FCA cancels £205,000 of bonuses after LCF scandal report December 17, 2020 The Financial Conduct Authority (FCA) has cancelled £205,000 worth of executive bonuses after a damning report found the watchdog had failed to properly regulate a collapsed firm. But FCA employees implicated in the report are now facing calls to pay back bonuses for previous years after an investigation found “significant gaps and weaknesses” in the [...]
FCA failed to properly regulate London Capital & Finance, inquiry finds December 17, 2020 The UK’s financial watchdog did not effectively supervise and regulate mini-bond scandal company London Capital & Finance (LCF) before it collapsed last year, an independent investigation has found. The inquiry singles out Andrew Bailey, who was the Financial Conduct Authority’s boss at the time, and who is now Governor of the Bank of England. LCF [...]
Working capital for the capital: an interview with Lloyds Bank Commercial Banking’s SME London regional director, Paul Evans December 16, 2020 | Sponsored BBLS. CBILS. Furlough. Lockdown. ‘You’re on mute…’. Just some of the acronyms, words and expressions that have dominated 2020. “A very unusual year in every context” is how Paul Evans, Lloyds Bank Commercial Banking’s long-serving SME (small and medium-sized enterprise) London regional director, reflects on an unprecedented 12 months. Evans has been with Lloyds Bank [...]
Curve and Plaid team up to bring open banking to UK customers December 16, 2020 Curve, a smart banking platform, has joined forces with Plaid, an open finance data network, to help people manage their money.
Barclays fined £26m for mistreatment of customers in arrears December 15, 2020 The UK’s financial watchdog has fined Barclays £26m for failures in its treatment of customers who fell into financial difficulties. The Financial Conduct Authority (FCA) found that Barclays had mistreated some retail and small business customers who fell into arrears between April 2014 and December 2018. Read more: Parlez-vous Français? Paris’ finance sector gets ready [...]
EU banks losing appetite for exposure to Brexit Britain December 12, 2020 Banks in the European Union may be losing their appetite for exposure to Britain, the EU’s banking watchdog said yesterday. There are concerns in the bloc that a no-deal Brexit, which is looking increasingly likely, could disrupt financial markets. Britain will stop having full access to the EU after 31 December, and many banks in [...]
Lloyds pay black staff 20 per cent less than their white peers December 11, 2020 Lloyds Banking Group revealed that black staff at the company receive 20 per cent less pay than their colleagues.
Analysts call BoE’s move to allow dividend payouts ‘concerning’ December 11, 2020 Analysts are divided over the Bank of England’s decision to allow lenders to resume dividend payments to their shareholders. Yesterday, regulators gave the green light for banks to resume handouts after it was determined that banks were in a strong enough financial position to handle Covid and a possible no-deal Brexit. The announcement cheered banks [...]
Morgan Stanley: UK bank shares could fall 20 per cent in no-deal Brexit December 11, 2020 Morgan Stanley has said UK bank shares could tumble 10 to 20 per cent in a no-deal Brexit, with the FTSE 250 dropping as much as 10 per cent. It comes as the UK and EU struggle to sign a free-trade agreement. Prime Minister Boris Johnson yesterday said a no-deal Brexit outcome was now a [...]
Paypal-backed Tink raises €85m in latest funding round December 11, 2020 Tink, Europe's leading open banking platform, has received €85 million (£78m) during an investment round extension.