City passporting rights deal “unachievable” in Brexit negotiations, warns top EU financial lawyer November 2, 2016 The UK is unlikely to be able to secure passporting rights during Brexit negotiations, a top EU financial lawyer has warned in a report. In its Blueprint for Brexit paper, think tank Politeia said preserving so-called passporting rights for financial services at all costs should not be prioritised by UK negotiators as it is not achievable. Passporting allows financial services [...]
Debt collector Motormile is back in business after writing off hundreds of millions in claims November 2, 2016 A debt collection firm has agreed to write-off £414m worth of claims after the Financial Conduct Authority (FCA) found systematic failures in the company's systems and controls. Motormile Finance, which also trades as MMF, will write off debts that it had purchased from third parties owed by more than 500,000 customers. Read more: The FCA has [...]
Former Blackrock fund manager pleads guilty to FCA charges having used a Panamanian company November 2, 2016 A former Blackrock fund manager has today pleaded guilty to two counts of insider dealing. At Southwark Crown Court, former equity portfolio manager Mark Lyttleton, admitted dealing on the basis of insider information he obtained while working at Blackrock. He traded the shares using an overseas asset manager trading on behalf of a Panamanian registered company. Read more: [...]
Trading update fails to excite investors as OneSavings Bank’s share price falls November 2, 2016 Double-digit growth is still on the cards at OneSavings Bank despite yesterday's resignations of two key board members. Shares in the challenger bank fell by over 1.5 per cent after it updated the market on trading this morning. The bank grew its loan book by 13 per cent for the first nine months of the year and net loans [...]
The influential Treasury Committee has launched a stinging attack on a probe into competition in retail banking November 2, 2016 An influential group of MPs has lashed out at a light-touch report into high street banking, days before the City watchdog publishes its verdict on the sector. Treasury Select Committee chair Andrew Tyrie said the failure of the Competition and Markets Authority to propose dramatic reform smacked of “complacency”, while Labour MP Rachel Reeves said the [...]
Three in four bankers think London will remain the financial capital of Europe November 2, 2016 Nearly three in four bankers think that London will still be the financial centre of Europe in five years time – even after the UK leaves the EU. According to a survey of 80 banking executives released by Synechron, 72 per cent said they think the UK will remain the most attractive place for financial [...]
London Stock Exchange boss warns moving euro clearing away from UK could cost banks $77bn November 1, 2016 The chief executive of the London Stock Exchange Group has warned that moving euro-denominated clearing away from the UK could cost banks $77bn (£63bn) in additional collateral. Xavier Rolet said that moving clearing from London to other financial centres would impose a “prohibitive cost on European banks”. Read more: Warning over moving euro clearing from London [...]
Chairman and non-executive director to leave challenger bank OneSavings November 1, 2016 The chairman and a non-executive director of OneSavings Bank have resigned, the lender announced today. Chairman Mike Fairey will step down from his position at the 2017 annual general meeting, while non-exec Dr David Morgan will leave at the end of the year. Read more: OneSavings Bank boss explains why his business is safe as [...]
The bank referral scheme is one thing – but the government must ensure small firms know what they’re getting into November 1, 2016 When George Osborne announced the bank referral scheme two years ago, he aimed to “bring new lenders much closer to the small businesses they serve.” It was an admirable goal, and one that’s nearer to becoming a reality with today’s launch of the new service to introduce small and medium-sized firms which are rejected for [...]
Standard Chartered gets a tongue-lashing from its boss as share price plummets November 1, 2016 Shares in emerging markets lender Standard Chartered plummeted over six per cent this morning after its chief exec called his company out for a performance that was "not yet acceptable". The figures Third quarter revenues were slightly down at $3.5bn from $3.6bn in the year before and identical to the second quarter. Operating profits were [...]