Video: Top fintech stories this week – 27 November 2020

The FinTech Futures weekly round-up of the industry’s top stories and developments from across the globe.

This week we cover:

  1. Lanistar comes under UK advertising watchdog’s microscope
  2. Credit Karma secures $7.1bn Intuit acquisition, sells tax ops to Square
  3. Virgin Money profits dive 77% as it braces for bad loans
  4. Starling Bank claims to be UK’s first profitable challenger bank
  5. Google Pay unveils integrated banking challenger Plex

 

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Philip Green urged to plug pension shortfall before Arcadia administration

Topshop and Burton owner expected to enter administration within hours

The Arcadia boss, Sir Philip Green, is under pressure from MPs and unions to use his private fortune to “make good” the huge shortfall in his retail empire’s pension scheme ahead of the company’s expected collapse into administration.

The owner of household names including Topshop, Topman, Miss Selfridge, Dorothy Perkins and Burton is expected to enter administration in the coming hours after the weekend failed to bring a last-minute rescue deal for Green’s retail businesses.

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A day in the life of Verge editor in chief Patel

Leigh-Ann Jackson writes for The New York Times about The Verge editor in chief Nilay Patel and his typical day during the pandemic. Jackson writes, “Nilay Patel misses laughing at headline ideas and goofing around in the...

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Lanistar comes under UK advertising watchdog’s microscope

Lanistar, the fintech whose launch was marred by an authorisation warning, is under investigation from the Advertising Standards Authority (ASA).

First reported by Financial News, the regulator says it “received complaints about ads for Lanistar”.

The fintech’s high-profile, influencer-led launch on Instagram from 15 November featured many high-profile celebrities and sports stars. Promoters were reportedly promised a stake in the company. It’s unclear how many of the 3,000 people are stakeholders.

The ASA says it can’t “currently provide a definitive comment about what aspects of their [Lanistar’s] activity will fall under FCA or ASA regulation.”

“We’re currently assessing them to establish remit and next steps,” an ASA spokesperson confirmed to FinTech Futures.

“It appears that there are elements here that potentially fall under our remit. But there is also crossover with the FCA [Financial Conduct Authority].

“As part of our assessment of complaints, we’ll be having discussions … Read the rest