Consumer Duty set to deliver ‘biggest regulatory overhaul in a decade’ for financial services July 26, 2022 City firms are braced for one of the biggest shake ups of UK financial services regulation in a decade this week as the UK’s top watchdog unveils its new Consumer Duty to ramp up protection of savers and retail investors.
Half of all Brits need extra money to get by so millions are scrambling to find additional sources of income July 24, 2022 As the cost of living crisis continues, over 30m Brits have been forced to seek an additional source of income due to the pinch on their finances. Shockingly, this is a staggering 65 increase in just four months, since February this year, according to new research shared with City A.M. this morning. Younger people are [...]
Hybrid capital: London takes world’s number 1 spot as global hub for remote workers July 23, 2022 London is the top city in the world for global, remote workers, followed by Toronto and Buenos Aires. The UK is home to the most organisations hiring global, remote working in the EMEA region, followed by Germany and France, respectively. The first half of this year saw a 154 per cent increase in UK employers [...]
Government and major businesses work together to help households with cost of living July 21, 2022 The government will collaborate with leading businesses to help UK households facing the cost of living crisis, it said today. The Cost of Living Business Tsar and ex-chief of Just Eat David Buttress agreed retail deals and discounts with major businesses in the UK like Asda, Sainsbury’s, Amazon, and Vodafone as part of the Help [...]
Cryptocurrency payments hold up despite harsh and merciless crypto winter July 21, 2022 Crypto payments have remained stable in the first half of this year, according to new research shared with City A.M. today. Compliance platform Deel said that cryptocurrency payment remained stable at 5 per cent of all global payments withdrawn monthly from the platform. In comparison, in the second half of last year 2 per cent [...]
Stablecoins will be regulated in the UK with wider crypto regulation to be discussed this year July 20, 2022 Stablecoins will be regulated in the UK in a major move towards crypto asset oversight, with plans to consult on wider crypto regulation later in 2022. The UK’s Financial Services and Markets Bill was presented to Parliament today and widens the UK’s approach to crypto regulation, allowing for stablecoins to be considered as a form [...]
Sham crypto apps have defrauded investors of £35.6m since October, FBI says July 20, 2022 Investors have been scammed out of about $42.7m (£35.6m) through fraudulent crypto apps since October last year, the US Federal Bureau of Investigation said. The FBI identified 244 victims and warned of cyber criminals creating fraudulent crypto investment apps that exploit legitimate cryptocurrency investments. “Cyber criminals seek to take advantage of the increased interest in [...]
Martin Lewis warns government of ‘financial time bomb’ as cost of living crisis worsens July 20, 2022 Martin Lewis warned the government of a “financial time bomb” due to explode in September as the UK’s cost of living crisis intensifies. The founder of MoneySavingExpert.com issued an “open video letter” to the current Conservative Party leadership candidates and warned of even higher energy costs and civil unrest as the UK struggles with record [...]
Millions of Brits looking to move abroad in search of a better life as cost of living crisis becomes unbearable July 20, 2022 A staggering 4.5m Brits are considering moving overseas for a better quality of life, as a result of the cost of living crisis and for better career opportunities. In fact, over 3.4m UK working adults say moving outside of the UK is a long-term goal of theirs, while 3 per cent admit they are actively [...]
The City watchdog I chair is becoming more innovative – and assertive July 19, 2022 Richard Lloyd OBE is the interim chair of the Financial Conduct Authority Our annual report shows the Financial Conduct Authority continues to change. Becoming more innovative, assertive and adaptive. We are being tougher on firms that want to operate in the UK to make our markets safer. Last year one in five applicants didn’t [...]