Latest news with #NatWest
The Sun
6 hours ago
- Business
- The Sun
Supermarket chain with 300 stores launching closing down sale ahead of shutting popular site this weekend
Olivia Stringer, Fabulous Digital Writer Published: Invalid Date, A POPULAR supermarket chain is launching a huge closing-down sale this weekend, as it shuts one of its 300 high street stores. The budget foodstore has been providing shoppers with bargains in the busy shopping precinct for over two decades. 2 2 Farmfoods, in Ilkeston, Derbyshire, is closing its doors for the final time this Sunday, June 22, with the remaining stock being sold off at a reduced price. Shoppers have been left devastated by the news, which marks another blow for the high street. Posting in the Ilkeston Life Facebook group, one person said of the Scottish store, which was founded in 1954. "A blow for savvy Ilkeston shoppers - Farmfoods in the precinct is closing. "It will be missed by many people, and the pleasant, helpful staff will be out of a job. "Shops like this are a lifeline to many folk." The post was flooded with comments from locals, sharing their sadness at the loss. A second person said: "It will be a sad day to see another shop closing. "It always seems to be busy though so it makes no sense." NatWest to close 53 bank branches in fresh blow to UK high street – see if your local is affected A third person added: "Oh what a shame, it will be sorely missed." This follows the news that Poundland has confirmed plans to shut 68 stores, with up to 150 at risk of closure. The struggling discount chain was sold for just £1 last week and it was expected a major shake-up would be needed to rescue it. Poundland has now announced a huge series of changes aimed at keeping itself afloat - although these will need to be approved by the High Court in August. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." They include ditching its frozen food items, getting rid of its loyalty scheme app and no longer selling products online. The Original Factory Shop has also recently launched another closing-down sale as the brand pulls the shutters on another store. The discount department store has slashed the prices on everything, from clothing to gardening tools to toys. Clothing rails have been tagged with percentage-off signs as high as 30 per cent off. And a major DIY retailer has launched a huge closing-down sale as it prepares to close one of its branches in weeks. The Hobbycraft store in Imperial Park, Bristol, has confirmed that it will close its doors for good on June 21.
Finextra
7 hours ago
- Business
- Finextra
Mitigating cyber-risks in outsourcing: Contract strategies for compliance and protection
0 This content is contributed or sourced from third parties but has been subject to Finextra editorial review. A clear and present danger In recent years, several prominent UK businesses have faced significant technology and cybersecurity challenges and the consequences of data protection breaches. For example, in October 2023, the Financial Conduct Authority (FCA) fined Equifax over £11 million for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime. As reported by Finextra on 15 May, NatWest's head of cyber security has revealed that the Bank faces 100 million cyber-attacks every month. That incident brought into sharp focus the risks and vulnerabilities which can arise where a customer outsources the handling of sensitive data, and the serious regulatory consequences faced by UK firms if they fail to ensure the safeguarding of sensitive information. Rules are rules Aside from principles of good business sense, obligations in relation to security and data protection are imposed on customers looking to outsource IT services to third parties via a range of regulatory and quasi-regulatory/industry measures. Regulatory measures in the UK include the requirements in the UK GDPR relating to security and data processor contracts, as well as more financial services-specific rules such as the FCA Operational Resilience regime, the FCA and PRA rules on material outsourcing and use of cloud, and the incoming FCA rules on use of Critical Third Party suppliers. Businesses operating in the EU (and by extension their relevant suppliers) must now also comply with the requirements of the EU Digital Operational Resilience Act (DORA) and its requirements in relation to critical IT services providers. Regulatory measures carry the added risk of sanctions and penalties from the relevant enforcement agencies if they are breached. Non-regulatory, but nonetheless important, requirements which impact many financial services business include the Payment Card Industry Data Security Standard (PCIDSS) which impose requirements on the security of card data, and the information security requirements of ISO27001. Get it in writing The typical provisions which a customer can try to include into contracts to meet its regulatory obligations, and otherwise to guard against (or at least provide some form of recourse in the event of) cyber and data infringements, can be grouped into two main types: (1) contract standards; and (2) rights and remedies. Contract standards Set out the general standards to which a supplier must conduct its business and provide their service(s) - for example in compliance with all laws and regulations, with professional skill and care and in accordance with good industry practice. standards to which a supplier must conduct its business and provide their service(s) - for example in compliance with all laws and regulations, with professional skill