On the money: King Charles III makes banknote debut December 20, 2022 The Bank of England has unveiled the design for the new Charles III banknotes, making the monarch the first King in British history to feature on a paper legal tender. Recently succeeding his mother HM Queen Elizabeth II, King Charles will appear on the front of all four polymer banknotes ( £5, £10, £20 and [...]
UK banks have swerved bonus cap by hiking pay, BoE finds December 19, 2022 UK lenders have raised staff pay to compensate for smaller hand outs after the banker bonus cap was implemented following the financial crisis, new research out today has found. The City’s top bankers’ pay has been steadily rising since the rules were imposed in 2014, according to the Bank of England. “The bonus cap [has [...]
London payment firm launches Banking-as-a-Service solution on Advcash December 16, 2022 Fintech infrastructure firm, Mercuryo has partnered with payment platform Advcash to offer its customers access to virtual IBANs for EU and UK residents.
City chamber of commerce launched to help Square Mile firms navigate challenges December 15, 2022 The City’s chamber of commerce has launched a new body dedicated to supporting business within the Square Mile. London Chamber of Commerce and Industry announced the creation of the City of London Chamber this week. It will be a forum for firms of all sectors to convene and and discuss ideas, from the biggest banks [...]
Mini budget drama: UK banks face wave of ‘exotic’ forex derivatives claims after collapse of Pound December 15, 2022 Legal disputes between banks and their business customers are expected following the collapse in the value of sterling against the U.S. Dollar and the volatility of other currencies. The dramatic volatility of currencies over the last few months will have led to many businesses facing substantial losses from complex Forex derivatives contracts they had entered [...]
Lloyds swoops in for ING’s tech leader as its new COO December 15, 2022 Lloyds has swooped in for the top brass at ING as the lender announces a Ron van Kemenade as its new Chief Operating Officer (COO). He will join next year from ING where was chief technology officer and a member of its executive committee. Charlie Nunn, CEO at Lloyds Banking Group, said: “This is a [...]
Russian oligarch seeks to block fraud lawsuit over sanctions December 14, 2022 A high-profile Russian oligarch is seeking to block an $850m (£685m) fraud lawsuit over claims the Russian banks suing him could use proceeds from the case to “fund the war in Ukraine”. Lawyers acting on behalf of Russian banker Boris Mints called for the High Court lawsuit to be put on hold in arguing any [...]
Binance ‘temporarily pauses’ stablecoin withdrawals after run December 13, 2022 Binance has registered $1.9 billion of withdrawals in the past 24 hours, blockchain data firm Nansen said on Tuesday, as the world’s biggest crypto exchange said it had “temporarily paused” withdrawals of the USDC stablecoin. How crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from [...]
Bailey warns against ripping up City rulebook in Edinburgh reforms December 13, 2022 BANK OF ENGLAND Governor Andrew Bailey poured cold water on ambitious Government plans to rewrite the financial services rulebook today, warning that the regulatory issues which led in part to the global financial crisis have not gone away. The government is set to tweak some 30 pieces of regulation which it believes will free the [...]
Why banks must get better at managing the risky business of cloud computing December 13, 2022 Cloud computing represents the future of financial sector IT. Its services helped many organisations through the pandemic, supporting mass working and empowering them to reach locked-down customers digitally. But migrating data and systems to third-party datacentres also increases risk, as the Bank of England noted last year. The challenge for IT bosses in the sector [...]