Crossrail’s coming: Here’s the date the Elizabeth Line will open in December July 5, 2018 London has long been counting down the days for when the Elizabeth Line finally goes live, and now we have a date. While the launch of the Elizabeth Line may have been slightly dampened by the news it might not be accompanied by a pedestrianised Oxford Street after Westminster City Council (WCC) unexpectedly pulled the [...]
Mastercard and Visa lose battle with supermarkets over debit and credit card charges July 4, 2018 Mastercard and Visa have lost the latest round of an ongoing legal battle with a conglomerate of supermarkets after a court found their card charges were too high and had breached competition rules. The two credit card giants had been accused by a number of retailers of charging overly high fees – known as interchange [...]
Lloyds faces landmark legal action in the High Court over pensions equalisation July 4, 2018 Lloyds Bank could have to fork out up to £508m to equalise its pension scheme if a landmark course case finds it has discriminated against female employees. Three female members of Lloyds' pension scheme claim they have been discriminated against because their pensions increase at a lower rate than their male counterparts. The case, which [...]
Govia launches new compensation scheme for commuters disrupted by May timetable mayhem July 4, 2018 Thameslink and Great Northern passengers will be able to claim more money back following the May timetable shambles after Govia Thameslink Railway (GTR) and the Department for Transport (DfT) agreed to a special compensation scheme for those most severely affected by the changes. Compensation will be paid to qualifying season ticket holders according to the [...]
Banks could be forced to fork out billions over undisclosed PPI commission following mis-selling ruling July 2, 2018 British banks may have to dole out billions more on mis-sold payment protection insurance (PPI) claims following a landmark legal ruling. Many of the UK's leading banks have ringfenced sums to compensate those who were mis-sold PPI, which was designed to cover repayments in circumstances such as redundancy, illness or death. The mis-selling scandal has [...]
Carlos Ghosn says Nissan is ‘in the dark’ over Brexit June 27, 2018 Nissan is "in the dark" about the UK's impending departure from the EU, the chairman and CEO of the Renault-Nissan alliance has said. Carlos Ghosn told the BBC it was "difficult to take a position not knowing what Brexit will look like". He said Nissan made about 500,000 cars last year, and that 80 per [...]
Why did TfL strip Uber of its licence and what did it do to get it back? June 26, 2018 After months of deliberation, Uber was today granted a 15-month licence after persuading Westminster Magistrates' Court that it had changed its ways and was now a "fit and proper" operator in the capital. City A.M. looks back at why TfL took the dramatic decision last year and what Uber did to try and win it [...]
Mercedes-backed ViaVan launches weekly subscription following London launch June 22, 2018 Mercedes-backed ride sharing service ViaVan has launched its own weekly subscription service following on from its successful launch in London. The subscription, called ViaPass, starts at a launch price of £35 for a limited time only. New takers will also have access to four free shared rides daily for seven days, up to a value [...]
Tom Hayes’ lawyer slams lack of disclosure around $100m Citi settlement over Libor rigging in US June 20, 2018 The lawyer for Tom Hayes, a former Citi banker jailed for rigging the London Interbank Offered Rate (Libor), has slammed the Serious Fraud Office (SFO) for failing to disclose the bank's recent settlement with a group of US states over allegations it manipulated the interest rate benchmark. The banking giant reached a $100m (£76m) settlement [...]
Tribunal raps FCA’s ‘troubling’ conduct towards former UBS trader banned for Libor rigging June 20, 2018 A tribunal has rapped the UK's financial watchdog for its conduct in a Libor rigging probe that saw former UBS trader Arif Hussein banned from the industry. Hussein, who held a junior position at the bank, attempted to overturn the Financial Conduct Authority's (FCA) decision to ban him from financial services for manipulating the London [...]