UK’s FCA to create 100 jobs through launch of new Leeds offices August 2, 2022 The UK’s financial watchdog today set out plans to hire 100 new staff at its newly opening Leeds office as it looks to bolster its headcount this year and meet the demands of an expanding regulatory remit. The UK’s Financial Conduct Authority (FCA) announced it has signed a lease for premises on 6 Queen Street, [...]
Aviva chief Amanda Blanc joins BP as non-executive director August 2, 2022 British energy major BP today said it has recruited Aviva chief executive and insurance sector veteran Amanda Blanc to sit on its board of directors. The appointment is set to see Blanc sit on BP’s board as a non-executive director, whilst continuing in her current job as chief executive of British insurance giant Aviva. In [...]
Insolvencies surge to highest rates since financial crash as voluntary bankruptcies hit record levels August 2, 2022 The UK government’s Insolvency Service today said it recorded a higher number of insolvencies over the past three months than at any other point in more than a decade, after the numbers of companies declaring voluntary bankruptcies hit their highest levels since records began. The past three months saw a total of 5,629 English and [...]
EY’s split could have ‘distinct benefits,’ FRC chief says August 2, 2022 EY’s plans to split its business would have “distinct benefits,” the head of the UK’s accounting watchdog has said. The Big Four accounting firm’s plans to separate its advisory arm from its consulting division could let EY “grow further” by removing “significant conflicts of interest,” Financial Reporting Council (FRC) chief executive Sir Jon Thompson told [...]
Claims globalisation has ‘had its heyday’ are premature, Lloyd’s chief executive says August 2, 2022 Claims the dual shocks of Covid and the war in Ukraine have halted the “all conquering forces of globalisation” are “premature,” Lloyd’s of London chief executive John Neal told City PM In an op-ed in this newspaper, the insurance chief said that while we will “rightly see a degree of retreat and retrenchment” in [...]
UK small businesses scrap hiring plans in face of mounting economic uncertainty August 2, 2022 The proportion of UK small businesses seeking to expand their headcounts has plummeted over the previous quarter, according to new figures from the Association of Chartered Certified Accountants (ACCA). Just 12 per cent of UK small and medium enterprises (SME’s) are currently looking recruit new staff, compared to 37 per cent in March, figures from [...]
UK financial watchdog cracks down on marketing of ‘high-risk’ financial products August 1, 2022 The UK’s financial watchdog has vowed to crack down on those using “unclear” and “misleading” information to sell risky investments after bringing in tough new rules around the marketing of high-risk financial products. The Financial Conduct Authority’s (FCA’s) “stronger” rules require firms to use clearer and more prominent risk warnings, and ban companies from [...]
UK launches register of overseas property owners in clampdown on ‘corrupt elites’ August 1, 2022 Individuals that own UK properties via chains of “secretive” shell companies will from today be forced to reveal their true identities, after the UK government launched a new register of UK property owners today. The first-of-its-kind register will require those seeking to buy or own UK property via offshore entities to list the identities of [...]
‘The Great Resignation could be followed by a Great Redundancy,’ DWF chief says July 29, 2022 A downturn in the legal market could see widespread layoffs in the City’s top-ranking law firms, the head of London listed law firm DWF told City PM The lawyers that jumped ship in “big numbers” in pursuit of six-figure salaries in London’s most prestigious firms could soon be laid off, as the top firms make [...]
French asset manager Amundi takes hit from turbulent European markets July 29, 2022 French asset manager Amundi today said the value of the assets it manages has dropped by 4.75 per cent compared to three months ago, due to “unfavourable” market conditions. The Paris headquartered firm said net incomes for the first half of the year were 16 per cent lower than a year ago, as it said [...]
