Financial watchdog wants to know if the mortgage system is working to the detriment of consumers December 12, 2016 Britain's financial regulator has put the competitiveness of the mortgage sector under the microscope and launched a sweeping review into industry practices. The Financial Conduct Authority (FCA) today announced it wants to focus on whether or not customers are getting the best deal from the commercial arrangements between lenders, brokers and other players. Read more: Remortgaging valuations boom [...]
The City is a national asset with massive potential to address regional inequality December 12, 2016 One of the hardest parts of the lord mayor’s job is getting people to think of the financial City as more than just London. Our capital is certainly a vital part of the UK’s offer, but so are the many smaller towns and cities that lie beyond the M25 that, together, provide two thirds of the UK’s [...]
Italian banks in renewed post-referendum scramble for cash December 11, 2016 Italian banks will renew their efforts to sort their ailing finances this week as they assess the fallout of the country's recent referendum. Unicredit, Italy's largest lender by assets, is widely expected to announce a rights issue for as much as €13bn (£10.9bn) when it hosts its capital markets day on Tuesday. The highly anticipated move [...]
The European Central Bank has rejected Monte dei Pachi’s request for more time to raise cash December 9, 2016 Shares in troubled Italian lender Monte dei Paschi nosedived after reports suggested the European Central Bank (ECB) had rejected its request for more time to raise rescue money. The lender is in the process of negotiating a €5bn (£4.2bn) rescue package with the Italian government. Yesterday it requested until mid-January to seal the deal – but a [...]
An overwhelming number of responses to the FCA’s latest PPI consultation slows down the process December 9, 2016 The UK's financial regulator said it needs more time to finalise a deadline for payment protection insurance (PPI) complaints. The Financial Conduct Authority (FCA) published a consultation paper in August. It included a timetable for making a decision on the deadline for PPI complaints as well as providing more guidance on how City firms should [...]
Plus500 says German regulator proposals will have “no effect on business” December 9, 2016 Shares in one of Britain's largest spreadbetting jumped over four per cent after it hit back at a clampdown by the German financial regulator. It's been a torrid week for spreadbetters after the UK's Financial Conduct Authority (FCA) clamped down on new customer promotions and the amount of risk traders can take on. German counterpart BaFin revealed plans for similar restrictions [...]
The FCA is cracking down on peer-to-peer lending and crowdfunding (again) December 9, 2016 It seems like only yesterday the Financial Conduct Authority (FCA) was telling peer-to-peer lenders they must behave more like banks. Now the financial watchdog has proposed tough new rules, which will force crowdfunding and peer-to-peer lending platforms to comply with the same rules as major lenders on mortgage lending, restrict cross-platform investment and make them [...]
Spend $9 billion. Employ 40,000 technologists. What do you get? December 8, 2016 | City Talk Spend $9 billion. Employ 40,000 technologists. Then add one company with one giant vision. Behold JP Morgan Chase, a global tech operations phenomenon. Glasgow is one of its 13 hubs located throughout the world. Watch this short video on why the city was 'stringently selected' from 30 European rival locations. You'll be amazed at what goes on behind closed doors here…
Now UniCredit has shed its interest in this Polish bank, as Italian banks scramble to safeguard themselves post-referendum December 8, 2016 Shares in UniCredit rose today after the Italian lender revealed it was ditching its stake in Polish Bank Pekao. Polish state organisations Powszechny Zaklad Ubezpieczen and Polish Development Fund have snapped up 33 per cent of the stake in Pekao from UniCredit for €2.4bn (£2bn), with the sale expected to complete in mid-2017, while UniCredit will list equity-linked [...]
Quiz: Do you have the A-Level maths skills needed to understand your bank? December 8, 2016 If you've ever fretted about your finances, you can breath a sigh of relief – from APRs to ISAs and every acronym in between, understanding bank statements requires an A-Level knowledge of maths, it turns out. Jargon terms are making it impossible for most people to judge whether they are getting a good deal from their bank. More [...]