Latest news with #NatWest
Times
2 days ago
- Business
- Times
NatWest faces questions over links to collapsed 79th Group
NatWest is facing scrutiny over its relationship with a collapsed £200 million investment group which insolvency practitioners suspect was a Ponzi scheme. 79th Group attracted thousands of investors from the UK and overseas, before collapsing into administration in April, two months after the City of London police announced an investigation into a 'suspected widespread fraud'. The company has denied wrongdoing. Insolvency practitioners estimate 79th Group owes more than £200 million to about 3,700 people. Some investors have life savings at risk. The matter was raised in parliament this month. The 'main account' of the group was held at NatWest, according to administrators from Kroll and Quantuma. It is understood that the relationship originated at the bank's Southport branch, which is near 79th Group's Merseyside head office. The bank also holds an outstanding charge over a 79th Group entity which was first registered 20 years ago. That company went into insolvency in May. Investors' funds were paid into a 'treasury account [and then] transferred out to other entities', administrators said in a recent report to creditors. They are investigating the 'flow of funds'. Investors' money does not appear to have been 'ring-fenced' and was instead 'pooled' in group accounts. No formal loan accounts appear to have been recorded or board minutes yet identified relating to the management of investors' money, insolvency practitioners have claimed. The bank declined to answer a series of questions over its banking relationship with 79th Group, including how much money was received and processed by the bank; whether it had continued to receive investor funds after the arrests; whether it had failed to detect serious irregularities; and whether NatWest was investigating. A NatWest spokeswoman said: 'Combating fraud is a top priority and we are committed to preventing criminal activity. We will not make any further comment on this case.' Contractual agreements between the group and investors stated that funds would be used for specific projects, including a £250 million holiday park in north Wales and a mining venture. City of London police said in February that four people had been arrested and that 'a large amount of cash, luxury watches and jewellery were found during searches of properties, all of which were seized'. All people arrested have been released on bail and inquiries continue. There have been no charges. The Times reported this month that 79th Group's board included a former senior HM Revenue & Customs official who was in charge of combating fraud for the tax office. Andy Cole, former director of specialist investigations at HMRC, was a non-executive adviser. There is no suggestion of wrongdoing by Cole or that he is being investigated. He has not been arrested. Administrators from Grant Thornton have told 79th Group investors that 'we believe this is a Ponzi', the term for a fraudulent investment scheme in which early investors are paid with money from later investors rather than legitimate business activities. Banks have a regulatory duty to counter the risk that they might be used to further financial crime. Lenders face strict 'know your customer' and anti-money laundering rules; adherence requires due diligence, transaction monitoring and reporting of suspicious activity. Three sets of insolvency firms are engaged on the case. Administrators are liaising with NatWest over the outstanding charge owed to the bank, which has said it is not in a position to release it, according to its report. In 2021, NatWest was fined £264.8 million for anti-money laundering failures related to the gold trading business Fowler Oldfield. This month Barclays was fined £39.3 million for failing to tackle financial crime risks in its dealings with Stunt & Co, which received £46.8 million from Fowler Oldfield.
Finextra
2 days ago
- Business
- Finextra
NatWest adopts Pexa digital remortgage platform
NatWest has agreed a deal with vendor Pexa to start carrying out digital remortgage deals from next year. 0 Pexa says that its platform will help NatWest increase the speed and certainty of digital remortgage and sale and purchase transactions to homeowners, driving efficiency and transparency. Barry Connolly, MD, home buying and ownership, NatWest, says: "The Pexa platform will help to reduce the administrative burden and reduce the risk of fraud. This partnership will also accelerate processes through the automatic sharing of data between parties. We look forward to seeing the results." NatWest and Pexa initially inked an exploratory deal in 2024 and are now pushing ahead after the vendor secured FCA approval to act as a Third Party Managed Account provider. With the bank conducting 12.6% of all mortgages in the UK market in 2024, the agreement is a milestone for Pexa ahead of its launch of its broader sale and purchase solution in the autumn which will enable it to serve over 70% of property transaction types in England and Wales. Joe Pepper, UK CEO, Pexa, says: "It is a pivotal moment in our mission for a lender the size of NatWest to see the potential benefits Pexa brings its customers and commit to adopting our platform to support its remortgage transactions."
Scottish Sun
3 days ago
- Business
- Scottish Sun
All the bank branch closures including Lloyds and NatWest in August – is your local affected?
