Tale of two cities: London leaps ahead in global finance but domestic growth stalls July 3, 2026 The City of London has cemented its dominance in international finance ten years on from the Brexit vote but faced sobering domestic growth that failed to match the momentum. The capital sees more international activity conducted than the next eight largest financial centres in Europe combined, according to a new report by New Financial. The [...]
Forvis Mazars and top partner hit with £600,000 fine for audit failings July 2, 2026 The Financial Reporting Council (FRC) has hit accountancy giant Forvis Mazars and a top partner at the firm, David Allen, with a combined £610,537 for audit failings relating to a retail firm listed on the London Stock Exchange’s main market. The FRC said it has issued the fines following an investigation into both Forvis Mazars [...]
Natwest hit with £250m lawsuit tied to Thurrock Council scandal July 1, 2026 Natwest could be on the hook for more than a quarter of a billion pounds for allegedly aiding a businessman in secretly transferring funds from his investment firm. The FTSE 100 giant’s subsidiary – the Royal Bank of Scotland – has been engulfed in the collapse of Rockfire Group, which was triggered by a fraud [...]
‘Nearing a turning point’: Reinsurers set to pay out as climate disasters loom June 29, 2026 The insurance industry is bracing for severe losses in the next financial year as global natural disasters trigger higher claims from consumers. Morningstar analysts predict reinsurance earnings to peak over the course of 2026, arguing that the industry is currently at the bottom of a low-loss weather cycle, meaning it is seeing the end of [...]
Streeting tax policies could cost the Treasury nearly £8bn June 29, 2026 Adopting Wes Streeting’s plans to hike capital gains tax could cost the Treasury billions of pounds and lead to a reduction in retail investment, new analysis suggests. Last month, Streeting, who is reportedly in the running to succeed Rachel Reeves as Chancellor should Andy Burnham enter No 10, proposed that capital gains tax (CGT) should [...]
FCA looks to check power of investment trust boards after Saba uproar June 26, 2026 The City watchdog is looking to restrict the power of some investment trust board members after criticism of its response to Saba Capital’s campaign against a group of UK funds. The Financial Conduct Authority has proposed a series of amendments to the UK listing rules for close-ended investment funds, better known as investment trusts, in [...]
Wise profit slides as costs racks up from US listing June 26, 2026 Money transfer firm Wise saw its profit fall in its latest financial year as costs related to its new primary listing on Wall Street helped take a chunk out of the company’s bottom line. The UK fintech’s profit before tax slid eight per cent to $660m (£500m) – down from $717.5m – in its first [...]
Ares Management flagship private credit fund slammed with withdrawal requests June 25, 2026 Ares Management was plagued by investors attempting to pull out over $1.5bn from one its flagship private credit funds in the second financial quarter, as wealthy individuals continue to flee the asset class. The firm’s Ares Strategic Income fund, which holds roughly $11bn (£8.3bn), said it has received redemption requests worth 14.4 per cent of [...]
Moonpig embraces tech and upselling as revenue jumps June 25, 2026 Moonpig has credited its tech and upselling capabilities with its rise in revenue, with boosted customer retention and a growing order book. The online card maker recorded a 6.5 per cent rise in revenue in the year ended 30 April, jumping to £373m from £350.1m. Profit before tax swung back to £68.9m from last financial [...]
Babcock predicts global government defence spending spree after hit to profit June 22, 2026 Babcock said it had suffered a £140m financial hit due to delays in a contract with the Royal Navy but reiterated its financial targets for the next year, predicting high spending as global governments plough cash into defence. Profit before tax slumped to £267.2m from £339.4m in the prior year after problems with its Type [...]