How London can fend off the European hotspots vying for its fintech crown October 1, 2018 Flash back to the immediate aftermath of the Brexit vote. “London has committed suicide as a leading fintech centre,” tweeted Traxpay, a German payments platform. Catchy advertising urged startups to “keep calm and move to Berlin”. Read more: Meet the startups in the Treasury-backed Tech Nation fintech accelerator Over two years later, and it’s French [...]
Tesco Bank hit with £16.4m fine for ‘largely avoidable’ cyber attack October 1, 2018 The financial watchdog has slapped a hefty £16.4m fine on Tesco Bank for a "largely avoidable" cyber attack that hit customers in 2016. The Financial Conduct Authority (FCA) said the bank had failed to exercise "due skill, care and diligence in protecting its personal current account holders" in the breach, in which attackers gained £2.26m. The FCA's executive [...]
Patchy regulation prevents the world from reaping the full benefits of the markets September 25, 2018 Ten years ago today, the world woke to the news that yet another bank had collapsed. Washington Mutual was the latest casualty in what became the worst financial crisis since the Great Depression. Those events have cast a long shadow. Governments, businesses, and households have had to tackle the legacy of that crisis. As [...]
Tesco Bank to face City watchdog’s largest ever cyber security fine September 24, 2018 The banking arm of supermarket chain Tesco could be facing a fine of more than £30m from the Financial Conduct Authority (FCA), over its role in a cyber hack on its systems in which numerous customer accounts were compromised. Tesco Bank is thought to be contesting the fine in active negotiations with the regulator, which could be reduced [...]
Why broadening your definition of risk might prove beneficial September 24, 2018 | City Talk Risk. Many financial commentators and industry professionals agree it is one of the most important considerations for any investor. In our review of financial media, we see near-constant coverage of it—particularly the risk of loss. Commentary often dwells on the potential for current events to drive equity market declines, warning risks lurk. We, too, [...]
City regulators demand banks and insurers reveal plans to move away from Libor September 19, 2018 The City's top regulators today demanded banks and insurers tell them their plans for moving away from the Libor rate used in contracts worth trillions of pounds. Firms are currently contemplating how to transfer often complex contracts and systems referencing the rate onto new benchmarks before 2021, when the scandal-hit Libor may become defunct. The [...]
‘Wild West’ world of cryptocurrencies needs to be regulated, MPs warn Philip Hammond September 19, 2018 The "Wild West" world of cryptocurrencies needs to be independently regulated to protect customers and prevent money-laundering, a powerful group of MPs today demanded. A report from the Treasury Select Committee warns the current system of self-regulation is not fit for purpose, and adverts promoting digital currencies are often misleading. Among the problems facing cryptocurrency [...]
Ringleader of £3m ‘boiler room’ scam jailed for 13 years following FCA investigation September 15, 2018 The ringleader in a £2.8m boiler room scam was sentenced to 13 years in Jail yesterday after he was found guilty of co-ordinating a scam through a series of boiler room companies that conned 170 investors. The investigation into the scam, called Operation Tidworth, was one of the most complex taken on by the Financial Conduct [...]
RBS boss Ross McEwan ‘withheld information’ from parliament, claims Treasury Committee chair Nicky Morgan September 14, 2018 The chief executive of Royal Bank of Scotland has been accused of "withholding information" when giving evidence to parliament. Ross McEwan told the Treasury Select Committee, including Tory chair Nicky Morgan, back in January that he was not aware of any allegations of criminal activity within the bank's notorious and now-defunct Global Restructuring Group (GRG). [...]
Cryptocurrencies swimming in the mainstream September 5, 2018 | Sponsored Spending and exchanging digital currencies are two of the biggest challenges enthusiasts face when building a crypto portfolio. While some high-profile retailers such as Subway, Microsoft and Expedia accept Bitcoin as payment, retailers that have adopted crypto represent a tiny fraction of the market. Limited payment options, complex processes and expensive exchange fees are typical [...]