Posted By LSBF Blog Staff
Research from payments body Bacs has shown that traditional banks are benefitting the most from the Current Account Switch Service (CASS), a scheme that was launched in 2013 to simplify the process of switching banks.
The CASS data showed that 965,317 people in Britain switched their current account in 2017, a year-on-year rise of 6%.Read more >>
Figures published by Virgin Money showed that the challenger bank is on target to deliver £500m of new SME deposits through its SME savings franchise by the end of 2018.
The bank’s H1 2018 figures showed that its underlying profit reached £141.6m in the first half of the year, up by 10% from £128.6m in the first half of 2017.Read more >>
Finance firms have committed to boosting their support for Black, Asian and ethnic minority (BAME) employees.
The Bank of England and HSBC are among the firms that have signed up for the Investing in the Ethnicity and Race Initiative, which was launched in 2017 by Labour MP Dawn Butler and diversity and inclusion specialists SPM Group, with the aim of improving the representation of BAME employees.Read more >>
Figures from the Financial Reporting Council (FRC) showed strong growth in the number of accountants in the UK, with membership figures at accountancy bodies reaching a five-year high.
The regulator’s report, titled Key Facts and Trends in the Accountancy Profession showed that the membership at accountancy bodies has hit 530,000 worldwide, up by 16,706 from last year.Read more >>
The latest figures from the Association of Professional Staffing Companies (APSCo) showed that the financial services sector was one of the strongest in terms of hiring activity in the 12 months to June 2018.
The figures, which focus on professional recruitment, also revealed an increase in permanent workers across the UK, with a year-on-year rise of 9%.Read more >>
Research from OCO Global found that SMEs are feeling optimistic about their future, with more than 30% believing that the UK’s exit from the EU will have a positive impact on their business.
The business management consultant’s SME Brexit Survey showed that businesses in London are feeling the most optimistic, with 50% believing that Brexit will have a positive impact, a higher percentage than in many other regions in the UK.Read more >>
A study by Source Global Research, a research provider for the management consultancy industry, has found that accountancy firms are leading the way when it comes to Brexit expertise, with more than 80% of Brexit specialists in the UK’s consultancy industry working for an accountancy business.
The report highlighted the need for more workers that specialise in Brexit matters to keep up with the expected volume of demand.
Read more >>
Research collected by Instant Offices has shown that London’s economy has strengthened over the past ten years, with financial and insurance being among the sectors that have helped to drive growth.
The office space provider gathered data from the Office for National Statistics (ONS) and the Greater London Authority to highlight growth trends in London and the rest of the UK.Read more >>
Facebook plans to open a new office in London as part of the social networking company’s plans to grow its business and boost the UK economy.
The company’s new office will span two buildings in London’s King Cross, taking up nearly 600,000 square feet of space and providing enough room for over 6,000 workstations.Read more >>
The latest job market data from CV-Library has shown that businesses across the UK are feeling confident, despite the ongoing economic uncertainties caused by Brexit.
The UK job board compared data from Q2 2018 with the same period in 2017 and found that jobs in the UK increased by 11.6% in the second quarter of 2018, suggesting that firms continued to feel confident about their recruitment plans.Read more >>
The Start Up Loans Company (SULCo) has lent more than £100m to small businesses in London since its launch in 2012.
SULCo’s London Data showed that 14,000 London-based businesses have benefitted from the government-backed scheme, with the average loan amounting to £7,600.Read more >>
Research from financial services firm ING Group has shown that despite the rise in popularity of online shopping via mobile phones, people prefer to use their own bank when it comes to accessing money services.
The ING International Survey questioned around 15,000 people from 15 countries to explore money trends in Europe, the US and Australia and found that more than 55% of Europeans prefer to use their own bank for money services.Read more >>
Research from finance and accounting recruitment firm Robert Half UK has shown that finance leaders are feeling positive about automation and digitalisation, with more than 65% believing that it has led to improved collaboration.