We reveal the full list of closures below BANK ON IT All the bank branch closures including Lloyds and NatWest in August – is your local affected? Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BANK branches continue to close across the UK at pace, with 17 more planning to shut their doors this August alone. In fact, so far in 2025, 423 branches have closed already from January through July. Sign up for Scottish Sun newsletter Sign up 1 There are 17 bank branches shutting in August, according to the latest LINK data Credit: Alamy A further 127 are expected to close between September and December as banks cut costs and push customers toward online services. According to consumer champion Which?, banks and building societies have closed 6,443 branches since January 2015, at a rate of around 53 closures each month. This represents 64% of the branches that were open at the start of 2015. The figures cover branches from 20 major current account providers, showing how widespread the cuts are. NatWest Group, including NatWest, Royal Bank of Scotland and Ulster Bank, has closed the most, with 1,477 branches shut since 2015. Lloyds Banking Group, which includes Lloyds Bank, Halifax and Bank of Scotland, shut 1,391 in the same period. Barclays alone has reduced its network by 1,236 branches, the most for any individual bank. Branch closures peaked in 2017, when 867 sites closed across the UK, more than 70 each month, followed closely by 792 closures in 2018. How Link is helping with cash access Thanks to pressure from campaigners, including Link, some banks have agreed to open voluntary banking hubs that offer face-to-face banking services for customers in areas affected by branch closures. These hubs let you: Pay and withdraw cash Check your balance Pay utility bills Top up gas and electricity Link recommends hubs in areas with at least 10,000 people and 70 shops, also considering local demographics, digital skills and transport links. A full list of operating banking hubs is available on the Cash Access UK website. If you think your area is under-served you can request a hub. First, you need ask Link for a 'cash access review' to check if services in your area are good enough. Who can ask? Anyone can make a cash access request, individuals, groups or organisations. You just need to make your request in writing, and help is available if you need it. You can complete the request form online or print it and post it to: LINK Scheme Ltd (Cash Access Request) Central House, Otley Road, Harrogate, HG3 1UF. When might a review not happen? If there's already an ongoing or recent review covering your area and the same cash services If there isn't a good reason to review the cash access services where you live If you are made aware of existing services nearby and decide there's no problem If you cancel your request in writing or by email Before asking for a review, check if there's a bank branch, Post Office or ATM near you. Post Offices offer Everyday Banking services including cash deposits, withdrawals and balance checks for many banks and building societies. Using the Cash Locator tool can help you find the nearest place to get or pay in cash. Link wants to make sure everyone can easily access and manage their money, so don't hesitate to ask for help if you think cash access in your area isn't good enough. No branch nearby? Use the Post Office If you don't have access to a branch or hub, you can still do basic banking at the nearest Post Office. Services typically include: Cash withdrawals and deposits Cheque deposits Balance enquiries Bill payments Gas and electricity top-ups Which banks are closing? Here are all the closures planned for August 2025: Bank of Scotland – one closure North Berwick: August 20 Barclays - one closure Hull: August 22 Lloyds Bank – one closure Leeds Crossgates: August 20 Santander – 14 closures Blyth: August 5 Brixton: August 11 Canvey Island: August 5 Downpatrick: August 6 Edgware Road: August 12 Finchley: August 6 Formby: August 11 Holywell: August 13 Plympton: August 14 Rustington: August 5 Sidcup: August 11 Whitley Bay: August 6 Willerby: August 13 Wimborne: August 4 Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
The Sun
3 days ago
- Business
- The Sun
All the bank branch closures including Lloyds and NatWest in August – is your local affected?
BANK branches continue to close across the UK at pace, with 17 more planning to shut their doors this August alone. In fact, so far in 2025, 423 branches have closed already from January through July. 1 A further 127 are expected to close between September and December as banks cut costs and push customers toward online services. According to consumer champion Which?, banks and building societies have closed 6,443 branches since January 2015, at a rate of around 53 closures each month. This represents 64% of the branches that were open at the start of 2015. The figures cover branches from 20 major current account providers, showing how widespread the cuts are. NatWest Group, including NatWest, Royal Bank of Scotland and Ulster Bank, has closed the most, with 1,477 branches shut since 2015. Lloyds Banking Group, which includes Lloyds Bank, Halifax and Bank of Scotland, shut 1,391 in the same period. Barclays alone has reduced its network by 1,236 branches, the most for any individual bank. Branch closures peaked in 2017, when 867 sites closed across the UK, more than 70 each month, followed closely by 792 closures in 2018. How Link is helping with cash access Thanks to pressure from campaigners, including Link, some banks have agreed to open voluntary banking hubs that offer face-to-face banking services for customers in areas affected by branch closures. These hubs let you: Pay and withdraw cash Check your balance Pay utility bills Top up gas and electricity Link recommends hubs in areas with at least 10,000 people and 70 shops, also considering local demographics, digital skills and transport links. A full list of operating banking hubs is available on the Cash Access UK website. If you think your area is under-served you can request a hub. First, you need ask Link for a 'cash access review' to check if services in your area are good enough. Who can ask? Anyone can make a cash access request, individuals, groups or organisations. You just need to make your request in writing, and help is available if you need it. You can complete the request form online or print it and post it to: LINK Scheme Ltd (Cash Access Request) Central House, Otley Road, Harrogate, HG3 1UF. When might a review not happen? If there's already an ongoing or recent review covering your area and the same cash services If there isn't a good reason to review the cash access services where you live If you are made aware of existing services nearby and decide there's no problem If you cancel your request in writing or by email Before asking for a review, check if there's a bank branch, Post Office or ATM near you. Post Offices offer Everyday Banking services including cash deposits, withdrawals and balance checks for many banks and building societies. Using the Cash Locator tool can help you find the nearest place to get or pay in cash. Link wants to make sure everyone can easily access and manage their money, so don't hesitate to ask for help if you think cash access in your area isn't good enough. Which banks are closing? Here are all the closures planned for August 2025: Bank of Scotland – one closure North Berwick: August 20 Barclays - one closure Hull: August 22 Lloyds Bank – one closure Leeds Crossgates: August 20 Santander – 14 closures Do you have a money problem that needs sorting? Get in touch by emailing money-sm@
Yahoo
4 days ago
- Business
- Yahoo
NatWest CEO on Earnings, UK Defense Spending, Economy
Paul Thwaite, chief executive officer of NatWest, discusses the lender's second-quarter earnings as it raised its guidance for the year and announced a £750 million ($1 billion) share buyback. He also talks about the UK defense industry and the outlook for the economy. Thwaite speaks on Bloomberg Television. Sign in to access your portfolio
