In a final report, the Competition and Markets Authority (CMA) has ordered FNZ to sell GBST after finding their completed £220 million merger could lead to a “reduction in the quality of service and higher prices”. The CMA came to its provisional decision in August and has now confirmed it.
The Investing and Saving Alliance (TISA) has been awarded a £340,000 grant from Innovate UK to help accelerate the development of its Digital ID scheme, which will create a single, reusable, secure online identification for individuals. Specifically, the grant will be used to develop and test consumer proofs of concept and the proposed technical approach.
The Pensions Dashboard Programme (PDP) is entering the next stage of the process to build the technology which will enable individuals to view their pensions via their chosen dashboard. Set up by the Money and Pensions Service (MaPS), it has responsibility for designing and implementing the ecosystem which will make the system work.
Yolt has today launched a new evolution of its app, with new features designed to help users save. The app now comes with a contactless card, which serves as a new daily spending account, helping users to save on every purchase with round ups and cashback on selected retailers.
Bravura Solutions has announced the acquisition of Delta Financial Systems for £23 million. The Australian-based investment platform technology provider purchased the UK-based pensions administration software firm to help broaden its product suite.
Mojo Mortgages, Moneybox, Plum and Wagestream have been crowned winners of the Open Up 2020 Challenge after a 15-month long competition. Run by Nesta Challenges, in partnership with the Open Banking Implementation Entity (OBIE), the £1.5 million competition was designed to inspire innovative Open Banking-enabled solutions to help people across the UK better manage their money.
Legal & General (L&G) has partnered with NTT DATA to help build its data science capabilities. L&G stated that it will leverage its data to improve the delivery of products and services encompassing investment management, pensions, annuities and life assurance it offers to its 13 million customers every day.
Legal & General Investment Management (LGIM) has unveiled two new tech-driven initiatives to boost pension scheme member engagement. To better link pensions to retirement outcomes and help members visualise the stages of their future, LGIM has switched on its enhanced multi-channel wellbeing hub ‘Go&Live’, that will be available to defined contribution scheme members in the UK.
Nesta is launching the £2.8 million Rapid Recovery Challenge to find and support tools and solutions that improve access to jobs and money for people across the UK. In partnership with the Money and Pensions Service and the JPMorgan Chase Foundation, the 12-month challenge will focus on supporting workers hit hardest by the economic shock of COVID-19.
Chip has raised a total of £10.7 million from the crowd and the government-backed Future Fund, as part of its Series A round. The amount, raised in under 48 hours from 6,420 investors, makes it the largest convertible round in UK crowdfunding history, as well as the largest crowdfunded Future Fund participation.
Monzo has made changes to ATM and replacement card fees, passing the costs back to customers. From 31 October, the digital challenger bank is introducing a three per cent fee for withdrawals of more than £250 cash in 30 days in the UK and European Economic Area, while a £5 fee is coming in for card replacements in the UK - except if a customer is the victim of fraud, the card is stolen, or if it expires.
Following an in-depth investigation, the Competition and Markets Authority (CMA) has provisionally blocked the merger of FNZ and GBST. Retail investment platform FNZ purchased its rival GBST in November 2019 for around £150 million, resulting in scrutiny from the regulator due to their significant presence in the UK market.
Starling Bank has introduced self-employed pensions solution Penfold to its Marketplace. Penfold has been designed for freelancers, self-employed people and limited company directors, whose incomes can sometimes fluctuate widely from one month to the next, via an online portal.
Savings and investing app Moneybox has secured £30 million in funding. The FinTech said the Series C funding round takes the total amount of investment to date to £51.3 million.
Biometrics firm iProov is to provide Dutch challenger bank Knab with facial authentication technology. The partnership with Knab is the first major deployment of iProov’s Strong Customer Authentication (SCA) and customer onboarding by a bank in Europe, is set to be rolled out to provide biometric banking experiences to its nearly 500,000 customers.