Author: AbellMoney

Santander has tightened its hybrid working policy, instructing its UK office-based staff to work the equivalent of three days a week at its offices.
In a recent update to 10,000 employees, the Spanish-owned bank announced that its current policy of allowing staff to work two days a week at one of its sites would be replaced by a requirement of 12 days a month—effectively three days a week.
The change aligns with a broader trend among employers to increase on-site attendance, as many companies seek to shift the balance of hybrid working towards more time in the office. This adjustment comes on the heels of PwC’s announcement that its 26,000 UK employees must now spend at least three days a week in the office or at client sites, up from the previous two to three days.
Santander’s new policy, which takes effect at the end of the year, aims to bring staff back to their desks while offering more flexibility than a rigid three-day requirement. The bank emphasised that in-office presence is crucial for supporting and developing its employees, particularly those early in their careers.
The directive affects office-based employees, including 4,500 staff at Santander’s new Milton Keynes hub and 1,000 employees in London. It does not apply to branch staff. Santander’s chief executive in the UK, Mike Regnier, works from his home in Harrogate, Yorkshire, at least one day a week, though his contract lists the £150 million Unity Place complex in Milton Keynes as his primary workplace.
The move by Santander is part of a broader push among employers to counteract the entrenched remote working habits developed during the Covid-19 pandemic. However, some banks, such as Lloyds, have opted for a more lenient approach, allowing office staff to work from home up to three days a week, with the option for five days during the summer months.
Santander hopes that by increasing in-office attendance, it can foster collaboration and mentorship, which it views as essential to employee development and the overall workplace culture.
Read more:
Santander tightens hybrid working rules, urging staff back to the office

Martin Blackham, a UK-based broadcast journalist currently reporting on the Gaza conflict in Israel, has filed a formal complaint against Barclaycard, alleging anti-Semitic behaviour by the company’s staff.
Blackham’s complaint, addressed to Barclays Bank CEO C.S. Venkatakrishnan and seen by Business Matters, centres around the bank’s refusal to maintain his credit card limit, which he claims is vital for his safety while working abroad in a conflict zone.
In his letter, Blackham expressed his frustration over the lack of response from Barclays, highlighting that he first reached out over a month ago, on 8th August 2024, without receiving even a courtesy reply. He emphasised the crucial role that access to emergency funds plays for journalists covering conflicts overseas, suggesting that the denial of such facilities could potentially place him in life-threatening situations.
“The lack of action from Barclaycard staff, especially while I am stationed in Israel, clearly indicates anti-Semitism,” Blackham stated in his letter. He called for a comprehensive investigation into the matter and demanded assurances that his current credit limit would be restored immediately.
Blackham’s allegations bring to light broader concerns about discrimination within corporate settings, particularly towards individuals in high-risk professions such as journalism. His demand for a thorough review of Barclaycard’s actions adds to the scrutiny faced by financial institutions over their customer service practices, especially concerning sensitive geopolitical contexts.
Barclays Bank and its CEO are yet to comment on the allegations, but the issue raises significant questions about how major financial institutions handle cases involving discrimination and the specific needs of clients operating in conflict zones.
With rising tensions and the ongoing conflict in Gaza, this incident serves as a stark reminder of the critical support required by journalists working in challenging and often dangerous conditions abroad. The outcome of Blackham’s complaint may set a precedent for how financial institutions address similar issues in the future.
Read more:
British journalist accuses Barclaycard of anti-semitism over credit card dispute

Google has been accused by the UK’s Competition and Markets Authority (CMA) of abusing its dominance in the online advertising market, allegedly overcharging publishers and stifling competition.
The CMA issued a statement of objections to the tech giant on Friday, following an investigation that suggested Google’s actions may be illegal.
The case adds to a series of global challenges against Google’s control over digital advertising, with similar actions ongoing in the US and EU. The regulator claims that Google’s grip on multiple stages of the online advertising “stack”—the split-second auction system used to place ads on web pages—allows it to charge publishers inflated fees while sidelining rival advertising services.
Google controls a significant share of both the advertising servers that sell space and the online exchanges where ads are bought and sold, with advertisers spending billions annually on display adverts. The CMA’s interim executive director of enforcement, Juliette Enser, highlighted the impact on businesses that rely on online advertising to keep digital content free or affordable, noting the importance of ensuring publishers and advertisers benefit from fair competition.
The News Media Association, which represents British news organisations, urged the CMA to act swiftly under new competition laws that establish a specialist digital markets unit within the regulator. Owen Meredith, chief executive of the association, stressed the need for urgent action, saying: “We need the new digital markets regulator to start its work investigating the large tech platforms as quickly as possible, with Google Search and Google ad tech as top priorities for designation.”
He added, “By levelling the playing field, we can create a digital economy for the UK which fosters genuine competition, powering growth in these critical markets.”
Google, however, disputes the CMA’s accusations. Dan Taylor, Google’s vice president of global ads, criticised the charges, stating: “The core of this case rests on flawed interpretations of the ad tech sector. We disagree with the CMA’s view and we will respond accordingly.”
The CMA has the authority to fine Google or demand it ceases anti-competitive practices. In the EU, there are discussions that Google might need to be broken up to address the market imbalance.
Next week, Google will face a US trial over similar anti-monopoly charges brought by the Department of Justice, following its recent loss in a separate competition case concerning its dominance in the search engine market. As Google prepares to defend its advertising practices in court, the mounting legal pressures underscore the global scrutiny of its market power.
Read more:
Google accused of exploiting advertising dominance to overcharge publishers

