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.

All 618 Articles

Crypto ‘more closely resembles gambling than a financial service’, Treasury committee warns government

May 17, 2023

An influential group of lawmakers has argued that consumer cryptocurrencies should be treated like gambling in the government’s upcoming crypto regulations. In a new report on the crypto sector, MPs on the Treasury Select Committee concluded that retail trading in unbacked crypto “more closely resembles gambling than a financial service”. The MPs noted that the [...]
UK banks lead peers in preparation for global Basel rules – but costs are mounting

May 17, 2023

UK banks are leading their global rivals in the implementation of the latest update to international banking standards, according to new research. According to new EY research, all of the UK banks surveyed have put measures in place to comply with the new rules, known as the Basel III reforms. This compared to only 61 per [...]
Insolvencies drop 15 per cent – but experts warn ‘we’re not out of the woods yet’

May 16, 2023

Corporate insolvencies dropped off in April as business confidence seemed to improve but experts warned that the drop may not signal better times ahead. According to new figures from the Insolvency Service, 1,685 companies went insolvent in April 2023, a 15 per cent fall on the same month the previous year. This was also down [...]
Amigo boss resigns as subprime lender continues wind down

May 16, 2023

The chief executive and director of controversial subprime lender Amigo resigned from his role yesterday as the firm continues its wind down. Danny Malone, who joined Amigo last year, will step down after serving his 6-month notice period to ensure “the continuation of the solvent and orderly wind-down of the business”. Malone said he joined [...]
Marston’s pubs: No change in Brits’ appetite for a night out

May 16, 2023

Marston’s recorded a near 11 per cent rise in sales in the first half on the back of its strong drinks sales, a trend that has continued over the past few weeks. Marston’s said the continued strength of drink sales demonstrated the resilience of its community pub estate in spite of the economic environment. In [...]
£233bn stuck in zero-interest accounts as pressure grows on banks to improve advice

May 15, 2023

As banks come under fire for offering “measly” rates to savers, new figures reveal many are leaving hundreds of billions of pounds lying idle in zero-interest accounts. Some £233bn is being held in zero-interest accounts, according to Bank of England Data analysed by asset management firm Bowmore. This is up from the total held in [...]
Fintech calls for anti-fraud tax to tackle scamming epidemic

May 11, 2023

Tide has argued the government should introduce an anti-fraud tax to fund the battle against fraud as the fintech firm criticised the lack of ambition in the recently released fraud strategy. Although Tide – which provides mobile banking services for SME businesses – welcomed the creation of a National Fraud Squad, it argued it was [...]
HSBC fined £12m by US watchdog due to ‘widespread and longstanding failures’ in bank’s Whatsapp use

May 11, 2023

HSBC has been fined $15m (£12m) by the US Securities and Exchange Commission (SEC) as banks continue to pay the price for the use of private messaging services such as Whatsapp. The penalty was issued in response to “widespread and longstanding failures” by the bank and its employees to “maintain and preserve electronic communications.” According [...]
Top shareholder advisory firm U-turns to back JP Morgan pay plan after misinterpreting data

May 11, 2023

Influential shareholder advisory firm Institutional Shareholder Services (ISS) has U-turned on its initial recommendation to reject the pay packages for senior executives at JP Morgan. Just last week ISS had urged shareholders to vote against executive’s pay packages. However, JP Morgan wrote a letter to the firm on Monday, arguing it had wrongly interpreted data [...]
Interest rate boon for UK banks coming to an end despite BoE’s 25 basis point hike

May 11, 2023

Banks have been revelling in the BoE’s sharp rate hikes, but today’s 25 basis point hike – which brings interest rates to 4.5 per cent – is unlikely to improve banks’ bottom line significantly, analysts said. Increasing competition and regulatory pressure means banks will likely have to pass on more of the rate hike – [...]

Lloyds Bank investigating ‘technical glitch’ as users see rogue transactions

Horse racing came together to fight tax hikes. Now it must unite again

Spirit of Speyside Whisky Festival to drive millions into Scotch sector

By: Chris Dorrell

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