and care and in accordance with good industry practice. Set out any specific requirements which the supplier must meet which are intended to address particular cyber and data concerns, for example: Detailed security provisions, including compliance with the customer's own information and systems security policies Warranties of compliance with any information provided by the supplier pre-contract as part of the customer's due diligence process. Early warning requirements related to suspected cyber incidents or data breaches. Specific clauses designed to meet the requirements of the UK GDPR including: to exercise sufficient technical and organisational measures to protect data against unauthorised access, to notify data breaches in good time, and controls on the export of data outside of the UK/EEA. Compliance with specific industry standards including PCIDSS and ISO27001 Regular conduct of security testing and the provision of results to the customer (this can be a source of debate - a customer may want the right to conduct its own testing (including penetration tests) but suppliers can be reluctant to give this, especially over systems used for multiple customers, and so a right to see the results of the supplier's own internal or third party testing may be the best which can be achieved). An obligation to rectify any detected weaknesses after testing. Restrictions against use of sub-contractors and/or AI systems without the customer's consent. Requirement to use at least 'industry – standard' cybersecurity measures such as firewalls, malware blockers etc. requirements which the supplier must meet which are intended to address particular cyber and data concerns, for example: Rights and remedies Making sure that the supplier's liability for losses which might be suffered due to a cyber or data breach are not excluded out of hand, or caught by a general exclusion of 'indirect or consequential' liability. Potentially no or separate/higher liability caps for issues such as breach of confidentiality, security, or data protection requirements. It is now not uncommon to have 'supercaps' for data liability (although suppliers may not accept uncapped liability given the potentially large data protection regulatory fines). Indemnities for issues such as security or data breach Audit rights for the customer (and also its regulators) - which would extend to the supplier's sub-contractors. Definite termination rights in the event of a cyber or data related breach A right to remove supplier personnel or sub-contractors or the service if there are any concerns. Prevention is always better than the cure, and the only sure-fire way to avoid cyber and data issues is to make sure that, practically, the appropriate measures and behaviours are put in place by suppliers. However, a well-drafted contract will make it clear what a supplier is required to do, meet any regulatory requirements for terms which must be included, provide the customer with various rights and remedies (ideally to try and catch and avoid problems before they escalate), and otherwise provide the customer with a potential claim for damages for breach of contract, or indemnity rights should the supplier fail to comply with the relevant terms and the customer suffers loss or liability as a result.
BBC News
11 hours ago
- Business
- BBC News
Leek residents react to NatWest and Halifax bank closures
Shoppers and business owners have bemoaned the "terrible" loss of two high street banks and the impact it could have on their Halifax and NatWest branches in Leek, Staffordshire, closed on 4 June and Monday respectively with both firms citing the ongoing trend of customers moving to online banking Angela Golding, who works at the town's Delia Metcalfe store, the closures have had an effect on both the shop and its older customers."We like the cash because it stops the card machine fees. Older people like to give cash to their grandchildren. Everybody needs cash and we all use it," she said. "It's terrible to lose two banks, especially the NatWest, and it has a knock-on effect on everybody. It's such a shame to have that building go to rack and ruin."Stephen Lanza, who runs Mosaic Boutique in Sheep Market, said the bank closures were "shocking" to him, as his store preferred cash over credit or debit card transactions. "You know what you are spending when you use cash. What people don't realise is when you pay by card the retailer is not even getting the full amount," he Allan Clarke, 75, said he was "not very happy" about the closures, having been with NatWest since he was 16 years old."You used to be able to go and see a bank manager, now we can't even get in the building," he Furmston said there was a second NatWest branch in the town at one point and now there were none, adding: "It's just a shame." A Halifax spokesperson said more than 20 million customers now used its apps and had "more flexibility than ever for their day-to-day banking".It said users could also use telephone banking, visit a community banker or use any other Halifax, Lloyds or Bank of Scotland said banking had "changed dramatically" in recent years with rising demand for mobile and online firm said it took the decision to close branches "very seriously"."We'll always work hard to guide and support you through the changes and find the best way to serve you from now on," it added. This news was gathered by the Local Democracy Reporting Service which covers councils and other public service organisations. Follow BBC Stoke & Staffordshire on BBC Sounds, Facebook, X and Instagram.
