Treasury confident that new money laundering rules will scupper terrorist financing June 26, 2017 New regulations take effect today which the Treasury says will crack down on funding for terrorism and organised crime. Here’s what you need to know about the changes. 1. It comes from an EU directive Today is the final deadline for member states (which the UK still is until 2019) to implement the fourth EU [...]
Mastercard and Visa see UK legal claims from high street names mount over interchange fees June 25, 2017 MASTERCARD and Visa are facing legal claims that could top £1bn as a raft of high street names pool their resources in a battle with the credit card giants over fees. At the start of this month, litigation claims were launched by 27 high-street retailers, supermarkets, pubs and bookmakers over “multilateral interchange fees”, or charges [...]
Vince Cable: Young people will turn to the Lib Dems when the penny drops about Labour’s real stance on Brexit | City A.M. June 25, 2017 The favourite to win leadership of the Liberal Democrats has said young people will be “disillusioned” when they realise Labour’s real stance on Brexit. Vince Cable, who became the first to throw his hat into the ring for the Lib Dem leadership contest after Tim Farron resigned earlier this month, told Peston on Sunday the [...]
Battersea Power Station’s affordable housing quota risked pushing it into “serious challenges”, says Wandsworth planning chief June 23, 2017 The chairman of Wandsworth’s planning committee has said the council had no option but to allow the developers behind Battersea Power Station to make changes to its affordable housing quota because the project faces “serious challenges”. In a statement today Richard Field said the committee “had a very difficult choice between accepting a potentially lower [...]
Prudential-backed ‘profit with purpose’ firm LeapFrog makes $180m investment in Ghanaian insurer June 23, 2017 LeapFrog Investments, the emerging markets impact investment firm whose tagline is “profit with purpose”, has made its largest investment to date in a Ghanaian insurer. The $180m (£141.35m) cheque was the largest ever written by LeapFrog, and came from the firm’s $350m Strategic African Investments fund in which global insurance firm Prudential is the primary [...]
Pride in London 2017: Barclays leads host of Britain’s biggest firms in support of LGBT+ event June 23, 2017 City stalwarts and some of the UK’s largest companies have rallied in support of Pride in London 2017. A raft of the great and the good from the corporate world have stepped up to sponsor the event. Barclays is one of two headline sponsors together with the Mayor of London office. This year’s event takes [...]
Regulators approach Conservative party over General Election marketing campaign June 23, 2017 Regulators are approaching the Conservative Party following accusations that it broke the law during the General Election campaign. An investigation by Channel 4 claimed the party used communication firm Blue Telecoms to conduct marketing work from a Neath call centre ahead of the election on 8 June. Read more: Bank of England chief economist: Withdraw [...]
Voice of British banking, BBA chief executive Anthony Browne, bows out with shots at EU over euro clearing and protectionism June 23, 2017 The year since the UK voted for Brexit has been dramatic one for banks. Share prices have plunged and recovered, uncertainty has been high and firms have attempted to figure out what jobs and operations, if any, need to be shifted into the European Union. Fortunately, Anthony Browne, the voice of UK banking for the [...]
Banking Brexodus? One year on, this is what banks have said about Brexit and job moves June 23, 2017 In the year since the UK voted for Brexit, one of the hot topics for discussion in the City has been job moves. In February, Brussels think tank Bruegel estimated that 10,000 UK banking positions could be shifted to the EU because of Brexit. One year on from the EU referendum, it is difficult to [...]
EU referendum anniversary: We have four post-Brexit trading options June 23, 2017 There are four dimensions to the UK’s future trading relationship with the EU and the rest of the world. First, whether or not we will be in or out of the Customs Union. Second, whether or not we will be in or out of the Single Market. Third is the potential negotiation of bilateral free [...]