Regulators holding back fintech firms in cost of living crunch, industry body says March 2, 2023 Regulatory red tape is stopping fintech firms from boosting financial inclusion and helping consumers through a cost of living crunch, the industry body and EY said today. In a new report, Innovate Finance and big four firm EY said today that City regulators need to quickly expand the UK’s open banking regime and loosen rules [...]
Revolut: Delayed accounts reveal first full year of profit as banking licence ‘imminent’ March 1, 2023 Revolut said its UK banking licence was “imminent” today as the firm revealed it had spent its first full year in profit in 2021, in a much-delayed set of accounts. The London-based digital banking fintech, which was due to file its accounts in September 2022 and missed an extended deadline of the end of the [...]
Investors pocket record $1.56 trillion as oil and gas firms fuel dividend bonanza March 1, 2023 Shareholders pocketed record dividend payouts last year in a bonanza driven by oil and gas firms cashing in on soaring energy prices, new research has revealed.
Fintech ‘innovation hubs’ set to launch around the UK in levelling up push February 28, 2023 A host of “innovation hubs” are set to be launched in cities across the UK today as part of a Treasury-backed plans to boost the growth of fintech beyond London. The hubs have been announced as part of the launch of the new Centre for Finance, Innovation and Technology (CFIT), a key recommendation of the [...]
Man Group bucks investor exodus trend with £2.57bn inflows February 28, 2023 Man Group said investors pumped £2.57bn ($3.1bn) into its funds last year as it bucked an industry-wide investor exodus that has rocked many of its peers. In its full year results today, the London-listed asset manager said flows into its funds had sailed past analysts estimate and topped the industry average by 5.3 per cent, [...]
Klarna: BNPL giant on ‘solid path to profitability’ after cost cutting push helps narrow losses February 28, 2023 Buy-now pay-later giant Klarna said it was on a “solid path to profitability” today after a major cost-cutting push saw it narrow its losses in the second half of the year. The Swedish headquartered firm, which has slashed its headcount and pared back growth plans in the past 12 months, lost a record SEK 10.4bn [...]
‘One of the hardest investing years in living memory’: Abrdn swings to pre-tax loss as investors pull £10.3bn from funds February 28, 2023 Abrdn swung to a pre-tax loss last year as investors pulled £10.3bn from its funds in what its chief called “one of the hardest investing years in living memory”. In its full year results today, the FTSE 100 asset manager posted a pre-tax loss of £615m, down from a profit of £1.1bn a year prior, [...]
FTSE bosses braced for wave of takeovers as foreign firms hunt for bargains February 27, 2023 Bosses at the UK’s top firms are braced for a wave of takeovers this year as foreign buyers continue to swoop on cheap London-listed companies amid a rebound in dealmaking, new research has found. Nearly ninety per cent of FTSE 250 directors said they believed UK firms were vulnerable to foreign takeovers this year, with [...]
Government criticism of FCA’s consumer duty slammed by former watchdog official February 27, 2023 The City minister’s damning comments on planned consumer protection rules are a case of the government criticising the Financial Conduct Authority “for doing exactly what [it] has told it to do”, a former top regulator has said. City minister Andrew Griffith was reported to be scathing of the FCA’s planned consumer duty, which is set [...]
Monzo and Wise founders back £8.8m Robin AI robot lawyer project February 27, 2023 A City computing company has raised $10.5m (£8.8m) from backers including top execs from Magic Circle law firm Clifford Chance to develop an artificial intelligence (AI) driven, robot lawyer. The founders of fintech firms Monzo and Wise have also thrown their weight behind London’s Robin AI, which is seeking to disrupt the legal sector with [...]