Yahoo
a day ago
- Business
- Yahoo
UK paytech firm Icon Solutions gets funding from UBS
Icon Solutions, a UK-based payment technology company, has secured equity investment from UBS, with additional funding from existing stakeholders Citi and NatWest. Financial terms of the transaction remain undisclosed. This capital infusion is intended to support the ongoing development and strategic trajectory of the Icon Payments Framework (IPF). The IPF is a developmental framework designed to assist banks in the rapid transformation of their payment infrastructure. It allows financial institutions to independently build, test, and implement payment processing solutions, maintaining full oversight of project timelines and costs. Icon Solutions co-founder and director Tom Kelleher said: 'With IPF now internationally proven and increasingly adopted by major financial institutions, we look forward to continuing our close partnerships with Citi, NatWest and UBS to build on this global momentum and deliver truly innovative and ground-breaking payments solutions.' UBS GWM Switzerland & International personal & corporate banking Group Operations and Technology Office (GOTO) head Pieter Brouwer stated: 'This investment reinforces our partnership with Icon and confirms our commitment to deliver faster to market, future-ready payment solutions for our clients. The collaboration helps us drive innovation at scale and enhances our capabilities for seamless instant payments and advanced transaction processing.' UBS, a Swiss wealth manager, joins Citi and NatWest in this investment, with the last two firms already using the IPF. As of the fourth quarter of 2024, UBS managed assets worth $6.1tn, with operations across more than 50 international markets. In 2024, NatWest acquired a minority stake in Icon Solutions. "UK paytech firm Icon Solutions gets funding from UBS " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Daily Mail
a day ago
- Business
- Daily Mail
Co-op secures £350m loan from six major banks after cyber attack
Co-op Group has secured a £350million funding agreement with six major banks in a deal the group says indicates 'strong market confidence' in its prospects and resilience. It comes as Co-op confirmed it had finally overcome the impact of a crippling cyberattack, with its 2,300 food stores now trading as normal. Co-Op's chief financial officer Rachel Izzard described the funding agreement as a 'powerful endorsement of strength' after the mutual returned to a pre-tax profit for the first time since 2020 last year. The banks providing Co-op's cash injection are Barclays, HSBC, ING, Lloyds, NatWest and Rabobank. Co-op's credit rating was upgraded by Standard & Poor's in late 2024, and the Group also successfully renewed and extended its backstop undrawn revolving credit facility by five years. In April, the group revealed 35 per cent increase in annual operating profit for last year, with member numbers rising 22 per cent to 6.2million. Nioami Reddington, senior relationship director at NatWest, said: 'Co-op continues to demonstrate strong trading results, a robust balance sheet, growing membership numbers and a resilient operating model.' Co-op has more than 2,300 food stores, 800 funeral homes and a wholesale business supplying approximately 6,000 additional outlets. It employs 54,000 staff and generates annual revenues of more than £11billion. Izzard said: 'This funding arrangement is a powerful endorsement of strength - the renewed financial strength of our Co-op, the strength of our mutual model and the strength of the shared voice of our members.' Co-op's £10 'thank you' giveaway Co-op is offering its members £10 off a minimum £40 shop as a 'thank you' gesture following a major cyber attack that disrupted payments and left shelves bare. The group's stock availability was affected due to the attack in May, and shoppers faced empty shelves because of the continued fallout. Hackers also stole members' personal data, such as names and contact details. Co-op was just one of a number of retailers and other firms to have been hit by a raft of cyber attacks striking the sector in recent months. Marks & Spencer was forced to halt all online orders after a cyber incident in April, which bosses have said was likely to cost the business around £300million, while Harrods was also hit.
