Fraud ‘increasing national security threat’ thanks to AI, Lord Mayor warns September 5, 2023 Fraud is increasingly a threat to “national security” as advances in artificial intelligence serve to boost the chances of scammers, the Lord Mayor has warned. Nicholas Lyons, Lord mayor of the City of London, told the International Symposium on Economic Crime in Cambridge that addressing economic crime “must be seen as a foundation for a [...]
Exclusive: Bank of London crowned fastest-growing challenger amassing £300m since getting licence August 31, 2023 The Bank of London has amassed £300m in deposits within six months of taking client money, making it comfortably the UK’s fastest growing SME-focused challenger. Chief executive Anthony Watson said that the bank has been “inundated with demand” since exiting its regulatory restrictions in February this year. Businesses in Britain have been “under-served by both [...]
High street banks pull back from SME lending despite increasing demand August 30, 2023 Small and medium-sized enterprises (SMEs) are finding it increasingly difficult to access funding from high street banks, new data out today shows. According to data from fintech firm iwoca, 84 per cent of finance brokers said high street banks were increasingly reluctant to lend to SMEs. This was seven percentage points more than the quarter [...]
China’s Country Garden asks for more time to pay off debts to dodge default August 29, 2023 Chinese property developer Country Garden has asked investors for more time to pay off its debts in a desperate bid to dodge default.
UBS settles Credit Suisse lawsuit with Swiss financial blog Inside Paradeplatz August 29, 2023 UBS and Swiss finance blog Inside Paradeplatz have settled a lawsuit relating to comments published on the site about Credit Suisse.
London’s finance industry a ‘jewel in Britain’s crown’ despite concerns over City’s future, Griffith says August 21, 2023 City minister Andrew Griffith said the financial services industry was still a “jewel in Britain’s crown that even the doomsters cannot deny” after jobs in the finance sector hit a record high. Figures out last week showed that the number of jobs in financial services climbed to a record high of 1.2m in the first [...]
Most European financial services bosses wary of ‘unintended consequences’ of AI August 14, 2023 A new survey has revealed the extent to which chief executives of European financial services companies are concerned about the potential dangers of AI. The latest EY CEO Outlook Pulse Survey has revealed that 63 per cent of financial services bosses are concerned not enough is being done to manage the “unintended consequences” of artificial [...]
London expansion picks up pace for Spanish bank Alantra as series of hires give boost to the City July 31, 2023 Spanish investment bank Alantra has made a series of new hires in the year so far as its push into the London market picks up the pace. So far this year it has brought in Graham Nicoll from Barclays to lead its Midlands team while Sulaiman Bosha has joined from Crito Capital as a managing [...]
Financial services tribunal can boost competitiveness and help small businesses, experts argue July 30, 2023 A financial services tribunal could boost the City’s competitiveness by providing a body of consistent case law and a route for firms to seek justice, experts told City AM. Speaking to City A.M. Richard Samuel, barrister at 3 Hare Court Chambers, said “London’s common law dispute resolution system is a key part of what makes [...]
Poor tax scrutiny has enabled abuse and fraud, MPs warn July 26, 2023 Poor scrutiny of the “complex” tax system has led to relief abuse and even fraud, an influential finance committee of MPs have warned. The Treasury Committee is calling for a systematic review into the cost of over a thousand forms of tax relief which they say are “complex, un-costed and exploited” in a new report. [...]