Bingo and questions raise funds for Bronglais
'I could not be happier,' Welsh Black landlord Glyn Edwards said. He and his wife, Umarin, took over the lease 18 months ago, moving their popular Saphan Thai Restaurant from town to the village pub. 'It's a great success. Being able to raise nearly £4,700 for Bronglais is a fantastic achievement, and special thanks got to Ruth and the team at Santander for their support.'
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Telegraph
14 hours ago
- Telegraph
British firms are being stifled by excessive regulation and bureaucracy
The all-party House of Lords Financial Services Regulation Committee which I chair has just completed a year-long inquiry into how effective the regulators are at fulfilling their duties to boost competitiveness and growth. It's a sad tale of a deeply entrenched culture of risk aversion, of disproportionately high costs of compliance, and of a complex regulatory landscape driven by expansion and overlap in the regulators' remits and by the volume and scope of regulatory activity. There is no doubt that operational inefficiencies and suffocating bureaucracy are damaging growth and place the UK at a competitive international disadvantage. Despite the regulators' growth mandate, the firms which gave evidence to the year-long inquiry say the system is slow and inflexible. Firms complain of being buried under regulatory paperwork and of facing a never-ending barrage of information requests from both the FCA and PRA. The CEO of Nationwide told the inquiry she received 4,519 pieces of direct correspondence in 12 months. Santander responded to more than 300 regulatory requests and managed 400 regular regulatory reports equating to over 2,500 submissions a year. One firm told us it employed 78 compliance officers for its UK operations compared with a total of 73 to cover the other 40 countries it operated in. We were dismayed by the evidence we received which highlighted long-standing issues that limit investment and the ability of financial firms to grow, innovate and compete. The lack of proportionality in the regulators' approach was evident in the FCA's failure to distinguish between wholesale and retail markets and the PRAs approach to capital requirements. The vagueness surrounding the Consumer Duty and the Financial Ombudsman's evolution into a quasi-regulator has created uncertainty and a worrying perception of a regulatory penalty for investment in UK businesses. It is essential for the FCA and FOS to be aligned on redress and interpretation. The FCA and the PRA alone employ around 6,500 staff at a cost of £1.1 billion. This results in an ever-rolling stream of consultation documents, regulatory changes and compliance advice which firms are expected to follow, communicated sometimes informally through speeches by senior regulators and letters to CEOs. My committee receives notice of these every week and it is frankly overwhelming. The regulators lack clear focus and appear to be still haunted by the 2008 financial crisis. This leads to excessive caution, sluggish approvals, high compliance costs and endless red tape. There is an urgent need for the FCA and PRA senior leadership to drive cultural change. This change should emphasise a more tailored and proportional approach to the risks posed by regulated firms, a culture of continual operational improvement and innovation, and a more transparent and trusting relationship with the businesses they regulate. An approach is needed which embraces technology and streamlines compliance for fintech and AI-driven firms. The skills and quality of staff are vitally important and that means addressing remuneration. A revolving door sees regulators losing some of their most talented people, recruited to advise the companies they once regulated at substantially higher salaries. We were surprised by the difference in candour between the evidence we received from the industry in public and the views expressed to us privately. We were obliged to take evidence in private in order to get many firms to share their concerns. At one meeting I attended, a CEO read out his brief from his compliance department which said that if Lord Forsyth invited him to give evidence to his committee under no circumstances should he agree to do so. This is not a healthy situation and there needs to be a much more open and trusting relationship between the regulators and the firms they regulate. In a competitive market, speed matters. Yet firms say UK regulators are lagging behind international rivals when it comes to authorising new products, people and operations. While official stats suggest improvements, they take too long and many say those numbers are misleading: they exclude the time regulators 'stop the clock' to request more data. If launching a new fintech product takes six months longer in London than in Singapore, investors and innovators will simply go elsewhere. We heard many positive reports of the success of the concierge approach of the Singapore regulator, which involved helping firms to grow and comply with regulatory provisions. Our regulators have much to learn from this approach. The Chancellor has placed a great deal of faith in the regulators stimulating economic growth. Our report makes one thing clear: the regulators can't do this alone. The Government must step up. That means clearer economic goals, better use of statutory guidance and more robust performance tracking. Right now, metrics are focused on operational inputs, not outcomes. Without stronger leadership from HM Treasury and without aligning regulators, industry and Parliament, the growth and competitiveness objectives will be little more than political window dressing.
