Tag: NatWest

Government completes exit from NatWest

  • Final share sale ends nearly 17 years of public ownership
  • Millions of savers and businesses protected during the financial crisis
  • Taxpayers prioritised through value-for-money sales at market price since this government came to office

The Westminster Labour government has sold its remaining shares in NatWest Group (formerly Royal Bank of Scotland, RBS) — ending public ownership that began when it stepped in to protect millions of savers and businesses during the financial crisis.

That intervention prevented the UK economy and financial system from going over the edge – protecting millions of savers, businesses and jobs.

Over 2008 and 2009, the government provided £45.5 billion to stabilise RBS (now NatWest), which at the time was one of the largest banks in the world- with over 40 million customers and operations in more than 50 countries.

Chancellor of the Exchequer, Rachel Reeves, said: “Nearly two decades ago, the then Government stepped in to protect millions of savers and businesses from the consequences of the collapse of RBS.

“That was the right decision then to secure the economy and NatWest’s return to private ownership turns the page on a significant chapter in this country’s history. We protected the economy in a time of crisis nearly seventeen years ago, now we are focused on securing Britain’s future in a new era of global change.”

Economic Secretary to the Treasury, Emma Reynolds said: “Bringing NatWest fully back into private ownership marks a significant milestone for the UK banking sector following the financial crisis.

“Since coming into government, we have halted the NatWest retail share sale, which could have cost taxpayers hundreds of millions. Instead, we put taxpayers first by only selling NatWest shares at market value— securing more money to invest in vital public services.”

To date, £35 billion has been returned to the Exchequer through share sales, dividends and fees. While this is around £10.5 billion less than the original support, the alternative would have been a collapse with far greater economic costs and social consequences.

The Office for Budget Responsibility are clear on this point: the cost of doing nothing would almost certainly have been far greater than the difference between the capital injected and proceeds returned.

Allowing the bank to fail would have devastated people’s savings, mortgages and livelihoods — and shattered confidence in the UK’s financial system.

Since taking office in 2024, the government says it has prioritised securing value for taxpayers — scrapping plans for a retail sale that could have cost hundreds of millions of pounds due to the need to sell shares at a discounted price to attract retail buyers.

Instead, shares were sold only at market price and when it represented value for money — helping fund the Plan for Change to invest in the NHS, education and defence.

The government has now exited all banking sector interventions made during the financial crisis.

Utilita Energy rolls out Payit by NatWest to customers

Payit by NatWest provides Utilita with a simple and safe way for their customers to top up their smart meter or wallet

  • Payit™ is now available to customers through the My Utilita app to allow them to instantly add funds to their smart meter or wallet.
  • Payit™’s open banking technology means no card details are required and no customer’s sensitive information will be stored by a third party. 
  • Digital alternative to card payments that negates the need for One Time Passcode.

The UK’s leader in smart Pay As You Go energy and the original pro-pocket, pro-planet supplier, Utilita, has rolled out NatWest’s multi award-winning1 open banking payments solution Payit™, to enable their customers to instantly add funds to their smart meter or wallet through the My Utilita app.

Utilita currently has more than 800k households using their services and as part of their mission to offer consumers better service and a fairer deal has added the Payit service.

Adding Pay by Bank from Payit as a payment option in the My Utilita app allows customers to instantly add funds to their smart meter or wallet.

Powered by open banking technology through payments initiation, Payit™ by NatWest provides customers with an additional digital payment method to be able to manage their energy payments in a safe and simple way. 

This means that Utilita customers can link their bank account and experience one-click payments with reduced friction caused by the need for a card and One Time Passcodes.

The use of Strong Customer Authentication to prove the account is live and accessible and means sharing account information digitally, in real time also removes the risk of manual error.

The option is available to all Utilita customers using the My Utilita app with a bank account with access to online banking or a mobile banking app.

