FCA slaps Lloyds Bank’s insurance division with £90m fine for misleading customers July 8, 2021 The Financial Conduct Authority fines the insurance division of Lloyds Bank £90.7m for sending misleading renewal quotes to nine million customers. The renewal quotes claimed the amounts were “competitive” when new customers could get a better price on the same products elsewhere, the FCA said. The FCA said the breach of rules caused “a risk [...]
Danske Bank lifts net profit guidance to $1.9bn after ‘faster than anticipated macroeconomic recovery’ July 8, 2021 Danske Bank has today lifted its net profit guidance for this year to 12bn Danish crowns ($1.9bn), after ‘faster than anticipated macroeconomic recovery’ rallied confidence. The bank, which is Denmark’s largest lender, raised the guidance to 12bn crowns from around nine to 11bn crowns. “We adjust our net profit guidance for the year based on [...]
Business growth returns across financial services sector in second quarter July 8, 2021 Business volumes across the financial services sector in the second quarter grew at its fastest pace since June 2017, after stalling in the previous quarter. Growth in business volumes across the financial sector in the second quarter was at 40 per cent, its fastest pace since June 2017, and is expected to continue in the [...]
Former trader at JP Morgan wins case against investment bank over spoofing July 7, 2021 Former trader at JP Morgan wins case against investment bank over spoofing
Bank of England staff to come in one day a week July 6, 2021 Government guidelines regarding working from home is set to be scrapped on July 19th along with many other restrictions. Bank of England has asked all staff to come in to the office once a week, but this is not to be fully implemented until September, this year. The deputy governor and chief operating officer, Joanna [...]
UK banks bolster debt collection teams ahead of first Covid loan repayments July 6, 2021 The UK’s leading banks are bolstering their debt collection teams as the first repayments of emergency Covid loans fall due. Britain’s four largest banks have hired over 750 workers in their debt collection units in an effort to manage a wave of potential defaults. NatWest has taken on 150 extra staff to handle chasing Covid [...]
Covid-19, one year later: Capital markets entering uncharted waters July 6, 2021 | City Talk CFA Institute conducted a survey of its global membership to analyse the effects of the current economic crisis caused by the Covid-19 epidemic on financial markets and the investment industry. The survey was run worldwide from 8 to 28 March 2021. Now we are releasing the survey report: COVID-19, ONE YEAR LATER. This research constitutes the second iteration [...]
Private equity firm Bridgepoint confirms plans to float on London Stock Exchange July 6, 2021 Private equity firm Bridgepoint have confirmed plans to raise £300m through an impending float. The firm dangled the prospect of an IPO last month but have confirmed the move in an announcement to markets this morning. The buyout group, which has around £27.4bn of assets under management across equity and debt funds, says it seeks [...]
Bank of England to cut staff air travel amid green push July 5, 2021 The Bank of England is considering permanently cutting staff air travel as part of efforts to ramp up its climate change targets and “practise what we preach”. Sarah Breeden, the Bank’s executive director for financial stability and risk and lead on climate change issues, said the Bank was having an “active debate” over how to [...]
Bank of America staff in UK to head back to work – if they’re jabbed July 5, 2021 Bank of America have become the latest financial institution to push staff back to the office in the UK, with employees told they can return to their desk when restrictions here are lifted. There is a catch, however: staff must have had one Covid-19 jab. Read more: Work from home guidance to be dropped in [...]