Tech & Tonic: Monzo rides high on crowdfunding wave and IT fails

Monzo waves back at investors. Photo by  Jeremy Bishop  on  Unsplash

Monzo waves back at investors. Photo by Jeremy Bishop on Unsplash

News story of the week: UK bank IT failures double in past year

Technology outages at UK financial services firms are becoming all too common according to a report from the Financial Conduct Authority.

The all-knowing authority revealed data from almost 300 supervised firms and detailed a whopping 138% increase in technology outages an an 18% increase in cyber incidents. While it would be easy to blame Gremlins    is this more likely the work of the Kremlin? Probably not but at least it rhymes and that’s the main thing.

Comment piece of the week: Miffed at MiFID II?

Almost a year ago MiFID II came into play aiming to provide greater protection for investors, raise transparency, reduce risk of market abuse AND make markets more efficient. A laudable intention, but is this a waste of time?

According to Tom Hegarty, managing director of New Model Business Academy whose firm polled 159 advisors, the new directive has lengthened the process (by an average of two hours) and the vast majority don’t feel as if it really benefits their clients. Where do you stand? Win or sin?

Number of the week: Monzo impresses with crowdfunding round

A huge congratulations this week to challenger bank Monzo who managed to crowdfund £20m in just two days, two hours and 45 minutes – roughly the same amount of time it takes to get through to Natwest on the phone.

While £2,038,459 was raised from existing investors, its happy community raised an eye-watering £17,961,551 in just two hours and 45 minutes. One to watch?

Quote of the week

We are @Foco_Global on Twitter, what’s your excuse?