Martin Gilbert calls on City to champion older workers June 27, 2022 Asset management veteran Martin Gilbert has called on City firms to champion older workers amid a slide in the amount of over-55s working in UK.
Shock in fintech sector: City watchdog FCA launches tax evasion probe into billionaire founder of Wise June 27, 2022 The money transfer giant Wise revealed this morning that the FCA has launched a probe into its billionaire co-founder and chief executive over his status as a so-called deliberate tax defaulter. Wise said the Financial Conduct Authority (FCA) has launched an inquiry into Kristo Kaarmann’s “regulatory obligations and standards”. It comes after Kaarmann was named [...]
Interest rate hikes could trigger chain of bankruptcies in shadow banks June 27, 2022 Interest rate hikes from central banks across the globe could trigger a chain of bankruptcies in the global “shadow banking” industry, the Bank for International Settlements (BIS) has warned. In an interview with The Times, Claudio Borio, head of the BIS’ monetary and economic department, said “shadow banks” – including hedge funds, pension funds, and [...]
Exclusive: Sunak to unveil plan to slash EU financial services rules in Mansion House speech June 24, 2022 Rishi Sunak will unveil his plan to slash EU financial services regulations in a major set piece Mansion House speech next month. City A.M. understands the chancellor will announce details of his Financial Services and Markets Bill at the City’s annual Mansion House bankers’ dinner on 19 July and will introduce the legislation to the [...]
Barclays makes major lending push with £2.3bn deal for Kensington Mortgage Company June 24, 2022 In a major push to broaden its lending offering, banking giant Barclays said this morning it has agreed a deal worth around £2.3bn to buy specialist lender Kensington Mortgage Company. Barclays said the acquisition will allow it to offer more mortgage options to the self-employed and people who have multiple or variable incomes. The bank [...]
Banking battle for customers heats up as Nationwide introduces 5 per cent interest rate on current accounts June 23, 2022 The battle for customers is increasingly heating up in the UK banking scene with one major current account provider now offering 5 per cent interest on balances up to £1,500 for the first 12 months . Nationwide Building Society previously offered 2 per cent fixed for 12 months on balances up to £1,500 on its [...]
100 days to cash in or spend it: Bank of England warns £14.5bn worth of paper bank notes will soon be withdrawn June 23, 2022 The Bank of England has warned people there are just 100 days to use or return £14.5bn-worth of paper bank notes before they’re removed as legal tender. On 30 September, £20 and £50 notes made from paper will be withdrawn from circulation completely, and replaced with new polymer versions. The warning was given because a [...]
City watchdog hits Ghana International Bank with £5.8m fine over money laundering failures June 23, 2022 The UK’s financial watchdog has fined Ghana International Bank £5.8m over its poor anti-money laundering and counter-terrorist financing control measures. The Financial Conduct Authority (FCA) fined the London bank over its failure to carry out proper checks for money laundering. The watchdog said that while there is no evidence any money laundering actually took place, [...]
Rayner demands records of PM’s meetings over bankers’ bonus cap June 22, 2022 Deputy Labour leader Angela Rayner has demanded Boris Johnson’s office release all details of meetings he has held to discuss the bankers’ bonus cap over the past year. Rayner wrote to Johnson’s chief of staff Steve Barclay to request details of a meeting Johnson held with City figures last year where, according to the Financial [...]
HSBC pumps £250m into new lending fund for high-growth UK tech companies June 22, 2022 HSBC UK has unveiled a new £250m growth lending fund for high growth tech businesses today as it looks to meet a government call for a surge in investment in the sector last week.