Natwest, one of the UK’s largest banks, has recently taken a hardline stance on cryptocurrencies. The bank has banned its customers from buying, selling, or exchanging cryptocurrencies using their accounts, and has also barred customers from using their accounts to purchase cryptocurrency-related investments.
This is part of a larger effort by Natwest to protect its customers from the risks associated with cryptocurrencies, including the potential for significant losses due to the volatile nature of the market.
Natwest has also warned customers that cryptocurrencies are not covered by the Financial Services Compensation Scheme, meaning customers are not protected if they lose money in their investments.
Alison Rose, the head of NatWest bank, says her bank is preventing customers from investing in crypto assets, as part of a crackdown on fraud.
Rose told the Treasury committee that NatWest has “quite strict rules” restricting its customers investing in crypto, and has blocked a number of platforms and exchanges where customers suffered fraud.
“We look at it through a fraud perspective,” Rose told MPs. “We are restricting people investing in crypto because we are concerned.” She says this policy can frustrate customers who want to invest their own money in crypto.
Other UK banks have banned or placed restrictions on crypto
There are several other UK banks and institutions that have taken similar stances on cryptocurrencies.
For example, Lloyds Banking Group has also banned its customers from buying, selling, or exchanging cryptocurrencies. Additionally, Barclays has stated that it will not facilitate or offer services related to cryptocurrencies. Other banks, such as Santander, have taken a more cautious approach, offering only limited services related to cryptocurrencies.
It is important to note that, the UK Financial Conduct Authority (FCA) has issued warnings about the risks associated with cryptocurrencies, and has urged consumers to be aware of the potential for losses due to their volatile nature.
Lender Price War Takes Shape
HSBC has announced that it is offering those remortgaging a five-year fixed deal at 3.99% to 60% LTV with a £999 fee. It is the first time since September 2022 that a five-year fixed-rate mortgage has been offered by HSBC at a rate below 4%. And this news comes only days after Lloyds Bank and Virgin Money slashed their 10-year mortgage to 3.99%.
This is great news for home buyers and mortgage holders looking to refinance, particularly if we consider that the average five-year fixed-rate mortgage on the market at the start of January was 5.63%.
Many economists now expect to see more lenders following HSBC. With many predicting that a new lender price war is just getting started.
UK house prices flat after four-month fall as interest rates bite
UK house prices were roughly flat in January, having fallen in the previous four months, according to Halifax.
Average prices were stable at £281,684 last month, the lender said, after sharp falls of 1.3% in December and 2.4% in November.
However, the pace of annual growth in house prices slowed to 1.9% from 2.1% in December, marking the lowest rate since October 2019, as higher mortgage rates and the wider cost of living crisis have dampened demand.