Central banks and governments pressured lenders to rig Libor rate, new book claims May 22, 2023 A new book alleges that banks were pressured by central banks and governments to manipulate the London Interbank Offered Rate, or Libor, in an attempt to boost confidence in the financial sector. The book, which is being serialised in The Times, claims that regulators and prosecutors knew about this pressure, but covered it up when [...]
Experts question surge in buybacks after record spree in 2022 May 22, 2023 Experts have raised questions about the spate of share buybacks undertaken by UK companies over the past year. Buybacks reached record levels globally in 2022 according to recent figures from Janus Henderson, rising 22 per cent year-on-year to hit $1.3trn. Buybacks were worth 94 per cent of dividends in 2022, compared to 52 per cent [...]
UK and EU publish draft MOU to improve post-Brexit financial regulatory cooperation May 19, 2023 The UK and the EU’s top body have published the draft of a memorandum of understand, intended to improve post-Brexit regulatory cooperation on financial services. The draft agreement commits the two to “jointly endeavour to pursue a robust and ambitious bilateral regulatory cooperation in the area of financial services”. The MOU was heralded as a [...]
Lloyds Bank orders staff to return to the office ‘at least’ two days a week April 28, 2023 Hybrid workers will have to spend at least two days a week in the office, Lloyds has told staff, with “card swipe data” used to monitor their return.
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 [...]