Revolut wins full crypto authorisation from City regulator September 27, 2022 Revolut has secured authorisation to provide full crypto services in the UK after months of wrangling with the City regulator as it waited on a temporary register.
Competition does not mean ‘regulatory race to the bottom’, banking watchdog warns September 27, 2022 The UK’s banking watchdog warned it will not engage in a “regulatory race to the bottom” today as Liz Truss and Kwasi Kwarteng prepare to shake up UK financial rules in a bid to boost growth.
Former City minister: Scrapping bonus cap could have waited ‘a little longer’ September 27, 2022 John Glen, the former City minister, has said the decision to scrap the bankers’ bonus cap should have waited amid a cost of living crisis. Glen told the Following the Rules podcast that the removal of the cap, announced last week by new Chancellor Kwasi Kwarteng, “was something that I would have deferred for a [...]
Sterling crash: Plenty of blame to go round but much of it falls on the Bank September 27, 2022 The British economy has been through a lot in recent years but a full-scale currency crisis still wins points for novelty. But for all the sound and fury of yesterday’s market movements and the so-called sterling crash, the panic is overdone. Much of the blame for yesterday’s excitement lies, rightly, with the government. This newspaper [...]
Close Brothers profits tumble 18 per cent amid trading slowdown September 27, 2022 Merchant banking group Close Brothers saw profits shrink by 18 per cent in the year to July as its Winterflood business was hammered by volatile markets and a slowdown in trading activity.
Weekend exclusive: More and more households depend on cash sent by family abroad September 26, 2022 Cross-border payments are increasingly vital to the financial survival of families around the world. This was the case at the height of the Covid-19 crisis and continues to play be the case post-pandemic, Mastercard in London exclusively shared with City A.M. this morning. More than two years on since the start of the pandemic, the [...]
‘The Future of Money’: book review September 26, 2022 Are cryptocurrencies the next big investment, a fad or a currency that will transform the economic and financial landscape? What are some of the advantages and shortcomings of digital currencies? Who will benefit from them? Eswar S. Prasad attempts to address these questions in The Future of Money: How the Digital Revolution Is Transforming Currencies [...]
Govt defends unlimited City bonuses: ‘Finance jobs should be in London, not in New York or Paris’ September 26, 2022 The government defended its intention to lift the bankers bonus cap this morning, saying it wants to protect and attract job creation in the City and Canary Wharf, rather than other finance hubs taking over. “We want finance jobs to be here, to be in London, not in New York or Paris,” said Work and Pensions [...]
Exclusive: HSBC survey shows nearly 80 per cent of firms now prioritising sustainability September 26, 2022 Nearly 80 per cent of UK firms are now prioritising sustainability in a bid to acquire new businesses, research from HSBC exclusively shared with City AM reveals. The bank’s annual capital expenditure (CAPEX) indicated that of 670 firms surveyed, almost two-fifths increasingly value environmental elements to their businesses. The shift has also led to 88 [...]
Confirmed: Champagne in Canary Wharf as bankers’ bonus cap is scrapped September 23, 2022 The cap for bankers bonuses’ will be scrapped, Kwasi Kwarteng has confirmed in today’s mini-budget. The Conservative chancellor made the announcement today, saying the move will help to keep money in London as a financial hub. He told the commons growth would only come with a “strong financial services sector” and that depended on having [...]