Finance

UK consumers are being put at risk of fraud because banks are “seriously lagging behind international competitors” when it comes to security. New research has revealed UK financial services organisations are failing to invest and not keeping up with digital investment seen in other sectors. While other countries are taking a lead in facial recognition, social media data and automated electronic data capture to ID customers and improve the customer experience, British-based banks are stuck in the dark age. A...

Acrimonious splits bring out the worst in people. With emotions running high, it’s not unusual for individuals going through a divorce to feel aggrieved about the idea of sharing anything. Financial settlement is one of the most contentious areas of divorce, along with child custody. When a marriage or civil partnership breaks down, both sides can feel they have a genuine right to money and assets. But, selling assets, transferring assets or hiding them to stop your estranged partner getting...

Amazon execs are talking to JP Morgan Chase about creating a bank service aimed at young consumers, according industry insiders. The e-commerce firm is pressing ahead with plans to open a banking service with talks underway with a number of financial institutions, including financial services giant JP Morgan Chase. Last year Amazon considered buying the US bank Capital One, highlighting the appeal of the banking sector to Amazon. This week the Wall Street Journal revealed Amazon is in talks with several...

The engineering sector has been a cornerstone of the UK's economy over the years, and will be a factor in building the nation's prosperity as Britain braces itself for a new future. A lot has gone down in the sector and there is a number of issues to be addressed if the economy will see growth in the coming years. Presently, in terms of Gross Value Added (GVA), the contribution of engineering to the UK's GDP is 26% - more...

The number of British households that consider themselves millionaires has rose by nearly a third in two years as the wealth of the poorest households diminished. A total of 3.6 million households in Britain held wealth of more than £1 million by June 2016, up 29 per cent in two years, the Office for National Statistics said. But in a sign that the Tories really are a party for the few the poorest households saw their wealth diminish. While the...

The average worker will earn more than £1.1 million in wages during their life, a study has found. Researchers who studied the earnings of 2,000 people revealed they will typically bank £1,123,164 in pay over an average 48-year working career. According to the study, the average worker earns £23,399.25 a year. Workers in London currently bring in the highest annual salary, an average of £31,217.62, while those living in South West earn the least each year, pocketing £18,428.13. Greg Tatton-Brown...

Economic insecurity has become the "new normal" according to a damning new study, with at least 70 per cent of the UK’s working population "chronically broke". Research by leading thinktank Royal Society of Arts found that while about 30 per cent of respondents said they lived comfortably, 40 per cent said their finances were permanently precarious. The remaining 30 per cent said they were not managing to get by, in a nod to Theresa May's JAM acronym. Brhmie Balaram, the author...

The average UK household spend reached the highest level since before the financial crisis as finances get squeezed "left, right and centre". UK households spent £554.20 per week in the year to the end of last March, according to new ONS data, marking a rise of £21.20 in real terms when compared with the previous year. Transport was the top spending category, with an average of £79.70 shelled out a week on transport between April 2016 and March 2017 – an...

2017 marked the year that the bitcoin finally entered the mainstream. If you’re the kind of early adopter who stays on top of the latest trading technology or the gradual shift away from standard currencies then you’ve been aware of the bitcoin and other digital currencies since they began to emerge shortly before 2010. This year, however, was the point at which bitcoins began to be discussed and considered by the kind of people who wouldn’t normally consider anything more...