Almost £180m lost to impersonation scams as 45,000 cases reported April 18, 2023 Some £177.6 million was lost to impersonation scams last year, with more than 45,000 cases reported, according to a finance industry trade body. UK Finance, which leads the Take Five campaign, highlighting the dangers of fraud, said there were 45,367 cases of this type of fraud in 2022. The figures were released during Take Five [...]
War-torn Ukraine firms get access to London’s financial services in digital trade deal March 20, 2023 The UK has signed a digital trade deal with Ukraine which will help support the country’s economy during the war with Russia and as it rebuilds in the future. Under the deal, Ukrainian businesses will be able to trade more efficiently and cheaply with the UK through electronic transactions, e-signatures, and e-contracts. It will also [...]
‘Fading recession fears’ boost optimism as services sector bounced back to growth in February March 3, 2023 The UK’s service sector bounced back to growth in February as business optimism improved and activity expanded at the fastest pace since June. The S&P Global/CIPS UK services PMI survey showed a reading of 53.5 in February, up from 48.7 in January and slightly ahead of market expectations. Any score above 50 is considered growth [...]
UK Finance: Square Mile HQ targeted by Extinction Rebellion as six arrested March 2, 2023 The headquarters of UK Finance in the heart of the Square Mile have been targeted by environmental group Extinction Rebellion. The Bank-based trade association for UK banking was today targeted with paint and stickers, as protestors read out statements and stuck themselves to windows. Police arrested six members of the group after the building was [...]
London’s litigation financiers primed to profit on global downturn, Therium chief says February 3, 2023 London’s litigation funders are in a prime position to capitalise on the global economic downturn, the founder of one the UK’s top lawsuit financiers told City A.M. The economic slump threatens to stretch in-house legal budgets and drive an uptick in legal battles, Therium founder Neil Purslow said, which could force companies and litigants turn [...]
How intelligent automation has become a mainstay of financial services, and what it means for private banking January 25, 2023 The increasing levels of automation in private banking reflects a need to move into the digital age, but it also brings with it challenges. City A.M. sat down with specialist Mark Bruce, chief executive of of Britannia Financial Group to find out how intelligent automation and artificial intelligence is impacting the sector. Mark, why don’t [...]
Private finance firms have fewer women leaders than listed rivals, new research shows January 23, 2023 Financial services companies that are structured as privately-owned partnerships have significantly fewer women in leadership positions than their publicly-listed rivals, new research shows. Fewer than one-sixth (15.1 per cent) of partners in privately-owned finance firms are women, according to research from employment law firm Fox & Partners. By comparison, women account for 43 per [...]
Millennials ignored by UK’s financial institutions as boards stumble towards gerontocracy January 9, 2023 The boards of banks, asset managers and fintechs are outstripping their European rivals at female representation, but failing to take on any millennials, according to new research. EY’s report found that there were no board members under 40 in any of the UK’s top financial services firms. The report on board diversity shows that in [...]
FinTech sector asks UK government for more clarity in 2023 December 22, 2022 A group of UK based FinTech companies have written an open letter to the Financial Conduct Authority (FCA) calling for greater clarity on how open banking will be regulated from 2023 onwards. The letter criticizes the Joint Regulatory Oversight Committee (JROC), a regulatory body established in March by the Competition and Markets Authority (CMA). The [...]
Insurance trade body seizes control of subsidiary by flooding City association’s board December 22, 2022 The world’s largest insurance trade body has made a push to take control of one of its subsidiaries, following an ongoing spat between the two groups. The takeover bid saw the head of the Personal Finance Society (PFS) hit out at its parent organisation, the Chartered Insurance Institute (CII) over claims it had acted “unilaterally” [...]