City minister warned FCA ‘several times’ over name and shame plans November 29, 2024 The City minister said she warned the Financial Conduct Authority (FCA) “several times” that its controversial ‘name and shame’ rules could harm companies before the regulator moved to water down the plans. Following intense criticism from firms and ministers, the regulator confirmed on Thursday that it would soften plans to publicly name companies facing investigation [...]
Coventry Building Society to take over Co-op Bank in January November 28, 2024 Regulators have given the green light for Coventry Building Society to acquire The Co-operative Bank in January as consolidation sweeps through Britain’s mid-sized banking sector. The two lenders said on Thursday that the Financial Conduct Authority and Bank of England’s Prudential Regulation Authority had approved the £780m deal, which was agreed in May. The takeover [...]
Standard Chartered mulls sale of three African units November 27, 2024 Standard Chartered is exploring a sale of its wealth management and retail operations in three African countries as the banking giant seeks to free up firepower for its investment plans.
Bank of England rate-setter warns Trump’s tariffs will damage growth November 27, 2024 “Whether you are an economic historian, an economic theorist or a data-driven economist, the impact is clear in terms of its direction," she said.
FCA ‘strengthens’ internal whistleblowing policy after backlash November 27, 2024 The Financial Conduct Authority (FCA) has said it will look to strengthen its internal whistleblowing policy after intense criticism over its handling of complaints from former staff. The City regulator said today it will clearly lay out how its chair and other non-executives can internally share information about whistleblowers in order to protect their confidentiality [...]
Nationwide banks £2.3bn gain from Virgin Money takeover as profit tumbles November 27, 2024 Nationwide has bagged a £2.3bn gain from its acquisition of Virgin Money, setting up a windfall for members of Britain’s biggest building society.
Complaints about banks’ handling of fraud hit record high November 27, 2024 Official complaints about banks' handling of fraud have hit a quarterly record as the sector comes under new rules to reimburse scam victims.
UK proposes earlier banker bonuses in bid to boost competition November 26, 2024 UK regulators have officially laid out plans for the country’s top bankers to get their bonuses years earlier in a bid to boost competition with rival jurisdictions. The Bank of England’s Prudential Regulation Authority (PRA) and City watchdog the Financial Conduct Authority (FCA) published proposals on Tuesday to reduce the bonus deferral period for most [...]
Monzo names new finance chief in hint at listing plans November 26, 2024 Monzo has appointed former Nubank executive Tom Oldham to be its chief financial officer as the digital challenger bank hinted at its IPO ambitions.
Canaccord Genuity launches strategic review of UK wealth arm November 26, 2024 Investment bank Canaccord Genuity has reportedly launched a strategic review of its UK wealth management business amid a barrage of consolidation in the sector.