NATWEST GROUP PLC ORD 100P (NWG)

Sector:

Banking

Index:

FTSE 100

220.80p
   
  • Change Today:
      0.100p
  • 52 Week High: 221.60
  • 52 Week Low: 104.75
  • Currency: UK Pounds
  • Shares Issued: 11,452m
  • Volume: 3,837,625
  • Market Cap: £25,287m
  • RiskGrade: 62

Treasury committee quizzes FCA on frozen bank accounts

By Sean Farrell

Date: Thursday 22 Jul 2021

LONDON (ShareCast) - (Sharecast News) - The chairman of the Treasury committee has written to the financial regulator raising concerns about banks freezing vulnerable customers' accounts after NatWest was reported to have blocked thousands of accounts.
Mel Stride asked the Financial Conduct Authority how widespread freezing of accounts for no apparent reason was and why banks had done so. He also asked Nikhil Rathi, the FCA's chief executive what customer service standards were expected of banks when they freeze accounts and how the FCA was ensuring customers were treated fairly.

NatWest was last month reported to have frozen the accounts of thousands of customers, including those on low incomes, without warning, leaving some unable to buy food, pay rent and cover mortgages. The bank said at the time it did not close accounts without a good reason.

The letter asked what progress the FCA had made on looking at the role of artificial intelligence in banks' systems and whether it could result in bias against particular customer types.

Stride said: "Recent reports suggesting that banks might be freezing bank accounts without good reason are very concerning. The sudden freezing of accounts without explanation can have profound effects on peoples' lives and the committee is seeking urgent clarification on the extent of this issue.

"We are also seeking a better understanding of the role that artificial intelligence has in making these decisions, and whether this approach results in inappropriate bias. The committee will monitor developments in this area closely, and we look forward to receiving the FCA's response."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

RBS Market Data

Currency UK Pounds
Share Price 220.80p
Change Today 0.100p
% Change 0.05 %
52 Week High 221.60
52 Week Low 104.75
Volume 3,837,625
Shares Issued 11,452m
Market Cap £25,287m
RiskGrade 62

RBS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
87.17% above the market average87.17% above the market average87.17% above the market average87.17% above the market average87.17% above the market average
55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average
Price Trend
58.42% above the market average58.42% above the market average58.42% above the market average58.42% above the market average58.42% above the market average
47.37% above the sector average47.37% above the sector average47.37% above the sector average47.37% above the sector average47.37% above the sector average
Income
21.81% below the market average21.81% below the market average21.81% below the market average21.81% below the market average21.81% below the market average
85.71% below the sector average85.71% below the sector average85.71% below the sector average85.71% below the sector average85.71% below the sector average
Growth
24.29% above the market average24.29% above the market average24.29% above the market average24.29% above the market average24.29% above the market average
44.44% above the sector average44.44% above the sector average44.44% above the sector average44.44% above the sector average44.44% above the sector average

What The Brokers Say

Strong Buy 10
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Neutral 10
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Strong Sell 2
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RBS Dividends

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Ex-Div 12-Aug-21 25-Mar-21
Paid 17-Sep-21 04-May-21
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