The Future of Open Finance: Impacts of New Regulation, Use Cases, & Business Models
Simos Eacott, Head of Payments, NatWest, speaks at EBAday 2025 in Paris about the the future of Open Finance and the impacts of new regulation, use cases, and business models. We hear how much the switch to an expanded open finance ecosystem will enable growth, and whether the industry is prepared for the potential changes.
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Telegraph
an hour ago
- Telegraph
Post Office admits Horizon scandal staff are compensating victims
The Post Office has admitted that staff linked to wrongful prosecutions of postmasters are still working in a department which compensates victims of the scandal. Chairman Nigel Railton has acknowledged three so-called 'past roles employees' remain employed in the organisation's remuneration unit. It came after the chair of the advisory board for compensating victims said how postmasters had been left 'deeply distressed' after encountering certain members of staff. The Telegraph can reveal one employee was involved in the mediation scheme case of Lee Castleton, a former postmaster bankrupted as a result of civil action taken against him by the Post Office. More than 900 former sub-postmasters were wrongfully prosecuted as a result of the Horizon scandal, when faulty Fujitsu software incorrectly recorded shortfalls on their accounts. A public inquiry into the scandal is expected to produce its first report in the coming weeks, which will focus on the human impact of the scandal and the ongoing process of financial redress. Though various schemes were set up to compensate victims, Sir Alan Bates and others have criticised them for taking too long and for offering payouts far smaller than some have claimed for. The majority of the schemes – including the one set up to pay out Sir Alan and more than 500 others who took legal action against the Post Office – are now administered by the Government. However, the Post Office continues to run the Horizon Shortfall Scheme for victims who were neither wrongfully convicted nor involved in the High Court Case. Last month, The Telegraph revealed a former Post Office auditor who visited branches with suspected shortfalls, was, until recently, employed within the unit. And earlier this month, Christopher Hodges, chair of the Horizon Compensation Advisory Board, wrote to Mr Railton to express his concerns about staff who had roles linked to historic cases linked to the scandal. 'The issue is the ongoing involvement in redress and appeals work of Post Office staff who are perceived as having earlier been involved in the scandal,' he said. 'We continue to hear reports from victims who have met such staff in compensation meetings, and who find it deeply distressing and inappropriate.' 'No conflict' In a letter in response, Mr Railton said that as far as its 'analysis' showed, it had 'no employees working on redress who are in a position of actual conflict'. Mr Railton said some individuals who worked for Post Office while postmasters were being wrongfully prosecuted were employed in the Remediation Unit when it was set up. He then said the Post Office 'quickly acknowledged' that this gave rise to 'perceived conflict' particularly in the case of those who worked in roles 'even loosely connected with historic prosecutions' – known as 'past roles employees'. While the chair said the Post Office had 'taken steps to remove' these staff, he said the organisation was anxious that as these individuals hadn't been accused of wrongdoing, they were to be treated fairly and that the process should not 'slow down the pace of redress'. 'Leaving at the earliest opportunity' Mr Railton then added: 'As at the date of your last meeting (at which the oral update was given), we were in a position to report that all but two Past Roles Employees had been redeployed from the Remediation Unit (and many had left the business altogether), and that discussions were ongoing with the remaining two individuals with a view to their leaving Post Office. 'Since then, one further individual has been identified and the team is working towards their leaving Post Office too at the earliest opportunity.' One individual who continues to be employed within the unit is Shirley Hailstones, who is not accused of wrongdoing. Documents shown to the inquiry show Ms Hailstones gave feedback on a defence drafted on the Post Office's behalf in relation to victims' cases. And Ms Hailstones was also previously involved in the mediation case of Mr Castleton, who was portrayed by Will Mellor in the ITV drama Mr Bates vs The Post Office. Mr Castleton was ultimately told he would not be able to take part in the scheme and that his only option would be to take his case to court. The inquiry was shown emails from forensic accountant Ron Warmington and Ms Hailstones, a Post Office case review manager, sent in November 2013, discussing potential links between faults at different Post Office branches. Ms Hailstones did not copy-in former sub-postmasters Mr Castleton and Sir Alan to her email, before she shared it with then-Post Office irrelevant Angela van den Bogerd and said: 'This interaction in my view should not be widely circulated.' Speaking to The Telegraph, Mr Castleton said: 'It's entirely irrelevant whether any of these people are guilty of wrongdoing or not. 'From the perspective of former sub-postmasters, anybody working at the Post Office in that era will be tainted – it's the optics. They need to be removed.' A Post Office spokesman said: 'We do not comment on individual employment matters. 'We can confirm, as per our letter to the Advisory Board that has been published, there are three individuals leaving the Post Office at the earliest opportunity.'