Banks in the UK will soon be granted new powers to freeze large payments for up to four days as part of updated fraud prevention measures set to take effect this autumn.
The changes are being introduced ahead of a new fraud regime starting on 7 October, which will require banks to reimburse nearly all victims of “Authorised Push Payment” (APP) fraud—a type of scam that cost consumers £460 million last year.
Currently, banks can only hold authorised payments, those approved by the customer, for up to 24 hours while conducting investigations. However, the new legislation will extend this period by an additional 72 hours, but only where there are reasonable grounds to suspect fraud or unusual activity inconsistent with a customer’s normal financial behaviour.
The legislation, originally proposed by the Conservative government and supported by Labour earlier this year, will be pushed through Parliament this autumn. A Treasury source confirmed the new rules, describing them as an additional tool to combat fraud. Bim Afolami, then city minister, noted the measure as “another weapon in our arsenal to tackle fraud.”
However, some legal experts warn that the added bureaucracy could cause significant disruptions, particularly for home movers. Gareth Richards of the Society of Licensed Conveyancers commented, “We believe that there are already sufficient steps in place for banks to identify unusual or suspicious activity on the accounts under their control.”
The introduction of these powers comes as the financial sector prepares for controversial new rules requiring banks to reimburse all victims of APP fraud from October. APP fraud includes scams such as romance fraud, fake purchase schemes, and investment scams.
Under the new guidelines from the Payment Systems Regulator (PSR), victims will be eligible for refunds unless they ignored warning messages from their bank, delayed notifying the bank of the fraud, refused to share details of the fraud with their bank or the police, or acted with gross negligence. Vulnerable customers will have additional protections, making it even more challenging for banks to deny refunds. The maximum liability for banks under the new regime will be capped at £415,000 per case.
More than 480 businesses have already registered with Pay.UK, the operator overseeing the scheme, which will be funded in its first year by a levy on transactions made through the Faster Payments system. Banks and payment providers were required to register by 20 August, with the PSR sending reminders to firms that have yet to comply.
Previously, banks could voluntarily adhere to the Contingent Reimbursement Model (CRM) agreement to reimburse victims of APP fraud. In 2018, before the voluntary scheme, reimbursement rates were around 19%, but this rose to 62% by 2022.
The Treasury declined to comment on the new measures.
Read more:
Banks to gain new powers to freeze large payments for fraud checks

Millions of pensioners living alone could be hit with higher council tax bills if Housing Secretary Angela Rayner scraps the 25% single occupier discount, potentially compounding financial pressures as they also face losing winter fuel payments.
Analysis reveals that around half of the 8.4 million people affected by the potential abolition of the single-person council tax discount are retirees. The discount currently reduces the average Band D council tax bill by approximately £543 per year and saves the public purse about £3 billion annually, according to the Institute for Fiscal Studies (IFS).
Angela Rayner, who did not rule out removing the discount this week, is under fire for the potential impact on older people, many of whom are already struggling with rising living costs. The announcement follows Chancellor Rachel Reeves’s decision to means-test winter fuel payments, which previously provided up to £300 to around 10 million pensioners, aiming to save £1.4 billion for the Treasury.
Jan Shortt, general secretary of the National Pensioners Convention, criticised the potential removal of the discount, calling it an “unforgivable betrayal” of older people that could force them to give up their homes. “It seems older people, who have no voice in parliament, are seen as easy targets,” she said.
Graham Stuart, a Conservative MP, echoed these concerns in the House of Commons, highlighting the strain on pensioners who are losing both their winter fuel payments and council tax discounts. “That is taking hundreds of pounds from those that can least afford it. We cannot have such an unnecessary impact on pensioners,” he said.
Speaking in the Commons, Rayner assured there were no current plans to increase council tax, but did not commit to keeping the single-person discount. When pressed on the issue, she responded, “This Government is about making sure that working people are better off, and we intend to do that.”
Data from the Ministry of Housing, Communities and Local Government shows that around 8.4 million homes in England benefit from the 25% discount for single occupants, with an additional 253,000 households qualifying due to other residents being disregarded for council tax purposes. Figures from the Office for National Statistics (ONS) indicate that half of those living alone are aged over 65.
The largest number of single-person households eligible for the discount are found in Birmingham, where 152,000 people benefit from the tax saving. Other top hotspots include retiree-friendly rural areas such as Cornwall, Somerset, and North Yorkshire. As the UK’s population ages, the number of people living alone is rising, with an 8% increase in single-occupant households recorded over the past decade.
Caroline Abrahams, charity director at Age UK, warned that older people living alone already face significant challenges with fixed household costs that do not diminish for single occupants. She stated, “If the single person discount for council tax was abolished, many pensioners—particularly widows—could find their finances severely strained, especially if they also lose their Winter Fuel Payment.”
A spokesperson for the Housing Department maintained that the government currently has no plans to reform council tax, but the potential changes have already sparked concern among pensioner advocacy groups and MPs alike.
Read more:
Four million pensioners face council tax hike as single-person discount under threat

