Bank of England governor Mark Carney reaffirms Brexit no longer the biggest risk to UK’s financial stability January 11, 2017 The governor of the Bank of England confirmed today that Brexit is not the biggest risk to the UK's financial stability. Speaking in front of the Treasury Select Committee, Mark Carney said that it was the opinion of the Bank that the biggest risks to the UK's financial system were global ones. "[Brexit] has some [...]
Value of frauds reaches a five-year high, with London named as a crime hotspot January 11, 2017 The total value of frauds reported increased by just under a third last year to reach a five-year peak, with London remaining a criminal hotspot, figures released today show. BDO's FraudTrack, which keeps tabs on UK reported fraud cases with a value over £50,000, found total reported fraud in 2016 rose to £2bn, up 31.5 per cent [...]
Sir John Vickers slams quality of Bank of England stress tests January 10, 2017 The man who headed the UK's critical inquiry into safeguarding the banking sector following 2008's financial crisis has slammed the Bank of England's stress tests for falling short. Sir John Vickers, who led the Independent Commission on Banking, called the progress made to bolster the banks so far "really disappointing". "I think we need to be more rigorous, [...]
US to bring charges against three UK ex-traders in forex probe over roles in ‘The Cartel’ chatroom January 10, 2017 The US Department of Justice plans to charge three UK-based ex-traders later today as part of its forex investigation over their involvement in the so-called 'The Cartel' chat group. The trio of former traders concerned are Richard Usher, formerly from JP Morgan, Rohan Ramchandani, formerly from Citigroup, and Chris Ashton, formerly from Barclays. Meanwhile, Matt Gardiner, formerly from UBS, has been [...]
Article 50 decision draws nearer as Supreme Court reopens tomorrow, with plenty of other interesting cases in the pipeline January 10, 2017 The Supreme Court decision on whether the government needs approval from parliament before it can trigger Article 50 draws closer, as the country's top court returns from recess tomorrow. All 11 Supreme Court justices gathered in December to hear the government's appeal of a November High Court decision, which determined the government could not start [...]
Douglas Flint warns more clarity on Brexit is needed to safeguard City jobs as HSBC mulls moving as many as 1,000 to Paris January 10, 2017 The group chairman of HSBC has today warned more clarity is needed on Brexit to prevent firms, including his own, collectively moving thousands of jobs out of London preemptively. In an almost three-hour grilling with the Treasury Select Committee, Douglas Flint cautioned the lack of coherent guidance on where the government intended to go with Brexit [...]
Single Market access must be maintained for sake of the City, report argues January 9, 2017 Access to the Single Market must be maintained for the sake of the financial sector, argues a new report, details of which have been revealed today. In particular, the draft of the report from financial industry body International Regulatory Strategy Group (IRSG), which has been produced by law firm Hogan Lovells and lobbying group TheCityUK, warns [...]
Don’t have a clue what’s going on with your credit card? You’re not the only one January 9, 2017 If you've not yet braved checking your credit card statement following the Christmas spend, you're not alone… Credit card carrying Brits are routinely putting their head in the sand when it comes to the state of their finances, figures out today show. Slightly less than two-thirds (64 per cent) of those surveyed by MoneySuperMarket check their [...]
Top City bosses to take questions from MPs on Brexit tomorrow January 9, 2017 Some of the City's better-known names will face questions from MPs on Brexit tomorrow. Group chairman of HSBC Douglas Flint, chief executive of the London Stock Exchange Xavier Rolet and vice chair of Allianz Global Investors Elizabeth Corley are scheduled to give evidence on the UK's future economic relationship with the European Union to the influential Treasury Select [...]
