All articles tagged with #uk banks
UK financial authorities including the Bank of England, FCA and HM Treasury are in urgent talks with the National Cyber Security Centre to assess cyber risks from Anthropic’s Mythos, warning major banks, insurers and markets as the model reportedly uncovered thousands of high-severity vulnerabilities and as regulators consider standardized AI-model monitoring for lenders.
The Prudential Regulation Authority (PRA) is reportedly working with Metro Bank to present a plan by Monday morning that would help the bank strengthen its balance sheet or find a buyer. The PRA has invited major UK lenders, including HSBC and Lloyds, to consider making an offer for Metro Bank. Shawbrook is also considering a potential bid for the bank. JPMorgan and Santander have reportedly explored the possibility of making offers as well. Metro Bank has been exploring options to raise up to £600 million ($734.28 million) through equity and debt injections and asset sales. The bank has not made a decision on its fundraising plans yet.
UK banks are "actively unbanking people, not just companies" over their decision to buy "crypto assets that are perfectly legal," according to Circle's European policy lead. While there is no evidence of a UK bank shuttering a customer's account altogether on account of crypto usage, there are several recorded instances of users facing temporary freezes on their accounts when trying to buy crypto. Banks have publicly detailed their policies, which include limits on how much can be transferred at once, and even blanket bans on transfers into crypto.
Crypto companies are facing difficulties accessing banking services in the United Kingdom, with many banks rejecting applications, freezing accounts, and requesting more documentation. This goes against Prime Minister Rishi Sunak's plans to make the UK a global crypto hub. The situation is worse in the UK than in the EU, where efforts to establish a framework for digital assets are making banks more receptive to crypto firms. Venture capital investment in digital asset companies in the UK has reportedly dropped 94% to $55 million in 2023. Crypto companies are turning to payment service providers to maintain business operations in the UK.