Why the Square Mile must break its silence on China June 17, 2019 If timing is everything, London’s stock exchange tie-up with China has been a disaster from the start. It is now four years since the plan was first revealed under the Sino-philic leadership of David Cameron and his chancellor George Osborne. Read more: London-Shanghai Stock Connect finally launches Yet the summer of 2015 also brought a [...]
Total paid out for mis-sold PPI more than £35bn as deadline for claims approaches June 17, 2019 The Financial Conduct Authority (FCA) has today warned consumers the deadline for complaints about mis-sold payment protection insurance (PPI) is in two months. According to figures released today, the FCA has had more than 3.9m users access the PPI website and 44,000 calls to their contact centre. The FCA has enlisted the help of celebrities [...]
Credit Suisse prepares to sue HMRC over tax on bonuses June 16, 2019 Lawyers representing Credit Suisse are preparing for a battle to reclaim more than £200m from the taxman over bankers’ bonuses. The bank was forced to pay a 50 per cent tax on bonuses above £25,000 in 2010. However, it is now looking to claim back at least £239m, claiming the temporary tax unfairly affected its [...]
Five fintech firms scoop combined £25m from RBS competition fund June 14, 2019 Five fintech firms have been awarded a combined £25m from an RBS competition fund designed to boost business banking competition. Codat, Fluidly, Form3, Funding Options and Swoop Finance were all given £5m in Pool D of the £775m fund, where the focus shifted to the commercialisation of fintech. Read more: Metro, Starling and Clearbank win [...]
Is gender equality top of your agenda? June 14, 2019 Professional women often attend networking events as a way to meet like-minded female professionals. These forums are a great platform to exchange advice, not just on how to survive in the workplace, but how to change it for the better. But they also serve as a sobering reminder that there is still a lot that [...]
More than five million fall victim to financial scams, Lloyds Bank warns June 14, 2019 More than five million people in the UK have fallen victim to a financial scam as fraudsters use more sophisticated techniques to dupe the public. A Lloyds Bank and YouGov survey revealed 10 per cent of adults had been scammed while a quarter said they knew someone who had conned. Read more: HMRC cracks down [...]
MPs brand watchdog’s RBS GRG report a ‘complete whitewash’ June 13, 2019 Furious MPs tore into the City watchdog today, branding its final report into RBS’ disgraced turnaround unit GRG a “complete whitewash”. The Financial Conduct Authority (FCA) had already come under fire for the amount of time it took to publish the report, in which it outlined the reasons for its lack of action against senior bankers within [...]
Monzo bounds ahead of rivals with US launch June 13, 2019 Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land in the coveted territory. The bank will launch with its full banking app and debit card, complete with a routing number and FDIC insurance up to $250,000, courtesy of a licensing partnership with Sutton Bank in [...]
FCA slammed over ‘whitewash’ RBS GRG report June 13, 2019 The City watchdog has said it has found no evidence that senior bankers within RBS’ controversial turnaround unit GRG lacked honesty or integrity, despite accusations that it ruined thousands of businesses and livelihoods. The Financial Conduct Authority (FCA) has today published its highly anticipated report into why it was unable to take enforcement action against [...]
Financial services jobs at risk amid rise of the robots June 12, 2019 As many as one in five jobs in the financial services sector could be replaced by robots within the next five years, a new survey has revealed. Research by KPMG and recruitment firm Harvey Nash showed the rapid rise of new technology such as automation and AI could remove the need for up to 20 [...]