By: Chris Dorrell

Chris Dorrell is a freelance journalist and City AM contributor. He was previously City AM's banking and then economics reporter. When Chris is not breaking news, he can often be found playing with his band Totally Amorphous.

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Payments watchdog wants open banking to ‘inject more competition’ into card market

June 27, 2023

The UK’s payments regulator today argued that the card market did not have “sufficient competition”, but suggested progress on open banking could open it up to a wave of innovation. Chris Hemsley, managing director of the Payment Systems Regulator (PSR), said the watchdog was looking to find ways of “injecting more competition into this market [...]
Windfall tax revenue set to slump 40 per cent thanks to falling oil and gas prices

June 27, 2023

The sharp fall in the price of oil and gas will lead to a huge drop in revenue from the government’s windfall tax. Announced in November of last year, the energy profits levy hiked an existing tax on oil and gas profits and extended its deadline until 2028. Chancellor Jeremy Hunt estimated that it would [...]
Insolvency fears for UK firms recede despite four-year high in May, new research shows

June 27, 2023

Fears of insolvency are receding among UK firms despite recent data showing liquidations hit a four-year high in May. According to new research from Evelyn Partners, 32 per cent of UK businesses believe there is a risk they will become insolvent in the next 12 months, down significantly on the 47 per cent of firms [...]
Brexit trade restrictions will fuel food inflation, lobby group warns

June 26, 2023

Proposed restrictions on post-Brexit trade will pile costs onto consumers, representatives of the UK’s fresh produce industry warned. The Fresh Produce Consortium (FPC) warned that an extra £10m from import charges would have to be passed on to consumers, further fuelling food inflation. In a letter to the government seen by The Guardian, the FPC [...]
Plan to tackle fraud makes UK ‘less attractive’ for investment, payments lobby group warns

June 26, 2023

The UK’s payments industry is under threat from proposals designed to tackle fraud, the main payments body has warned. In a letter to Lord Dominic Johnson, minister of state for investment, the Payments Association – which represents over 300 payments firms – warned “some regulators regulate in a way that stifles the growth of our [...]
HSBC moving out of Canary Wharf headquarters in favour of Square Mile

June 26, 2023

HSBC is set to leave its headquarters at Canary Wharf when its lease expires in 2027 and will move back to the heart of the City, City AM understands. The bank has been based in 8 Canada Square for more than two decades, but hopes to downsize to Panorama St Paul’s, 81 Newgate Street. The [...]
‘At stake is the structure of finance itself’: City bankers raise concerns over potential impact of Britcoin

June 26, 2023

City bankers have raised concerns about the possible consequences that introducing the digital pound, known as ‘Britcoin’, could have on the country’s banking sector. “At stake is not just the type of token we use to pay for things but the structure of finance itself,” Huw van Steenis, vice chair at Oliver Wyman, told City [...]
European resolution authority calls for greater ‘firepower’ as watchdogs around the world consider reform

June 25, 2023

An influential European banking regulator has called for more powers to help it address risks in the system revealed after the collapse of Silicon Valley Bank (SVB) and Credit Suisse earlier this year. Speaking to the Financial Times, Dominique Laboureix, chair of the European Union’s Single Resolution Board (SRB), said European authorities needed to return [...]
M&G in push to expand reach of flagship fund onto continent

June 25, 2023

M&G is in talks with big European financial firms to bring its flagship £58bn PruFund range onto the continent, City AM understands The FTSE 100 listed money manager is seeking partnerships in France and Germany. Under the partnerships, the PruFund model would be used to sell products under new names. The expansion would build on M&G’s [...]
Labour: Force banks to pass on interest rate hikes to savings accounts

June 25, 2023

Labour has called on the government to ensure that banks are passing on higher interest rates to savers in an attempt to cool inflation. Speaking on the Sophy Ridge show on Sky News, Lisa Nandy said: “What we are proposing is that the Government ensures that those (interest rate) rises are passed on so that [...]

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By: Chris Dorrell

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