Using The Power of One to build public trust May 26, 2021 | City Talk Bill MacLeod CA, member of the ICAS Ethics Board, talks about putting ICAS’ The Power of One into practice and why it’s important for chartered accountants (CAs) to put ethics at the heart of their professional responsibilities. Bill was the Ethics Partner and Partner Responsible for Independence at PwC until his retirement in 2020. Since his retirement he has become a [...]
Adios, Amigo? Sub-prime lender shares collapse in half after court blow May 25, 2021 Subprime lender Amigo Loans has suffered a major blow after a High Court judge knocked down plans to cap compensation payments for historic complaints. A High Court judge ruled in favour of the Financial Conduct Authority who argued that the scheme would place a “disproportionate burden on customers, as opposed to shareholders and bondholders.” The [...]
Deutsche Bank to move another 100 jobs out of London in post-Brexit overhaul May 25, 2021 Deutsche Bank is moving 100 jobs out of London and relocating the roles to the EU and Asia as the lender overhauls its corporate bank in the aftermath of Brexit. Germany’s biggest lender is making a quarter of the division’s 400 staff redundant, with their roles moved to Dublin, Berlin, Frankfurt and cities across Asia, [...]
Over half of financial services professionals claim ‘greenwashing’ is rife in the industry, study says May 25, 2021 More than half of financial services professionals believe ‘greenwashing’ is rife within the industry, according to a study released today, as employees fear competitors intentionally inflate their sustainable practices. The study by data agency iResearch Services, which polled 550 decision-makers at financial institutions, also found that 38 per cent believe every business is operating ‘unethically’ [...]
Exclusive: UK banks jump on the tech bandwagon to give their operations a green boost May 24, 2021 Almost three quarters of all UK banks are embracing digital technology to make their business operations greener. In fact, two in five banks are using intelligent automation and digitising all paper processes in a bid to be more sustainable, according to new research by Censuswide, and shared with City A.M. today. This was followed by [...]
HSBC rules out move into crypto market over volatility concerns May 24, 2021 HSBC will not enter the cryptocurrency market, its chief executive has said, amid concerns over volatility and a lack of transparency. “Given the volatility we are not into Bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class [...]
HSBC and Barclays call for open banking reform over higher costs May 24, 2021 UK banks are reportedly unhappy with the high costs associated with open banking reforms which force them to share data with rivals in a bid to increase competition. Open banking is the UK’s implementation of the EU’s revised directive on payment services, which was introduced in 2015. UK regulated banks are required to let customers [...]
Exclusive: City commuters lives in Walton-on-Thames at risk as fourth Grenfell anniversary nears May 21, 2021 City commuters lives may be at risk nearly four years on from the Grenfell disaster after an official dossier uncovered a major housing association failing to carry out key remedial works. Official documents seen by City A.M. reveal that PA Housing Association in Walton-on-Thames, Surrey, a commuter hotbed for brokers, bankers and consultants, has so [...]
BoE eyes a climate-conscious corporate bond purchase scheme May 21, 2021 The Bank of England (BoE) has tabled plans to make its £20bn of corporate bonds better aligned with government net zero targets today. Set to begin later this year, the bank will not immediately sell off bonds issued by businesses that have high carbon emissions, such as energy and oil firms. “Divestment is a powerful [...]
Nationwide customers saved a further £10.6bn over the pandemic May 21, 2021 Customer deposited increased by £10.6bn throughout the pandemic, Nationwide said today, while remote working has made its workforce ‘more productive’ in the year to 4 April. With lockdown restrictions closing high streets and putting a pin in travel, Nationwide found deposits increased by double what they increased by in 2019, as customers stashed cash into [...]