PPI costs account for over half of all conduct and litigation charges at UK banks September 16, 2019 Costs from the mis-selling of payment protection insurance (PPI) has accounted for more than half of all litigation and conduct charges faced by Britain’s biggest banks in recent years. Moody’s Investors Service has said that PPI was the largest single source of conduct and litigation charges from 2011 to the first half of 2019, as [...]
Overlapping UK and EU regulations post-Brexit would hurt markets, FCA warns September 16, 2019 The head of the UK’s financial regulator has warned that overlaps between UK and EU share trading regulations post-Brexit would damage markets “to no good end”. Brussels has warned that in the event of a no-deal Brexit, EU investment firms must trade euro-denominated shares within the bloc – many of which are currently traded in [...]
London Stock Exchange rejects £32bn Hong Kong takeover bid September 13, 2019 The London Stock Exchange (LSE) has rejected a £32bn takeover offer from Hong Kong Exchanges and Clearing (HKEX), citing “fundamental concerns” around the bid. LSE said it saw “no strategic merit” in the proposed takeover, which would have put an end to its mammoth $27bn (£22bn) merger with Refinitiv. Read more: Hong Kong bid for [...]
Woodford Patient Capital Trust share price sinks amid writedown September 13, 2019 Neil Woodford suffered a fresh blow today as shares in his listed investment fund dropped after it was forced into a writedown of the value of a holding. Woodford Patient Capital Trust’s (WPCT) share price sank 3.7 per cent in early trading after administrator Link marked down the unnamed holding. Read more: Woodford Trust and [...]
London Stock Echange denies it will move City HQ to Hackney September 13, 2019 The London Stock Exchange Group has denied reports it is contemplating moving its headquarters out of the City and into the hipster haven of Hackney. The London group has hired Make Architects to design an office in Hackney on land that it currently owns, according to The Times. It would be the first time the [...]
Nationwide reveals PPI hit of up to £50m as it becomes latest victim of claims rush September 13, 2019 Nationwide has become the latest company to reveal a hefty charge for mis-sold payment protection insurance (PPI) amid a surge in last-minute claims. Read more: N Brown shares drop after it reveals £20m to £30m PPI provision The building society today said it has set aside a provision of between £20m and £50m, in addition [...]
Hong Kong stock exchange share price dips in wake of £32bn offer for LSE September 12, 2019 The Hong Kong stock exchange’s share price dipped this morning as investors reacted to the group’s shock £32bn offer for its London counterpart. Shares in Hong Kong Exchanges and Clearing (HKEX) fell 3.5 per cent during trading today, underlining doubts in the market over the unprecedented bid to buy the LSE and “redefine global capital [...]
Santander accused of circumventing professional PPI claims firms September 11, 2019 Professional claims managers have accused Santander of trying to minimise its PPI payments after the bank started going above their heads, dealing directly with customers. The bank confirmed it was talking to customers, skipping the claims management companies (CMCs) to save time on the process. Read more: Lloyds suspends share buyback as PPI costs rise [...]
John McDonnell poised to back widening of UK financial transactions tax September 11, 2019 Shadow chancellor John McDonnell is set to extend Labour’s plans for a new tax on UK financial transactions in a move that could bring in an extra £2.1bn to the government’s coffers. Under Labour’s existing plans, the 0.5 per cent duty on share trading would be extended to other asset classes. Labour say this would [...]
ECB’s Mario Draghi set to inject stimulus into Eurozone economy – but will it work? September 11, 2019 Mario Draghi tomorrow chairs his penultimate interest rate-setting meeting as president of the European Central Bank (ECB). The question is, will he bring a bazooka to his final battle? Read more: US and European stocks bouyed by ECB rate cut expectations The consensus expectation is that Draghi and co will cut the ECB’s main interest [...]