Calls for banks to be protected in Brexit as sector’s total tax bill rises to £34.2bn November 9, 2016 The amount of taxes generated by the UK’s banking sector has risen to £34.2bn in the year to March, underscoring the importance of financial services to the wider economy. The figures, revealed today, have generated fresh calls to defend the City during upcoming Brexit negotiations. A study published today by professional services firm PwC on behalf [...]
Unpredictable and punitive taxation is threatening the competitiveness of UK banking November 9, 2016 Winston Churchill famously claimed that “for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle”. But for banking – Britain’s biggest export sector – the handle is still being pulled. New figures published today by the BBA show [...]
Barclays is selling its Irish insurance unit, as it continues to ditch its non-core business November 8, 2016 Barclays announced today it has agreed to sell its Irish insurance business, marking the latest step in a long journey to scale back its non-core business. The bank will sell Barclays Insurance (Dublin) Designated Activity Company and Barclays Assurance (Dublin) Designated Activity Company to Monument Re for an undisclosed sum and the deal is expected to [...]
National Crime Agency launches criminal investigation over Tesco Bank fraud attack November 8, 2016 The National Crime Agency (NCA) has launched a criminal investigation into the recent fraud attack on Tesco Bank. The National Cyber Security Centre (NCSC) said it was working with the NCA and Tesco Bank, as well as other groups, and said it was "providing direct assistance to the company at their request, including on-site assistance". Tesco Bank uncovered [...]
Biggest banks must bolster bail-in funds to reduce rescue risk, says Bank of England November 8, 2016 Big banks have until 2022 to boost their bail-in resources to the point where they should not need to be bailed out if the economy turns south, the Bank of England has noted today. Bail-in funds refer to special kinds of debt which a bank can call in for equity if it needs to, essentially meaning investors [...]
Tesco Bank fraud attack “unprecedented”, says City watchdog chief November 8, 2016 The head of the City watchdog has today called the attack which has hit thousands of Tesco Bank customers over the weekend "unprecedented and serious". Andrew Bailey was speaking in front of the influential Treasury Select Committee, where he acknowledged there was a shortage of talented tech staff within the banking sector and that the complexity of lenders' [...]
The Financial Conduct Authority has cleared RBS of forcing small firms into financial distress – but has pointed to failures in conduct November 8, 2016 It looks like RBS bosses have got what they hoped for. An investigation by the Financial Conduct Authority (FCA) has cleared Royal Bank of Scotland (RBS) of some of the most serious allegations against it – but has pointed to failures in conduct. RBS has been accused for forcing small and medium-sized firms into its [...]
RBS has set aside £400m as compensation for small business customers November 8, 2016 Beleaguered lender Royal Bank of Scotland (RBS) has set aside £400m to compensate small and medium-sized business customers after allegations of mistreatment by its Global Restructuring Group (GRG). The lender announced today it will set aside the refund fees for the scandal, in which small firms alleged they were forced into financial distress by the [...]
The government’s Brexit complacency threatens all financial clearing in the UK November 7, 2016 Let's be very blunt. The UK government’s failure to have any kind of Brexit plan is potentially catastrophic for business throughout the UK and for the financial services sector in particular. The UK government’s insistence that it will not offer “a running commentary” on negotiation preparations also means there will be little or no public [...]
Santander returns to negotiating table for RBS’ Williams & Glyn November 7, 2016 Santander has had a change of heart about Royal Bank of Scotland's Williams & Glyn, tabling a new bid for the bank. RBS has been told to divest of its interest in Williams & Glyn, and its more than 300-strong branch network, by the end of 2017 as part of its £45bn state bailout deal. Now, [...]