday 6 March 
AB Dynamics PLCdividend payment date
Thursday 7 March 
abrdn Diversified Income & Growth PLCex-dividend payment date
Assura PLCex-dividend payment date
Athelney Trust PLCex-dividend payment date
Berkeley Group Holdings PLCex-dividend payment date
BHP Group Ltdex-dividend payment date
Chenavari Toro Income Fund Ltddividend payment date
Colefax Group PLCex-dividend payment date
Crown Place VCT PLCex-dividend payment date
CT UK Capital & Income Investment Trust PLCex-dividend payment date
Energean PLCex-dividend payment date
HSBC Holdings PLCex-dividend payment date
JPMorgan Global Emerging Markets Income Trust PLCex-dividend payment date
JPMorgan Global Growth & Income PLCex-dividend payment date
Law Debenture Corp PLCex-dividend payment date
Mid Wynd International Investment Trust PLCex-dividend payment date
Personal Assets Trust PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCex-dividend payment date
PZ Cussons PLCex-dividend payment date
Redcentric PLCex-dividend payment date
Renishaw PLCex-dividend payment date
Rights & Issues Investment Trust PLCex-dividend payment date
Rio Tinto PLCex-dividend payment date
Ruffer Investment Co Ltdex-dividend payment date
Safestore Holdings PLCex-dividend payment date
Schroder Real Estate Investment Trust Ltdex-dividend payment date
SDCL Energy Efficiency Income Trust PLCex-dividend payment date
South32 Ltdex-dividend payment date
Standard Chartered PLCex-dividend payment date
Temple Bar Investment Trust PLCex-dividend payment date
Utilico Emerging Markets Trust PLCex-dividend payment date
Vaalco Energy Incex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
27 Feb 2024 09:23

LONDON BROKER RATINGS: Barclays raises Flutter to 'overweight'

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
23 Feb 2024 09:19

LONDON BROKER RATINGS: Barclays raises Breedon but cuts Domino's Pizza

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
23 Feb 2024 08:47

LONDON MARKET OPEN: Stocks mixed; StanChart drives FTSE 100 higher

(Alliance News) - Stock prices in London opened mixed on Friday, with the FTSE 100 lifted by well-received results from Standard Chartered.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.