The study also found that 63% of chief financial officers believe that digitalisation and automation are helping to improve innovation among their teams, while better communication and team spirit were also cited as benefits by 57% and 45% respectively.Read more >>
Figures from card payment solutions firm Paymentsense have shown that the UK is leading the way when it comes to Europe’s tech startup scene, with 1.8 million new businesses being registered over last five years.
The UK came in third in the rankings with a start-up growth rate of 5%, with access to a variety of flexible finance options being one of the main drivers of growth.Read more >>
The Financial Conduct Authority (FCA) has published a report exploring the need for duty of care requirements for businesses in the financial services sector.
The financial regulatory body’s report looks at how a new duty of care could help to boost good conduct and culture in the sector and enhance the protection of consumers.
Read more >>
Figures from the UK’s national economic development bank, the British Business Bank, have shown an increase in the bank’s supply of finance to smaller businesses.
The bank’s Annual Reports and Accounts for 2017/18 showed that the total amount of finance provided through its programmes has reached £12.25bn, a rise of 33% over the last financial year.Read more >>
PwC to help boost commercial opportunities for female-led businesses
News - Women in Business
PwC is launching a scale-up programme that aims to boost commercial opportunities for female-led businesses.
The Big Four accountancy firm is teaming up with Blooming Founders, a London-based company that focuses on providing support for female entrepreneurs, to launch the Scale | Female Founders programme.
Read more >>
Figures from eFinancialCareers have identified the most desirable banking jobs in London, with Brexit-related roles being among the most popular.
The financial services careers website looked at application figures from over the past three months and found that four out of ten applications were for roles related to Brexit preparations, while the majority of the remaining six applications were for project management jobs that were likely to focus on Brexit.Read more >>
Research from tech firm Studio Graphene carried out in partnership with marketing and communications agency City Road Communications has shown that the uncertainty surrounding Brexit is influencing entrepreneurs in London, with the majority of early-stage companies choosing to remain in the city rather than relocating.
The study surveyed more than 100 founders of London’s start-up businesses to find out how Brexit has impacted them.Read more >>
The latest figures from the Office for National Statistics (ONS) have shown that the UK’s employment rate has reached a record high of 75.7%, up from 74.9% a year earlier.
The number of people in employment reached 32.40 million, 137,000 more than for December 2017 to February 2018 and 388,000 more than the previous year.Read more >>
A study from workplace help platform Rungway has identified which industries in the UK have the happiest workers, with financial services and banking making the list.
The study surveyed 2,000 employees in Britain to find out how happy they are in their job role. The figures showed that while 40% of UK workers are satisfied with their job, there is room for improvement.Read more >>
Research from Amazon has shown that financial services are among the sectors that are leading the SME economy, with small and medium-sized enterprises in the sector seeing a 1.7% increase in revenues over the past year.
The Q2 2018 Amazon SME Growth Tracker from Capital Economics, which was commissioned by Amazon UK and Enterprise Nation, analysed the growth prospects and views on the wider UK economy from SMEs using data from a survey of more than 1,000 UK SMEs.Read more >>
Research from the City of London’s governing body, the City of London Corporation, has shown that the UK’s financial and professional services sector is making a significant contribution to society.
The sector was found to be making contributions through volunteering, charity donations and funding, with education and economic development being among the supported causes.Read more >>
A survey carried out by YouGov on behalf of mobile payment services firm Ondot has highlighted a demand for real-time interaction with banks among UK consumers.
The study revealed what consumers want the most from their bank, with 60% citing peace of mind when using their card online and 25% wanting their transaction alerts to be displayed in real time.Read more >>
Research from Lloyds Bank has shown that business confidence in the UK has reached its highest since the EU referendum in 2016.
The Business in Britain report surveyed more than 1,500 UK businesses, mostly small and medium-sized firms, to measure confidence and outlook and found that 25% were feeling confident about their expected sales, orders and profits over the next six months, up from 23% in January 2018.Read more >>