OnlyFans, the subscription-based website best known for its adult content, has paid out £1 billion to its Ukrainian-born owner, Leonid Radvinsky, since he acquired the company six years ago.
The British platform’s parent company, Fenix International, reported a record $472 million (£358 million) dividend last year, contributing to the substantial payouts.
Radvinsky, a 42-year-old Ukrainian-American entrepreneur listed as the sole shareholder of Fenix International, has received $1.3 billion in dividends since 2020, including $159 million in the first four months of this year. He purchased OnlyFans in 2018 from its founders, Guy and Tim Stokely, who launched the site in 2016.
The latest dividend comes as OnlyFans’ 300 million users spent a record $6.6 billion on the platform, which hosts a variety of content from fitness and lifestyle videos to explicit adult material. The company takes a 20% cut of subscription and purchase fees, with the remaining 80% going to creators.
OnlyFans’ revenue rose by 20% to $1.3 billion in the year ending November 30, while profits surged by 25% to $658 million. The number of creator accounts on the platform grew by 29% to 4.1 million.
Radvinsky, originally from Odesa and now believed to reside in the US, maintains a low public profile. His personal website describes him as an “accomplished company architect, angel investor, philanthropist, and open source software supporter.” Prior to OnlyFans, he founded another adult site, MyFreeCams.
OnlyFans CEO Keily Blair hailed the company’s achievements in 2023, stating: “OnlyFans had a strong year in 2023. We have cemented our place as a leading digital entertainment company and a UK tech success story. We have done this by continuing to provide opportunities for our diverse creator community to monetise their content and grow their global fan base.”
Blair added that the company remains committed to investing in the creator economy, emphasising its focus on providing a “safe and innovative digital media platform” for both creators and fans.
Read more:
Onlyfans’ Ukrainian-born owner Radvinsky reaps £1bn from adult content platform

Cyclists should consider taking out insurance to safeguard themselves and pedestrians, according to John Neal, the chief executive of Lloyd’s of London, the world’s largest insurance market.
Neal’s comments come in response to a series of serious accidents involving cyclists, sparking renewed debate about the need for mandatory insurance.
Describing the idea of insurance for cyclists as not “such a daft idea,” Neal highlighted the importance of protecting all road users. The suggestion comes after a drunk cyclist recently avoided jail time despite hitting two women, resulting in severe injuries, including the amputation of a finger.
Neal, who is an avid cyclist himself, shared his personal experience of being knocked off his bicycle two and a half years ago. “I know what it’s like to be hit by somebody. So I think you could do with a bit of protection as well,” he remarked. Emphasising the importance of safety, he added, “I can’t comprehend why anybody would not wear a crash hat riding a bike.”
Currently, UK cyclists are not required by law to have insurance or register their bikes, as road laws apply only to “mechanically-propelled” vehicles. However, there are growing calls for change, particularly as the Government plans to introduce tougher laws targeting cyclists who cause deaths and injuries to pedestrians. These measures were initially proposed by the previous Conservative government but were put on hold before the general election.
Proponents of mandatory cycling insurance argue that it would improve road safety by holding cyclists accountable and discouraging reckless behaviour, such as running red lights. Despite this, Lloyd’s, which was founded in a 17th-century coffee shop near the Thames, does not currently offer cycle insurance. The company recently reported £4.9bn in pre-tax profits for the first half of 2024, marking a 25% increase compared to the same period last year.
In addition to discussing cycling safety, Neal cautioned the Labour government against excessive tax hikes and regulatory changes that could deter investment in the UK. With Chancellor Rachel Reeves expected to raise business taxes in the upcoming October Budget to address a £22bn deficit in public finances, Neal stressed the need for a balanced approach.
“We just want the UK to be sensible, fair and competitive,” he stated. “From a tax point of view, we should pay tax, both individually and corporately. And from a regulatory point of view, it’s important that the markets are looked over, looked after, overseen well and managed. But we need to ensure that we can remain competitive. We’ve got to be an attractive proposition globally for financial services.”
Read more:
Cyclists urged to consider insurance to enhance safety, says Lloyd’s chief

