Open Banking: Here’s what fintech startups think of delays after HSBC, Barclays and more given deadline extension from CMA December 20, 2017 Entrepreneurs at fintech startups have been left little surprised after more than half of the UK’s banks revealed they would miss a deadline for Open Banking – but how they implement it is of more concern. Nine banks have been forced to make their data open to third parties – many of them fintech startups [...]
Ex-Barclays trader to pay almost £300,000 for Libor fixing December 19, 2017 A former Barclays trader who was jailed for his role in the rigging of the Libor bank rate must pay almost £300,000 in earnings deemed to be proceeds from the crime. Jay Merchant, who is currently serving five-and-a-half years in prison after being found guilty in July last year, must pay £275,890 in profits along [...]
Five UK banks given Open Banking deadline extension by CMA December 19, 2017 Five UK banks have been given more time by the Competition and Markets Authority (CMA) to comply with Open Banking regulations. Barclays, Royal Bank of Scotland (RBS), HSBC, Santander and Bank of Ireland appealed to the CMA for a delay to the January deadline. Open Banking is a new digital standard that aims to give [...]
Public Register: Investors have published their FTSE naughty list of companies with the angriest shareholders December 19, 2017 This year has been punctuated by shareholder rebellions in businesses from WPP to Persimmon to the boardroom battle currently raging over the ousting of London Stock Exchange boss Xavier Rolet. But now shareholder anger at FTSE bosses’ pay packets has been dragged into the spotlight again, after the Investment Association launched its “naughty list” of [...]
JP Morgan and Barclays are exploring quantum computing technology with IBM December 14, 2017 JP Morgan will begin exploring the potential of quantum computing and how it might be applied to trading strategies, portfolio optimisation, asset pricing, and risk analysis in a new partnership with tech giant IBM. The investment bank is one of two financial institutions, along with Barclays, taking advantage of the commercialisation of quantum technology, which [...]
Aldermore appoints experienced banker Pat Butler as chair to lead under new owners Firstrand December 13, 2017 Aldermore has appointed experienced bank director Pat Butler as the chairman to lead the challenger bank’s board under new owner Firstrand. Butler will join as a non-executive director in the new year before becoming chairman when South Africa’s Firstrand completes its acquisition. A former consultant at McKinsey, Butler currently serves on the boards of Bank [...]
Finally, all UK banks pass the stress tests: is now the time to invest? December 8, 2017 Imagine you emerged blinking from your bunker in the wake of this: interest rates up to 4 per cent the value of the pound down more than a quarter unemployment up almost 10 per cent residential property prices down by a third commercial real estate prices down by two-fifths world and UK GDP down 2.4 [...]
National Audit Office criticises universities for “mis-selling” courses December 8, 2017 The UK’s public spending watchdog has criticised universities for essentially mis-selling courses to students, saying they would be accused of such if they were regulated like financial services. A new report by the National Audit Office (NAO) found only 32 per cent of students in higher education think their course offers value for money, down [...]
HSBC’s second largest shareholder revealed as Chinese insurance giant Ping An December 6, 2017 Chinese insurance giant Ping An today emerged as HSBC’s second-largest shareholder. A regulatory filing revealed Ping An had snapped up a chunk of shares taking it over a regulatory threshold. The insurer increased its interest in Britain’s biggest bank from 4.96 per cent to 5.01 per cent. Ping An’s £7.3bn stake makes it HSBC’s second-largest [...]
Barclays chairman John McFarlane: Moving euro clearing away from London threatens global financial services December 6, 2017 Moving euro clearing away from London could send shockwaves across the global financial community, forcing up transaction costs and causing capital requirements headaches, one of world banking’s most influential voices has warned. Speaking at TheCityUK annual dinner at London’s Plaisterers’ Hall, chairman John McFarlane said Brexit in March 2019 is a reality that needs to [...]