UK Finance: Challengers and specialist lenders take a greater share of the market | Mortgage Introducer

Challenger banks and specialist lenders took a bigger share of the mortgage market in 2017 compared to the year before, UK Finance figures show. Lenders that saw their lending levels increase include Paragon, which climbed from the 21st biggest lender to the 19th after upping gross lending by 78%. Source: UK Finance: Challengers and specialist lenders take a greater share of the market | Mortgage Introducer

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Open Banking goes live from tomorrow | Mortgage Introducer

Open Banking hits the market tomorrow – which will allow companies to access peoples’ bank or building society data once given permission by the customer. Nine of the biggest UK lenders – Lloyds, RBS, Barclays, HSBC, Santander, Danske, Allied Irish Bank, the Bank of Ireland and the Nationwide Building Society – must share transaction history data if requested in a standard format. Source: Open Banking goes live from tomorrow | Mortgage Introducer

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Britain’s smaller banks jostle for business banking grants

LONDON (Reuters) – Britain’s smaller banks are lining up to apply for multi-million pound grants the government hopes will help them compete in the corporate banking market. For years the government has wanted to reduce the dominance of big banks in the small-to medium-sized business (SME) banking sector. The four largest — HSBC (HSBA.L), Barclays (BARC.L), RBS (RBS.L) and Lloyds Banking Group (LLOY.L) — control over 70 percent of business current accounts. Source: Britain’s smaller banks jostle for business banking grants

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