Topshop and Topman, once among the UK’s most iconic clothing brands, are set for a comeback as their website is relaunched following ASOS’s sale of a majority stake in the brands for £135 million.
Danish clothing group Heartland, the parent company of Bestseller, will hold a 75% stake in the joint venture, while ASOS will retain the remaining 25%.
Topshop.com went offline in 2020 after the Arcadia Group, then owned by Philip Green, entered administration. ASOS acquired Topshop, Topman, Miss Selfridge, and HIIT from Arcadia for £265 million in early 2021. However, ASOS did not relaunch the standalone Topshop site, opting instead to sell the brands through its own platform, ASOS.com, as the retailer’s valuation plummeted by more than 90%.
The new deal will enable Topshop.com to relaunch within six months of the transaction’s completion. Under the terms, ASOS will retain certain design and distribution rights in exchange for a royalty fee, allowing it to continue selling the brands on its own platforms.
ASOS’s largest shareholder, Bestseller CEO Anders Holch Povlsen, has expressed confidence in the venture’s potential. A statement to the London Stock Exchange outlined plans to expand Topshop and Topman’s customer reach via selected wholesale partners both online and offline, aiming to deliver the brands’ offerings to a global audience.
Lise Kaae, Chief Executive of Heartland, commented on the joint venture: “We are pleased to enter into this joint venture with ASOS, bringing the best of the Topshop and Topman brands to customers globally, while supporting ASOS’ strategy to obtain a more efficient capital allocation. We are committed to and look forward to working closely with our partners in a strong alliance.”
Meanwhile, ASOS is restructuring its debt profile, launching a refinancing plan that includes an offering of approximately £250 million in convertible bonds due in 2028. This move also involves the repurchase of some of its outstanding £500 million convertible bonds due in 2026.
The relaunch of Topshop.com represents a significant move in the evolving retail landscape, with Heartland and ASOS poised to revitalise these well-known brands and re-establish their presence in the competitive fashion market. The partnership aims to leverage Heartland’s wholesale expertise and ASOS’s established online platform, bringing new opportunities for growth and expansion in a market that continues to adapt to changing consumer habits and digitalisation.
Read more:
ASOS sells majority stake in Topshop and Topman for £135m as iconic brands set to relaunch

The UK Government is expected to increase the state pension by more than £400 a year, following criticism of Chancellor Rachel Reeves’s decision to means-test the winter fuel allowance.
Treasury calculations suggest that the full state pension could rise in line with average earnings due to the April implementation of the triple lock, which ensures that pensions increase by the highest of September’s inflation, wage growth, or 2.5%.
The projected changes could see the full state pension reach around £12,000 in the 2025/26 tax year, following a £900 increase in 2023. Retirees who began claiming their pension before 2016, who may qualify for the secondary state pension under the old system, are expected to see a £300 annual increase, taking their pensions to £9,000 in 2025/26.
The anticipated pension hike follows backlash against Labour’s policy to restrict the winter fuel allowance to pensioners receiving pension credits. Critics argue that the move effectively uses pensioners as a “cash cow.”
Mel Stride, the Shadow Work and Pensions Secretary and a candidate for the Conservative leadership, condemned the policy, stating: “Labour repeatedly misled voters at the election, saying they had no plans to cut Winter Fuel Payments, as well as matching the Conservative pledge to protect the triple lock. This was not an either-or. Now they are trying to use the triple lock as an excuse for going back on their word.”
Dame Harriett Baldwin, a Tory MP and former chair of the Treasury Select Committee, added: “This is of no help to a frail 90-year-old on an income of £13,000 facing a 10% rise in their heating bills this winter. Labour have made a chilling political choice to take from those with the weakest shoulders to pay their union paymasters.”
With inflation currently at 2%, the state pension is expected to be raised in line with average earnings, with final figures due to be released next week. The decision on the exact pension increase will be made by Liz Kendall, the Pensions Minister, ahead of the October Budget.
The triple lock policy, designed to safeguard pensioners’ income against rising prices in retirement, will remain in place until the end of the current parliament, according to the Chancellor. The Treasury reaffirmed its commitment to the policy, stating: “We’re committed to protecting the triple lock which will boost over 12 million pensioners’ incomes by hundreds of pounds next year.”
The announcement comes as pensioners face rising living costs, particularly in energy, with many voicing concerns about the affordability of heating this winter. As the government navigates its approach to pension and welfare policies, the debate continues over the best ways to support the nation’s retirees in an economically challenging environment.
Read more:
State pension set to rise by £400 amid criticism of winter fuel allowance cuts