Bank of England prepared for ‘aggressive’ action to tackle inflation, says top economist June 17, 2022 The Bank of England's chief economist said policymakers are ready to take “aggressive action” if there is further evidence that soaring inflation is becoming embedded in pricing by firms.
FCA urges lenders to ‘act now’ to protect consumers from cost of living crunch June 16, 2022 The UK’s top financial watchdog has written to UK lenders today urging them to “act now” to ensure they can protect consumers amidst a cost of living crunch this year.
Government announces overhaul of Consumer Credit Act to ‘keep pace with modern world’ June 16, 2022 The government has committed to a sweeping overhaul of the Consumer Credit Act today in a bid to modernise the framework for credit firms and shift more hands into the hands of regulators.
HSBC becomes Emma Raducanu’s eighth blue chip sponsor on eve of Wimbledon June 16, 2022 HSBC has become the latest blue chip brand to join British tennis star Emma Raducanu’s stable of sponsors. Raducanu, who shot to fame by winning the US Open in September, has agreed a four-year with the international banking group. “To partner with HSBC is so natural for me having grown up playing in the HSBC [...]
Banks boosted by looming BoE interest rate hike June 15, 2022 Strengthening bets on the Bank of England tomorrow hiking interest rates for the fifth meeting in a row boosted the UK’s biggest-listed banks today. The capital’s premier FTSE 100 index surged 1.2 per cent to 7,273.41 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Exclusive: Revolut boss criticises FCA over sluggish progress on banking licence June 15, 2022 The founder of fintech giant Revolut has criticised the Financial Conduct Authority (FCA) after the firm’s progress towards a full banking licence had been "slower” than expected.
JP Morgan wins £1.4bn court battle against Nigeria June 14, 2022 A High Court judge today ruled in favour of JP Morgan, after dismissing Nigeria’s $1.7bn (£1.4bn) lawsuit against the bank, over claims it acted negligently by transferring $875m to an account linked to convicted money launderer and former Nigerian oil minister Dan Etete. The ruling comes after Nigeria first sued JP Morgan in 2017, over [...]
Barclays teams up with Whitehall in bid to boost UK exports June 14, 2022 Barclays has agreed to a five-year partnership with the UK’s Department of International Trade, with the multinational bank tasked with helping boost British exports. Barclays will create a “Small Business High Value Exporters Pilot programme” for British businesses and conduct a series of roundtables with the department to help provide advice on selling overseas. The new [...]
Allica Bank bags £55m funding led by British Business Bank subsidiary June 14, 2022 Fintech business lender Allica has bagged a fresh £55m round of funding today to “fuel its continued growth” as it eyes up profitability this year.
Lloyds Bank to pay staff extra £1,000 each to deal with UK’s cost-of-living crisis June 13, 2022 Lloyds Bank is set to pay £1,000 bonuses to the vast majority of its UK staff to help them deal with the cost-of-living crisis. The UK’s biggest retail bank is set to give one-off, £1,000 bonuses to more than 64,000 of its rank-and-file staff, according to an internal memo seen by City A.M. The bank [...]