News story of the week: Challenger banks go all in for mental health
Monzo and Starling Bank have added gambling block features helping lead change in financial systems and better protect people from falling into debt when their mental health waivers.
Once the block is enabled the service stops customers from spending at high street bookies and online sites and easy-to-access apps. If risk-averse punters want to disable the feature they have to wait 48 hours before being able to gamble. Bravo.
Comment piece of the week: To outsource or not outsource, that is the question
In a compelling piece for FT Adviser, Paul Bagley, director of distribution and adviser marketing at James Hay, argues his case against platforms that outsource their core technology.
According to Bagley, while the majority of platforms outsource to alleviate the pain of continual technology upgrades and responses to legislation and regulation changes, keeping things in-house is better. He states it enables James Hay to respond quicker to advisers, regulators, investors, markets, politics and competition.
His final point is that firms that handle their own tech are better able to predict how long updates will take. A poke at those who outsource and have recently undergone their own re-platforming horror stories? You decide!
Number of the week: Last Christmas I gave you my…. credit card number
Just before the nation empties their wallet in the name of baby Jesus, Comparethemarket.com has announced that this year alone £4.1 billion has been stolen in the UK as a result of credit card fraud.
As more and more consumers and businesses shop online, the importance of cyber security has never been clearer, just don’t let it ruin little Jimmy’s Christmas.
Quote of the week
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