Brexit in the City: New powers for watchdogs FCA and PRA as UK moves away from EU rules November 10, 2021 The City’s main regulators, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), will be given new powers to set rules as the UK moves away from the EU framework after Brexit, according to Government proposals. Regulators will be required to consider how the UK’s financial sector can grow and compete internationally when setting [...]
Labour squeeze to fuel inflation and clamp down on economy November 9, 2021 The ongoing labour squeeze plaguing the UK economy will trigger a surge in prices. That’s the warning from one of the Bank of England’s rate setters, who warned today that stronger inflation is the inevitable outcome of severe supply and demand imbalances. Responding to a grilling by MPs, Ben Broadbent, a deputy governor at the [...]
City watchdogs ordered to go for growth by government November 9, 2021 The government will task financial regulators with boosting the City’s competitiveness as part of a push to secure the UK’s status as a leading financial hub. In a sweeping set of reforms launched yesterday designed to overhaul the regulatory regime shaping the City, the government said regulators would be given a further objective to “facilitate [...]
The virtual metaverse requires very real-world regulation November 9, 2021 Regulators tend only to emerge in the spotlight of public scrutiny when something goes wrong. FCA bosses have spent the last couple of years being wheeled in front of Select Committees to explain the collossal cock-ups that led to the London Capital & Finance minibond scandal – including its former boss Andrew Bailey, who despite [...]
Bank of England to launch consultation on plans for a digital pound November 9, 2021 State issued digital currency promises to be the next big financial experiment as the UK’s Central Bank prepares to launch a consultation on the electronic pound. HM Treasury and The Bank of England have joined forces to explore issuing a digital currency backed by the UK’s central bank, known as a CBDC, and are planning [...]
UK economy set to eke out anaemic growth in set of muddled GDP figures November 9, 2021 The UK economy is set to squeeze out anaemic growth as the recovery from the Covid-19 crisis continues to slow, according to City economists. Severe supply chain bottlenecks, compounded by soaring energy prices, logistics systems breaking down and a paucity of workers has crimped businesses. As a result, the size of the British economy is [...]
China to advance the development of state issued digital currency November 9, 2021 China’s government remains at the cutting edge of digital payments technology with plans to further “advance” the development of an eYuan. China’s flagship digital currency is backed by its central bank and has fast gathered pace with an initial trial gathering over 20m users and seeing transaction values top 34.5bn yuan (£3.9bn) in a matter [...]
PA Awards 2021 November 8, 2021 Behind every great business person is an exceptional PA, EA or VA. City A.M. is once again celebrating those Personal, Executive and Virtual Assistants in a unique ceremony at Bob Bob Ricard in the heart of the Square Mile on Tuesday 7th December. This year’s event promises to be bigger and better than ever, with more [...]
Ethereum sets new record high as US mayors compete for Bitcoin pay November 8, 2021 It’s been a strong start to the week for the Bitcoin price, which is up around six per cent over the past 24 hours to just below $66k.
Climate change and the humble auditor – CityAM : CityAM November 8, 2021 The relevance of climate change to world leaders, Royals, activists, Leonardo DiCaprio, chief execs and both former, and current central bank heads, is largely understood, by their presence at Cop26, to be of paramount importance. But what on earth auditors have to do with climate change, is rather more perplexing. One explanation is that audit [...]