FCA calls out consumer duty laggards as deadline for new rules approaches January 25, 2023 The Financial Conduct Authority (FCA) has said that many financial firms still had a long way to go on implementing its incoming Consumer Duty, as it issued its review of the implementation of the scheme. While regulator found that many firms had “understood and embraced the shift to focus on consumer outcomes”, it noted that [...]
House of Lords calls for new body to oversee City regulators January 24, 2023 A member of the House of Lords has tabled amendment to the Financial Services and Markets Bill calling for a new body to be established to oversee the City’s regulators, potentially reigniting debates about the so-called call-in power. An amendment tabled by Lord Bridges called for the creation of an Office for Financial Regulatory Accountability, [...]
Mark Carney’s net zero group disputes data showing only 7 per cent of banks’ energy financing goes to renewables January 24, 2023 Only seven per cent of global banks’ energy financing between 2016 and 2022 went towards renewable energy projects, according to new data, although Mark Carney’s net zero financial coalition has disputed the claim. A report by a group of campaign groups, including BankTrack and Rainforest Action Network, indicates “major failings” by financial institutions to help [...]
Aramco-backed halal fintech opens bank branch in London despite high street bank exodus January 24, 2023 Aramco is backing American fintech Wahed as it launches a physical bank in London. However, concerns of a high street bank exodus place question marks over the branch’s future success. Wahed’s first UK-based physical bank, which opens its doors today on Baker Street, has scored £61m ($75m) from the Saudi Arabian oil giant together with [...]
NYSE temporarily halts trading after glitch caused abnormal swings in share prices January 24, 2023 The New York Stock Exchange halted trading in dozens of stocks following market open this morning after an apparent glitch in its system. Morgan Stanley, AMC Entertainment, McDonalds and Unilever were among the major firms to have had their shares frozen by the exchange, according to its website. A number of other stocks were frozen [...]
Borrowers warned of rise in ‘advance fees’ scams with over £700 lost on average and Londoners more likely to fall victim – Lloyds Bank January 24, 2023 The rising cost of living has lead to 82 per cent increase in financial scams that target victims by charging fees for products and services that do not materialise, according to Lloyds bank. Victims lost £711 on average, and although the amount lost is lower than £1,194 recorded the previous year, the bank said fraudsters [...]
Goldman Sachs to slash underperforming £48bn investment book amid profit crunch January 23, 2023 Wall Street titan Goldman Sachs could shift billions of dollars worth of underperforming private equity and real estate investments that have dogged its finances, its top money manager hinted today. In an interview with Reuters, Julian Salisbury, chief investment office of asset and wealth management at the firm, said the bank will “see a meaningful [...]
With an average claim in excess of £50k, it really is time to see if you qualify for an R&D Tax rebate January 23, 2023 | Sponsored What are Research and development tax credits? Simply put R&D Tax Credits are a niche, but a lucrative part of the UK tax code that could bring your company significant tax relief. Most companies we speak to at SAS R&D don’t think that they will qualify for these payments with the common misconception amongst business [...]
Private finance firms have fewer women leaders than listed rivals, new research shows January 23, 2023 Financial services companies that are structured as privately-owned partnerships have significantly fewer women in leadership positions than their publicly-listed rivals, new research shows. Fewer than one-sixth (15.1 per cent) of partners in privately-owned finance firms are women, according to research from employment law firm Fox & Partners. By comparison, women account for 43 per [...]
Bankers switching firms trouser more than 20 per cent pay bump January 23, 2023 City bankers, brokers and insurers switching to a rival firm trousered a more than 20 per cent pay bump last year, new research out today shows. The Square Mile’s best and brightest are switching companies in a bid to capitalise on rapid wage inflation in the financial services sector. According to recruiter Morgan McKinley, the [...]
