Insolvencies surge to highest rates since financial crash as voluntary bankruptcies hit record levels August 2, 2022 The UK government’s Insolvency Service today said it recorded a higher number of insolvencies over the past three months than at any other point in more than a decade, after the numbers of companies declaring voluntary bankruptcies hit their highest levels since records began. The past three months saw a total of 5,629 English and [...]
UK financial watchdog cracks down on marketing of ‘high-risk’ financial products August 1, 2022 The UK’s financial watchdog has vowed to crack down on those using “unclear” and “misleading” information to sell risky investments after bringing in tough new rules around the marketing of high-risk financial products. The Financial Conduct Authority’s (FCA’s) “stronger” rules require firms to use clearer and more prominent risk warnings, and ban companies from [...]
Mining firms dish out dividends as UK shareholders pocket £37bn July 27, 2022 UK shareholders revelled in £37bn worth of dividends in the second quarter of the year as mining firms, banks and oil giants put bumper profits back in the pockets of investors.
Investment in London’s commercial property market drags as economic woes deepen July 25, 2022 London’s commercial property market took a hit in the second quarter of 2022 as investment declined amid a weakening economic outlook, according to data by BNP Paribas. Central London properties experienced an eight per cent investment drop at £4.5bn compared to Q2 last year, with the number of office deals transacting at less than half [...]
Liz Truss promises post-Brexit bonfire of EU rules that hinder UK growth July 22, 2022 Tory leadership candidate Liz Truss has vowed to seize the opportunities posed by Brexit by scrapping EU regulations that hinder the UK’s growth. The Conservative MP said that if she becomes prime minister, she will scrap any EU rules that hinder investment or fail to support growth in the UK economy by 2023. If Truss [...]
Claro Money tells customers to withdraw cash after suspending flagship app July 22, 2022 Financial planning company Claro Money has told customers to withdraw their money from its platform after announcing the suspension of its flagship app. In a letter to customers, Claro chief executive Rob Brockington set out plans to “refocus” the financial advice firm’s efforts, with a view to delivering in-person financial planning courses. The company chief [...]
Stamp seller Stanley Gibbons sets out plans to delist from AIM July 22, 2022 Collectable stamp seller Stanley Gibbons today put forward plans to pull itself off of London’s Alternative Investment Market (AIM), as it announced the resignation of its CEO. The London stamp dealer said it will allow shareholders to vote on plans to delist Stanley Gibbons from the AIM stock exchange, at an extraordinary general meeting on [...]
Government’s plans for Solvency II shakeup will force insurers to hold more capital on their books, sector warns July 21, 2022 Insurers have called on the UK government to reconsider their plans to shake up the Solvency II rules that govern the country’s insurance sector, after warning the current plans could backfire. The government’s current plans to reform the European Union’s Solvency II regulations could see life insurers forced to hold more capital than they are [...]
Demand for alternative assets to rise 46 per cent over next 12 months July 13, 2022 Demand for alternative assets is set to soar by 46 per cent over the next 12 months as rising inflation sends investor interest surging. In a survey by alternative investment platform AssetTribe and market research firm Survation, 53 per cent of the 580 investors surveyed across the UK and Europe said their appetite for alternative [...]
Chicago Mayor: Brexit could be ‘real opportunity’ to forge closer ties with London July 13, 2022 The Mayor of Chicago said Brexit could be a “real opportunity” to forge closer ties with London today as she looks to court fintech firms on a trip to the Capital this week.