Banks news in 2024
11 stories, newest first.
- December 2024
Nationwide payment outage on 22 December leaves customers waiting for wages
Nationwide customers reported waiting for wages and seeing Direct Debits bounce during a payment outage on 22 December, one of four faster payment problems at the building society in recent months.
- November 2024
Barclays takes over Tesco Bank's savings, credit cards and loans
Barclays completed its takeover of Tesco Bank's savings, credit cards and loans on 1 November 2024, meaning the two brands now share a single £120,000 FSCS protection limit.
- October 2024
High Court approves transfer of Tesco Bank banking business to Barclays
The High Court approved the transfer of Tesco Bank's banking business to Barclays Bank UK PLC on 17 October 2024, with the transfer completing on 1 November 2024.
Virgin Money acquired by Nationwide Building Society
Virgin Money's banking business transferred to Nationwide Building Society on 2 April 2026, after Court approval on 23 February 2026, combining the two businesses under mutual ownership.
- September 2024
UK banks commit to 350 banking hubs over next five years
UK banks committed in 2024 to opening 350 banking hubs over five years, as new rules on cash access took effect and branch closures continued across the UK.
- July 2024
Global IT outage disrupts UK banks and other services
A faulty Crowdstrike software update caused a worldwide IT outage on Friday 19 July that disrupted UK banks, airports, railways and GP surgeries, with some bank customers still reporting problems the following Monday.
Revolut secures restricted UK banking licence
Revolut has been granted a UK banking licence subject to restrictions, more than three years after applying in January 2021, and must complete a mobilisation period before it can operate as a full bank.
- May 2024
Treasury designates 14 large banks and building societies and 2 LINK entities for the access to cash regime
The Treasury has designated 14 large banks and building societies, plus two LINK entities, for the FCA's new access to cash regime, with rules taking effect on 18 September 2024.
Treasury designates banks and building societies subject to access to cash rules
The Treasury has named the banks and building societies that will fall under the Financial Conduct Authority's access to cash rules, along with an operator of cash access coordination arrangements.
- April 2024
JROC publishes recommendations for next phase of open banking
The Joint Regulatory Oversight Committee has published recommendations on the design of a future open banking entity, covering structure, governance and funding, and proposals for a new interim body.
- January 2024
Link recommends 101 new banking hubs across the UK
Link has recommended 101 new banking hubs across the UK, following assessments made when the last bank branch in an area closed and requests from communities.