Buyer’s market: UK house prices post biggest fall since April as mortgage approval rates rise October 5, 2018 UK house prices saw their biggest fall in five months in September, while price increases compared to the same period in 2017 slowed to a three-month low. Figures from Halifax today showed the standard average house price in the UK fell to £225,995 in September, down from £229,284 the month before. This was also only [...]
Further outflows for UK funds as Brexit uncertainty continues October 4, 2018 UK-focused funds continued to experience outflows in August as investor confidence remained dented by Brexit uncertainty, taking the post-referendum total to £10.2bn so far. Net retail sales outflows were £217m in August compared to inflows of £4.6bn the previous year, according to the latest figures from the Investment Association. Read more: Investment Association boosts board gender diversity with shake [...]
Financial Conduct Authority increases Brexit planning urgency, says chief executive Andrew Bailey October 4, 2018 The Financial Conduct Authority (FCA) has increased the urgency with which it is preparing for the UK to exit the European Union, chief executive Andrew Bailey said today. Former Bank of England deputy Bailey said the city watchdog is working with European regulatory partners to plan for a range of scenarios as the March 2019 deadline [...]
We’re on the cusp of a blockchain revolution October 4, 2018 Earlier this year, Bank of England governor Mark Carney scrutinised blockchain technology, describing it as an inadequate currency platform set for a “brutal reckoning”. His views come as no surprise for someone deeply ingrained into the traditions of the financial system and the institutions that have set the industry’s tone for centuries. Read more: Up [...]
German digital bank N26 backed by Tencent and Peter Thiel launches in the UK October 4, 2018 A German digital bank backed by Tencent, Li Ka-shing and Peter Thiel will launch in the UK today with the aim of taking on the big high street banks and adding to the fierce competition among British app-only banks. N26, which already counts 1.5m customers across 17 European countries, has started rolling out its banking [...]
International Monetary Fund warns against financial regulation rollback October 3, 2018 The International Monetary Fund (IMF) today cautioned against a “race to the bottom” on financial deregulation as it warned that regulators risk “fighting the last war” in the face of technological change. The Washington-based body said that “reform fatigue” could pose a risk to financial stability if regulation of systemically important institutions is reversed, in [...]
The Green Room review: Find out what corporate hospitality means at the Kia Oval before you fork out to impress clients October 3, 2018 The last time I sat in a corporate box, it was miserable. A relative who worked for a bank had been offered tickets to a Muse gig at Wembley Stadium and invited me along as box meat to fill the space. At the time, I was a fan of the Devonshire space rockers, but I [...]
UK services sector growth slowed in September October 3, 2018 Business activity slowed slightly in September, according to a closely followed measure of services sector activity. The UK services purchasing managers’ index (PMI) hit 53.9 points in September, compared to 54.3 in August, according to figures released today from data firm IHS Markit and the Chartered Institute of Procurement and Supply, staying well above the 50-point [...]
City Moves for 3 October 2018 – who’s switching jobs at Healx, WorldRemit and Audere Solutions? October 3, 2018 Today's City Moves cover health, research and FX. Take a look at these movers and shakers: Healx Healx, the Cambridge (UK) technology company developing breakthrough treatments for rare diseases, today announced the appointment of Kate Hilyard as chief operating officer (COO). A senior pharma executive, with extensive drug discovery expertise, Kate’s appointment underlines Healx’s mission [...]
DAC Beachcroft unveils plans to merge offices in new City HQ October 1, 2018 Global law firm DAC Beachcroft is to merge its City offices under one roof next year, in a move to create a new global headquarters in the heart of the Square Mile. Roughly 50,000 square feet will be taken up in Beachcroft’s move to The Walbrook building, where its team of lawyers are expected to [...]