Our biggest stories of the past week are ...
“If I had more time, I would have written a shorter regulation”
We were discussing rules and regulations recently, and how the rulebook screws up all meaning and intention of the things they are trying to enforce. It’s not the regulators fault, but the fault of too many cooks spoiling the broth....
Visa note the easiest fraud is to buy a Rolex
We had a very enjoyable and engaging dialogue with Peter Bayley, Executive Director of Fraud Management for Visa Europe at the Financial Services Club London last night. Peter spoke for over an hour in an interactive discussion about the role...
Giving a dinosaur applause for sticking out its neck ... just before its extinction
I was involved in a process yesterday of evaluating innovation and technology projects in UK banking. The process was interesting, as I reached a point where I couldn’t see one project that was really innovative or major. The innovation projects...
Banking apps: the next generation (Google Glass and Pebble Watch)
In the past two days, I’ve been notified of three new apps and tech developments that show how our world is fast emerging. Having said that, the first of these is a bit of a reto-step: a wallet on a...
It's the customers fault if they get bad service
I hosted a meeting of a bank recently, where I just asked people to tell me what they felt were the biggest challenges for the bank in the future. We went round the table and, unsurprisingly, the discussion covered four...
The major general news stories of the past week include ...
City regulator takes action against former Co-op Bank directors - The Telegraph
The Financial Conduct Authority has begun an investigation into the role of former senior directors at the Co-operative Bank
How UK banks contain cyber-threats - BBC
Have cyber thieves got inside the UK's big banks?
Why IT failures are unlikely to go away - BBC
Why IT failures at large firms are unlikely to ever go away
London banks quit carbon trading - Financial Times
Fledgling market that was once seen as a promising growth area sees City desks close amid turmoil in European emissions trading scheme
'Legitimate' Bitcoin's value soars - BBC
The value of the virtual currency Bitcoin soared ahead of a US Senate committee hearing after virtual currencies are described as "legitimate financial services".
‘Make money and you can do whatever you like’: Sacked oil trader sheds light on working practices at Glencore - The Independent
An oil trader who was sacked by the commodities giant Glencore for being late or absent more than 60 times claimed on Monday that the company permitted staff to “do what you like as long as you make money”.
Ecclestone ‘forgot’ alleged payment to banker - Financial Times
Donald Mackenzie, co-founder of Formula One owner CVC, said he found it hard to believe that F1 chief executive had forgotten alleged bribes
Former chairman of the Co-op bank ‘uses crystal meth and crack cocaine’ - The Telegraph
Reverend Paul Flowers, who stood down after the near collapse of the Co-operative Bank, has allegedly been filmed counting out cash to buy drugs
Decline of branches: Banks fail rural customers - The Telegraph
Branch closures are depriving local communities of essential services, leaving them with few alternative ways of banking
Plastic may not be fantastic for much longer - so prepare to pay via your mobile phone - The Telegraph
The challenge for the banks is that the fees on the digital payments of the future will inevitably be much lower than on plastic card transactions.
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Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
