Banking

The Bank of England has raised interest rates from 0.1% to 0.25% in an attempt to fight rising inflation. The increase marks the first time that the bank's Monetary Policy Committee (MPC) has risen the rate in more than three years.

The Financial Conduct Authority (FCA) has fined HSBC £63,946,800 for failings in its anti-money laundering processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC&

NatWest has been fined £264.8 million following convictions for three offences of failing to comply with money laundering regulations. Mrs Justice Cockerill, the sentencing judge at Southwark Crown Court, yesterday said: “….it must be borne in mind that although in no way complici

Challenger bank Monzo now has three million customers, with sign-ups continuing to rise for the app-only bank. Monzo reached the milestone only four months after acquiring two million users and the company said it is currently taking on 55,000 new customers every week.