The Commercial Bank of Dubai plans to launch a spinoff that will allow customers to conduct all their financial affairs via a smartphone, Finextra reports . The new bank, CBD NOW, is currently being trialled by beta-testers and will be launched early next year. The bank said it had enough customers who wanted to do everything on a smartphone to support the new bank. Officials at the Financial Conduct Authority and the National Crime Agency believe that Tesco Bank might have failed to act on an industry-wide warning from Visa a year ago, The Times reports. Citing "sources with knowledge of the investigation," The Times said that while most banks had updated their computer systems, Tesco was believed to have failed to heed the warning, leaving its payment systems vulnerable to the so-called Code 91 security flaw. The glitch meant that criminals were able to repeatedly "ping" payment sites with random debit card numbers until they found a match with a customer's card number, expiry date and three-digit security code. Tesco Bank says that 9,000 customers were affected over the weekend of November 5 and 6, costing it £2.5 million in compensation. The third-largest US bank, Wells Fargo & Co, faces a new class action, this time over allegations it funnelled more than US$3 billion of its employees' retirement savings into expensive, underperforming proprietary mutual funds to enrich itself, Reuters reports. The employees' lawsuit seeks to recoup excess fees and unrealised profits stemming from Wells Fargo's alleged breach of fiduciary duties to all 401(k) participants over the last six years. According to the complaint, Wells Fargo's target date funds cost 2.5 times more than similar funds from such rivals as Fidelity Investments and Vanguard Group, which the employees argue could have earned $323 million more in returns in the five years ended June 30 had Vanguard target date funds been used. Fitch Ratings has updated its Global Bank Rating criteria to allow derivative counterparty ratings to be assigned to non-bank financial subsidiaries of banks or bank holding companies. In a statement announcing the new criteria, Fitch said it would be useful to the market to have DCRs on select non-bank subsidiaries that would fall under banking resolution - with no impact on existing ratings. The report replaces Fitch's existing Global Bank Rating Criteria, dated 15 July 2016, which has been retired.