Telegraph
3 hours ago
- Telegraph
Rolls-Royce has been fixed and is now going on the attack
Five years after Rolls-Royce nearly collapsed under the weight of Covid, the British manufacturing giant is plotting a new era of industrial domination. Under the guidance of boss Tufan Erginbilgiç, nicknamed 'Turbo', Rolls has overcome an era of financial chaos and mismanagement to launch a renewed assault on the jet engine and nuclear power markets. As he declared the next stage of the company's strategy last week, the former BP executive said Rolls's revival will soon contribute 'the single biggest item for economic growth for the UK'. It is far from the gloomy message he told workers after landing as chief executive in 2023, when he described the engineering giant as a 'burning platform'. Speaking at the Paris Air Show last week, he said Rolls is stepping up plans to make engines for the short-haul planes that dominate air travel, after quitting the sector more than a decade ago. To some degree, the announcement encapsulated the radical turnaround at Britain's leading manufacturer, which now has a market capitalisation of £75bn, seven times higher than when Erginbilgiç took over in January 2023.
The Sun
3 hours ago
- The Sun
Warning to anyone with a UK landline ahead of ‘big change' being rolled out nationwide
A MAJOR change affecting thousands of people who use landline phones in the UK is on its way. Virgin Media is in the process of sending out new advice to all its customers who use the ageing devices. It comes as the service provider continues to move all landline phones over to a high-speed broadband connection. Digital Voice, a UK-wide initiative, is forcing everyone with a landline to go digital. This affects anyone with a landline phone, regardless of who their supplier is. Landlines were traditionally wired in through the old Public Switched Telephone Network (PSTN) via legacy copper networks. In recent years the country has been outfitted with fibre broadband networks, and now landlines are being moved to work on these networks instead as the PSTN is too old and expensive to maintain. 'To make sure all your services are tip-top for the future, we're switching all our customers to our fibre phone network,' Virgin Media said on its website. 'This upgrade is rolling out nationwide, and we want to make sure everyone's ready. 'The Digital Voice Switchover is a big change, but it's designed to make landline services more reliable and future-ready.' That means if you have a landline, it will need to be switched to work over your home broadband connection instead of being plugged into your home's phone line socket. Thousands of homes warned of old landline switch off happening in 84 locations The firm's advice mirrors that set out by BT and the UK government. Virgin said there is 'no extra cost' to switch, and that your phone number will stay the same. 'To keep you connected to all the people and things that matter, we need your help to change how you plug your phone in and switch over to our new, ultra-reliable fibre network,' Virgin said. 'When you switch, your phone will need to be plugged directly into the WiFi Hub.' The WiFi Hub is the name of Virgin's home WiFi router. The firm says if you don't already have a Hub, it will send one to you. If you do not have home broadband, you are unlikely to have the Hub, but it is necessary to have one in order for your landline service to switch to a digital connection. Virgin Media confirmed you will not be forced to buy a broadband plan if you don't want one, it's just that you need the WiFi Hub in your home to plug your landline into. 'If you've already switched over to our fibre phone line, meaning your phone line is already connected to the WiFi Hub, then you're up and running on our new network, and there's nothing for you to do,' a spokesperson for Virgin said. 'To make sure you continue to get the great service you expect, you'll need to follow a few simple instructions from us when the time comes. "So, it's important that you keep your eye on your letterboxes and inboxes so you don't miss this information.' What to do in an emergency Virgin says landlines will stop working on the new technology if there is a power cut. In a statement, the company said: 'In the unlikely event of a power cut or a network disruption, you won't be able to make or receive calls on your landline. "Always keep a mobile phone charged and handy.' The firm directs customers without a mobile phone, and those with accessibility needs who rely on landlines, to ask about the provision of an emergency backup line, a battery-powered second phone line. You should be on the lookout for a letter or email from Virgin Media concerning your specific switchover date. 'On this day, you'll need to use an adaptor to plug your landline into our WiFi Hub,' Virgin said. 'We'll either send you the adaptor and step-by-step instructions or arrange for an engineer to carry out the switch for you.' Digital Voice is said to be a better quality phone line as it will be going over a faster digital broadband connection rather than an analogue copper wire.
