By: Chris Dorrell

Chris at City AM from 2023-2025, first as banking reporter and then economics reporter. He continues to freelance and plays with his band Totally Amorphous

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Banks and insurers may not be ‘sufficiently capitalised’ for future climate-related losses, Bank of England reports

March 13, 2023

The Bank of England said there was “uncertainty” over whether banks and insurers are “sufficiently capitalised” to deal with climate-related risks, but suggested there was not enough justification to increase their capital requirements at the moment. In a report published today, the Bank said climate risks create a challenge for regulators as the uncertainty surrounding [...]
Silicon Valley Bank triggers rout as HSBC, Lloyds and Natwest shares tumble

March 13, 2023

Bank stocks slumped on both sides of the Atlantic today as the fall out of the Silicon Valley Bank crisis spooked investors. The sector has been plunged into turmoil since Friday as the full scale of the troubles at the start-up and venture capital focused lender became clear. American bank First Republic was among the [...]
Silicon Valley Bank: ‘Resuming normal operations’ after HSBC rescue swoop – Live

March 13, 2023

HSBC’s move to snap up the stricken UK arm of Silicon Valley Bank has been hailed a “relief” for the UK’s tech firms today after nerves spread of contagion across sector over the weekend.
Former minister: Regulators need more scrutiny after receiving Brexit powers

March 12, 2023

Widespread concerns have been raised that too little is being done to improve the scrutiny of the UK’s financial regulators as the Financial Services and Markets (FSM) Bill passes through parliament. Following Brexit, UK financial regulators – such as the PRA and FCA – were given the power to replace existing EU laws with new [...]
Credit Suisse delays annual report after call from SEC

March 9, 2023

Credit Suisse has delayed publishing its annual report following a call from the US Securities and Exchange Commission late on Wednesday evening, the lender said today. The SEC were concerned by cash flow statements in 2019 and 2020 as well as “related controls”. In its 2021 annual report, Credit Suisse revised how it filed a [...]
Engagement with fossil fuel companies better than divestment, say green finance chiefs

March 8, 2023

Green finance chiefs agreed engagement with polluting companies was better than divesting as they faced MPs’ questions today on how the City of London was supporting the transition to net zero. Speaking to the Environmental Audit Committee, head of climate change at HSBC Tim Lord said “our strategy is absolutely around engagement”. “The objective here [...]
FCA clamps down on illegal crypto ATMs in East London

March 8, 2023

The Financial Conduct Authority (FCA) has clamped down on unregistered crypto ATMs in East London as it expands its efforts to shut down the illicit sector . The FCA inspected several sites in a joint operation with the Metropolitan Police. Crypto ATMs allow people to buy or convert money into cryptoassets. No crypto ATMs are [...]
JP Morgan’s Chase: ‘We haven’t entered the market just to be a small challenger’

March 8, 2023

JP Morgan’s digital challenger bank Chase has set its sights on becoming a major retail bank in the UK, even if it costs a lot, a top executive at the bank told City A.M. Shaun Port, managing director for everyday banking at Chase, said: “We haven’t entered the market just to be a small challenger.” [...]
UK commits £76m of dormant assets to tackle cost of living crisis

March 7, 2023

The government has committed £76m of dormant assets to go towards tackling the cost of living crisis as it seeks to unlock over £800m for community funding over the next few years. The Department for Culture, Media and Sport (DCMS) confirmed today that an initial £76m will be distributed to 69,000 people under the Dormant [...]
Climate change: Finance groups praise ‘world leading’ transition plans but warn of challenges ahead

March 7, 2023

UK finance firms have praised the ambition of new climate change regulations which will set out a potentially world-leading framework for assessing companies’ climate transition plans. The transition plan taskforce (TPT) is considering proposals to make a standardised framework for assessing climate transition plans due to concerns plans published by companies at the moment “vary [...]

Fifa boss Infantino defends 2026 World Cup ticket prices, citing demand

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By: Chris Dorrell

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