James Hodgson, CEO of Payit™ by NatWest, comments: “We are delighted to be helping Utilita leverage the benefits of open banking through Payit to streamline and simplify making and collecting payments.

“Payit™’s safe and secure platform provides a flexible and seamless way for people to make payments directly from their bank accounts and for businesses to improve their operational costs.” 

Utilita Founder and CEO, Bill Bullen, comments: “At Utilita, we’re constantly innovating and developing solutions to ensure our customers have a smooth journey on our award-winning My Utilita app. We are immensely grateful to Procode for providing us with the required technical expertise to enable easy access of Payit on the My Utilita app for our customers. 

“With Payit, our customers can make secure and fast payments directly from their bank account, via mobile banking. The added security afforded by open banking technology also massively reduces the risk of sensitive information such as card details falling into the wrong hands. Payit offers an efficient and secure service – one that will make life easier for many of our customers.”

Payit™ by NatWest offers key benefits to businesses and their customers, including: 

  • Speed: Payit™ directly opens the customer’s banking app of choice and allows them to select the appropriate bank account to pay with. Transactions are completed quickly and securely and businesses receive funds immediately. 
  • Simple and secure: As there is no need for card details to be stored by a third party, the risk of online fraud is minimised, allowing both the business and customer peace of mind.  
  • Cash flow management: Instant availability of funds is essential for businesses managing cash flow. 
  • Reduced transaction costs for the business. 

1 2023 Banking Tech Project Awards Best Use of Tech in Payments, Best Open Banking Initiative at Payment Awards 2024

“Money mule man” returns to the streets of Edinburgh to offer festival goers the chance to win £100 

●        Fringe star Paul Black once again becomes fake money mule recruiter to raise awareness of online fraud

●        Those caught face up to a fourteen-year jail sentence and lifetime bank a/c ban 

●        Young people most at risk with half (48%) of victims aged 18-26 

Scottish comedian Paul Black is partnering with NatWest for a second time to raise awareness of money muling – an activity where targets are recruited to channel illicit funds through their personal bank accounts. 

Following a successful run of sell-out shows at this year’s Fringe, Paul will be out and about on the streets of Edinburgh on Wednesday 24th August.

Once again donning the persona of the “money mule man”, the award-winning comic will be approaching festival goers to look after money. If they simply say no, they will be rewarded with a £100 cash prize, while those who say yes will go home empty handed. 

Earlier in the year Paul toured Scotland’s cities to raise awareness of money muling and support people in being vigilant about the ways criminals might try and exploit them by making use of their bank account. 

Instances of money muling increased dramatically during the pandemic and over 17,000 suspected cases involving 21- to 30-year-olds were recorded in 2020 according to Cifas, the UK’s leading fraud prevention body. Rising social media usage during lockdown is thought to be linked to the spike, with criminals using apps such as Snapchat and Instagram to recruit targets. 

Money muling often involves criminals recruiting young people to use their bank accounts to move cash which has been illegally stolen or transferred from another account. 

Despite the upsurge in money muling, many young people are unaware of the consequences of allowing criminals access to their accounts – with those caught facing up to a fourteen-year prison sentence and a lifetime ban from holding a bank account.  

Cifas research has found that the number of 14–18-year-olds charged with money muling offenses to have risen by 73% since 2020. 

Commenting on the campaign, Paul Black said: “I hadn’t heard of money muling until I got involved in the campaign earlier in the year, but that’s the problem – people are letting criminals channel money through their bank accounts with no idea that what they’re doing is actually against the law. If it seems too good to be true, it probably is. 

“Edinburgh has such a great atmosphere during the Fringe, and I’ll be out and about to see if tourists and residents alike are clued up on money muling and find out who’s smart enough to win 100 quid!” 

A NatWest spokesperson, said: “The message is simple: if approached to be a money mule, always say no.

“The consequences of becoming involved in this type of crime are severe, your bank account will be closed down and you could end up in prison.”