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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Consumer Duty: High street banks prepare for major regulatory shakeup as clock ticks down

May 31, 2023

Banks in the UK have just two months to prepare for the incoming Consumer Duty, with some prominent bankers suggesting the new regulatory standards will prompt widespread changes in the industry. The Financial Conduct Authority’s (FCA) flagship Consumer Duty, which will come into effect on 31 July, requires firms to deliver good outcomes for retail [...]
Falling value of commercial real estate likely to hit European banks, RBC warns

May 31, 2023

The European banking sector could be at risk from the weakening outlook for commercial real estate, analysts have warned. In a note, Anke Reingen, analyst at Royal Bank of Canada, argued that European banks are “likely to take some hits from the worsening [CRE] sector outlook”. CRE has faced widespread problems in recent months as [...]
Goldman Sachs to make another round of job cuts as dealmaking slump continues – reports

May 31, 2023

Goldman Sachs is considering another round of job cuts over the next few weeks as the drought in dealmaking continues to weigh on performance. According to Reuters, the layoffs – which would total not more than 250 – could include senior figures like partners and managing directors. The news was first reported by the Wall [...]
Ladbrokes-owner Entain likely to face “substantial financial penalty” after bribery investigation

May 31, 2023

Entain said it could face a “substantial financial penalty” following investigations into its business practices in Turkey by the Crown Prosecution Service (CPS). The Ladbrokers owner said the offences under investigation at its Turkish facing business, which it held between 2011 and 2017, include breaching the bribery act. Entain admitted that “historical misconduct involving former [...]
Proposals to relax rules for small banks in UK a ‘game-changer’ despite US regional banking crisis

May 30, 2023

Experts were quick to praise proposals to relax rules on smaller domestic banks as the consultation on the so-called ‘strong and simple regime’ came to an end today. The proposals include simplifying disclosure and liquidity rules for domestically focused banks with less than £15bn in assets.. The rules, the Prudential Regulation Authority (PRA) said, aim [...]
What’s going on with PwC’s tax leak scandal?

May 30, 2023

Big four accounting firm PwC has come under intense scrutiny in recent weeks over its Australian business, which has been caught up in a scandal over the misuse of information gained from a government contract. PwC Australia came under fire after the country’s parliament published emails showing that the firm used information it obtained while [...]
Private funds expect incoming ESG regulations to boost sector – but UK will trail US and EU

May 30, 2023

Private investment firms in the UK think incoming ESG regulations will boost sector but funds worry divergence from global norms could harm progress. According to research from PwC, 59.1 per cent of Limited Partners (LPs) and 58.0 per cent of General Partners (GPs) surveyed believed incoming regulations in the UK targeting ESG would have a [...]
Property fintech LendInvest sells £243m buy-to-let mortgage portfolio following financing deals

May 30, 2023

London-listed property fintech LendInvest confirmed the sale of a £243m buy-to-let mortgage portfolio to digital bank Chetwood Financial. The portfolio includes mortgages originated between 1 March 2022 and 30 November 2022 during which time interest rate hikes reduced the profitability of the mortgages. LendInvest will take a £10.5m loss on the sale which will be [...]
Blockchain and Britcoin could bolster fight against ‘fraud epidemic’, experts argue

May 29, 2023

The digital pound could be an important weapon in regulators’ fight against the rising tide of fraud, experts have argued. With the widespread scale of scams in the UK, Quant’s chief executive Gilbert Verdian said “we need a complete reset”. Quant builds technology for blockchains, including those underlying central bank digital currencies (CBDCs). According to [...]
Plans to boost scrutiny of regulators don’t go far enough, experts argue

May 24, 2023

New plans to boost oversight of financial regulators have been criticised by experts, as the government responds to concerns that watchdogs face too little scrutiny. Earlier this week, the it was reported that the Treasury is planning to beef up the Financial Regulators Complaints Commissioner (FRCC) in order to more robustly hold regulators to account. [...]

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By: Chris Dorrell

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