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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IMF working on global platform for exchange of CBDCs to avoid economic fragmentation

June 19, 2023

The International Monetary Fund (IMF) is working on a platform to enable countries to transfer transactions between central bank digital currencies (CBDCs) from different countries. According to Reuters, managing director Kristalina Georgiva said “CBDCs should not be fragmented national propositions…To have more efficient and fairer transactions we need systems that connect countries: we need interoperability.” [...]
Crypto: FCA cannot ignore ‘harms that exist’ in market as new rules come into force

June 19, 2023

The Financial Conduct Authority’s (FCA) crypto lead Matthew Long said regulators could not ignore “the harms that exist” in the market as new rules come into force. Speaking at London FinTech Week, Long said regulators around the world needed to be vigilant of the risks that the crypto sector poses to consumers. He said “opportunities [...]
Bank of England launches first ‘system-wide’ stress test to shed light on shadow banks

June 19, 2023

The Bank of England launched its first system-wide stress test today of the financial sector as it attempts to shed light on the shadow banking sector. Through the tests, the Bank of England hopes to better understand how, during a period of market stress, the behaviour of shadow banks could amplify financial shocks. Shadow banks [...]
Rishi Sunak rules out help for homeowners as mortgage rates top six per cent

June 19, 2023

Prime Minister Rishi Sunak today ruled out helping struggling mortgage holders despite rates breaching the six per cent mark for the first time since December. Amid surging mortgage rates, the Prime Minister said the government needed to “stick to the plan” to halve inflation rather than offer support to mortgage holders. Speaking on ITV’s Good [...]
Banks tell Sunak that big tech firms need to do more to tackle fraud

June 18, 2023

A group of the UK’s largest banks have told Prime Minister Rishi Sunak that big tech firms should help contribute to the reimbursement of fraud victims. According to Sky News, the banks said the rising tide of fraud in the UK is having a “material impact on how attractive the wider UK financial sector is [...]
Ex-Tesco boss John Allan says he was ‘propelled under the nearest bus’ following misconduct allegations

June 18, 2023

Ex-Tesco boss John Allan said there was “absolutely no substance” to the allegations of misconduct against him, arguing he had not been treated fairly. Since the misconduct allegations were made against him last month, Allan has left his role as chair of Tesco, where he served for eight years, and Barratt Developments, where he had [...]
Brett Christophers: Be wary of outsourcing climate change response to ‘ruthlessly extractive’ asset managers

June 18, 2023

Academic Brett Christophers has warned that governments’ attempts to outsource the response to climate change to asset managers, such as those at Blackstone and Brookfield, will have damaging consequences. Christophers, who recently published Our Lives in their Portfolios, told City A.M. that “the infrastructural response to climate change both in terms of mitigation and adaptation [...]
Mortgage chaos set to hit banks’ bottom line as demand dries up

June 18, 2023

Chaos in the mortgage market is likely to lead to big changes in lending as banks seek to find ways to capitalise on rising interest rates, analysts suggest. Over the last few weeks, the mortgage market has been in turmoil after stubbornly high inflation raised the prospect of further rate hikes. “Mounting base interest rates, [...]
Natwest boss: We’re managing loan book ‘very very closely’ as rates spike

June 15, 2023

Natwest boss Dame Alison Rose said the bank was seeing “no material signs of distress” in its loan book despite the impact of rising interest rates. Speaking at the Goldman Sachs financial conference, Rose said: “We have seen no increase in defaults or impairments and the same on the business side… What we’ve actually seen [...]
Legal and General: Santander Europe boss António Simões to succeed long-time chief Sir Nigel Wilson

June 15, 2023

Legal and General (L&G) has appointed Santander’s António Simões to be chief executive, who will succeed the departing Sir Nigel Wilson next year. Simões has been Santander’s European regional head since 2020, leading the bank’s operations across the UK, Spain and Portugal. Before that Simões had been at HSBC for 13 years, where he had [...]

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By: Chris Dorrell

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