Final cost to banks uncertain as PPI deadline set for 2018 November 26, 2015 The costliest financial scandal in UK history, mis-sold payment protection insurance (PPI) is to come to an end in 2018, after the regulator said people will have to make claims by then. The Financial Conduct Authority (FCA) is looking to draw a line under the issue which has cost banks £28bn since it was first [...]
More cost cutting to come at Charles Stanley November 26, 2015 Costs will continue to be cut at broker Charles Stanley as it works to transform itself into a holistic wealth manager over the next three to five years. The news of further cuts comes as the company reports its half yearly results, with profit at its core business up 200 per cent to £3m. Chief executive [...]
New European Union rules to prevent market rigging November 25, 2015 New rules have been laid out by the European Union to prevent market benchmarks, like Libor and Euribor, being rigged by banks. Benchmarks will now be supervised to varying degrees depending on their size, a statement from EU president Luxembourg said. When applied, the new rules will strengthen confidence in financial markets "preventing new manipulation [...]
Autumn Statement 2015: Changes to bring in £5bn a year from tax avoidance November 25, 2015 The government is aiming to bring in £5bn more a year through tackling tax avoidance by 2019-20. In the Autumn Statement chancellor George Osborne confirmed £800m more would be spent on tackling evasion and non-compliance through to 2020. The government is also set to build a digital tax system to help fight avoidance and to [...]
CMC Markets IPO around March 2016 November 24, 2015 The long awaited floatation of financial spread betting company CMC Markets won’t happen before March 2016, chief executive Peter Cruddas tells City A.M., following the company publishing a strong set of half year results. Earlier this year CMC hired city bankers Goldman Sachs and Morgan Stanley to bring the company to market amid rumours the float [...]
The UK to crash out of global trading top ten by 2050 and won’t be able to keep up with emerging markets November 24, 2015 The UK is set to fall out of the top ten trading nations by 2050, pushed out by the likes of South Korea, Mexico and other emerging markets, according to a new report. Global merchandise trade is set to quadruple by 2050, down to increased economic integration and new technology. The UK is set to struggle [...]
Biffa in secret sell off talks: Waste management firm to go on sale for £1bn? November 23, 2015 Waste management firm Biffa is has been courting prospective buyers, giving itself a price tag of £1bn, Sky News has reported. The company is this morning set to report its half-year earnings, reportedly up by 19 per cent to £67.2m, with full-year profit expectations revised upward to £119m. Biffa is rumoured to have asked any [...]
HSBC investors back mooted move from UK November 23, 2015 Major HSBC shareholders have said they would back the bank if it were to relocate away from London. HSBC announced earlier this year it was currently reviewing whether it would remain in the UK, with Hong Kong and the US widely regarded as possible options. A spokesperson for Aberdeen Asset Management, one of HSBC’s top 10 [...]
Deutsche Bank eyes further job cuts in London to reduce costs November 22, 2015 DEUTSCHE Bank could be about to cut 1,000 more jobs in London as it further scales back on it’s investment bank. Traders, back-office staff and fixed income specialists at the bank could be given redundancy notices in the new year, the Sunday Times reported. Earlier this month Deutsche confirmed ex-Goldman Sachs banker Alasdair Warren will [...]
