Libor broker banned by regulator for dishonest trades May 29, 2019 A broker who was acquitted of helping jailed former UBS trader Tom Hayes rig the Libor benchmark has today been banned by the regulator for dishonesty. Terry Farr, who was formerly a manager on the Japanese Yen desk at brokerage Martins, has been banned by the Financial Conduct Authority (FCA) from regulated financial activity. Read [...]
CMA launches investigation into Non-Standard Finance’s hostile takeover of Provident May 29, 2019 The competition watchdog has launched a merger inquiry into Non-Standard Finance’s (NSF) hostile takeover of rival sub-prime lender Provident. The Competition and Markets Authority (CMA) called in the offer this morning to investigate whether the merger would create a “substantial lessening of competition” in the market, a week before the takeover bid could be declared [...]
Lender Amigo hails soaring profits as it fights to dispel guarantor loans ‘myths’ May 28, 2019 Lender Amigo saw profits grow almost 70 per cent to £111m in its latest financial year, amid the threat of a regulatory crackdown on the guarantor loan market. Read more: Profit leaps at guarantor loans provider Amigo following its London float The figures Profit before tax soared 68 per cent to £111m year on year [...]
Victims of fast-growing fraud could get refunds from today May 28, 2019 A mew code that will allow victims of one of the UK’s fastest growing forms of fraud to receive reimbursement from banks comes into force today. Authorised push payment fraud occurs when a victim authorises a bank transfer into an account they believe is legitimate, but is actually controlled by a fraudster. The number of reported [...]
London slips behind New York as world’s financial capital, survey says May 28, 2019 London has fallen behind New York as the city that most represents the world's financial centre, according to a report released today. A survey of finance professionals by consultants Duff & Phelps found 52 per cent of respondents chose New York as the world's pre-eminent financial centre, up from 42 per cent a year previously, [...]
We must learn from past mistakes to mitigate the impact of the next financial crisis May 24, 2019 It’s sometimes hard to believe that the global financial crisis happened more than a decade ago, and that back in 2008 the world of banking and finance was headline news on a daily basis. Read more: Jury discharged in fraud trial of senior Barclays executives Political and technological developments have changed the world immeasurably since [...]
The next Northern Rock? Metro Bank has had a troubled week May 24, 2019 Could Metro Bank be the next Northern Rock? That’s not a question that any banker wants to hear, but in this case, some self-reflection seems necessary for the young bank. This last week has been nothing if not turbulent for Metro, the UK’s most shorted stock, with conspiracies circulating that it had fallen on hard [...]
The Mifid II reality has been the exact opposite of its noble aims May 24, 2019 The Markets in Financial Instruments Directive (Mifid) II, which brought in sweeping regulatory reform to financial markets in the EU, was intended to improve competition and transparency. More than a year on from its introduction, it has become clear that it has widely missed the mark. In the wake of the financial crash, improved regulation [...]
Metro Bank shares fall back as investors push for board changes after AGM revolt May 23, 2019 Metro Bank shares have fallen back sharply after two days of gains as investors continue to call for changes to the board following a major loans blunder. Shares had surged 10 per cent this morning as the bank’s stock continued to recover following its annual meeting earlier this week, before falling back sharply to trade [...]
Lloyds Bank boss summoned by MPs to explain pension pay perks despite easing shareholders’ concerns May 23, 2019 Lloyds Bank boss Antonio Horta-Osorio has been summoned by MPs to explain the pension contributions paid to the bank’s executives. The bank avoided a shareholder revolt over pension pay last week despite MPs accusing bosses of “boundless greed” on the eve of its annual meeting. Read more: Lloyds Bank avoids pension pay revolt but faces [...]