Scottish Sun
3 days ago
- Scottish Sun
Major high street bank to shut TEN stores next week and 37 more in July as millions of Brits told to close accounts
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR high street bank is set to shut ten UK branches next week, in a huge blow to the high street. Santander announced in March that 95 of its branches will be closing, due to more customers making the switch to online banking. Sign up for Scottish Sun newsletter Sign up 2 Santander is set to close 10 branches next week Credit: Getty 2 A total of 95 Santander branches are set to close this year Credit: Getty A total of 23 branches in June, including 10 next week and 13 the week after. In July, 37 more Santander sites will get the chop, with 35 more set to close by the end of the year. A statement on the Santander website reads: "We last did a major review of our branches in 2021. "Since then, many of our customers are choosing to use Mobile, Online and Telephone Banking more, and branches less." However, the closures have led to fears that older customers, who prefer to do their banking face to face, will be left behind. Age UK is campaigning for banks to keep some banking services in person, as four million older Brits are unable to manage their finances online. Caroline Abrahams, charity director at Age UK, said: 'Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks. "The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.' In order to combat this issue, 73 banking hubs have been set up across the UK, with customers from any bank able to use the in person service. In addition to the 95 closures, Santander will also be making changes to its surviving branches. Bank closure explainer This includes cutting opening hours in half, and making some businesses "counter free." The reduced hours will come into force on June 30, with 36 branches affected. Satander is also opening work cafes which provide free co-working spaces and banking facilities to anyone, regardless of whether they are Santander customers. And Santander isn't the only bank to close branches, with research from Which? revealing that 6,300 bank and building societies have closed since January 2015. Full list of Santander stores set to close next week Arbroath - 17 June Clacton - 16 June Croydon 128 NE - 16 June Gateshead Metro - 16 June Kidderminster - 18 June Kilburn - 17 June Launceston - 16 June Louth - 17 June Peterhead - 16 June Torquay - 17 June This averages to 53 store closures per month. A total of 102 banks are set to close across different institutions this month. This includes major providers like Lloyds, Natwest and Halifax, in addition to Santander's closures. Meanwhile Nationwide has promised to keep its nearly 700 branches open until the start of 2028 as they claim more customers are visiting its stores. Muir Mathieson, Nationwide's chief financial officer, recently said: 'The branches are thriving. 'We're seeing the number of people going into branches going up, and we think part of that increase is that there are fewer branches on the high street now that our competitors have closed theirs.'
The Sun
3 days ago
- The Sun
Major high street bank to shut TEN stores next week and 37 more in July as millions of Brits told to close accounts
A MAJOR high street bank is set to shut ten UK branches next week, in a huge blow to the high street. Santander announced in March that 95 of its branches will be closing, due to more customers making the switch to online banking. 2 2 A total of 23 branches in June, including 10 next week and 13 the week after. In July, 37 more Santander sites will get the chop, with 35 more set to close by the end of the year. A statement on the Santander website reads: "We last did a major review of our branches in 2021. "Since then, many of our customers are choosing to use Mobile, Online and Telephone Banking more, and branches less." However, the closures have led to fears that older customers, who prefer to do their banking face to face, will be left behind. Age UK is campaigning for banks to keep some banking services in person, as four million older Brits are unable to manage their finances online. Caroline Abrahams, charity director at Age UK, said: 'Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks. "The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.' In order to combat this issue, 73 banking hub s have been set up across the UK, with customers from any bank able to use the in person service. In addition to the 95 closures, Santander will also be making changes to its surviving branches. This includes cutting opening hours in half, and making some businesses "counter free." The reduced hours will come into force on June 30, with 36 branches affected. Satander is also opening work cafes which provide free co-working spaces and banking facilities to anyone, regardless of whether they are Santander customers. And Santander isn't the only bank to close branches, with research from Which? revealing that 6,300 bank and building societies have closed since January 2015. This averages to 53 store closures per month. A total of 102 banks are set to close This includes major providers like Lloyds, Natwest and Halifax, in addition to Santander's closures. Meanwhile Nationwide has promised to keep its nearly 700 branches open until the start of 2028 as they claim more customers are visiting its stores. Muir Mathieson, Nationwide's chief financial officer, recently said: 'The branches are thriving. 'We're seeing the number of people going into branches going up, and we think part of that increase is that there are fewer branches on the high street now that our competitors have closed theirs.'
