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 [...]
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 [...]
UK audit reforms and governance to be watered down after business backlash November 9, 2021 The UK’s reform package to overhaul corporate governance and auditing will be “scaled back” following pushback by businesses, according to reports. Officials working on the plans, which are being finalised, are expected to water down some of the proposals, the Financial Times reported. The reform package, which has been touted as the biggest overhaul to [...]
A bird? A plane? It’s time to turn to railways to solve fraught supply chains November 9, 2021 Last month, shipping giant Maersk was forced to divert container ships from Felixstowe because of backlogs caused by the HGV driver shortage. It reignited fierce debates around Brexit, Covid and other woes. But the truth is Britain’s freight infrastructure has long faced such problems – and this was just another symptom of a wider malaise. [...]
9 in 10 Brits are worried that the supply chain crisis is here to stay November 9, 2021 New research reveals that over 90 per cent of Brits are worried that supply chain problems will be ongoing, throwing brand loyalty out the window.
PUP’s decision to withdraw support for Good Friday Agreement sends shockwaves through entire island November 8, 2021 Irish premier Micheal Martin has called on the Progressive Unionist Party (PUP) to reconsider its decision to withdraw support for the Good Friday Agreement. The PUP said unionists should not support the peace deal because the consent principle, which is central to the 1998 accord, has been undermined by Brexit’s Northern Ireland Protocol. Martin said: “I [...]
EU could rip up Brexit trade deal if UK suspends NI Protocol, Simon Coveney warns November 7, 2021 Brussels could rip up the post-Brexit UK-EU trade deal if Boris Johnson suspends the Northern Ireland Protocol, Irish foreign minister Simon Coveney has warned. This would result in an effective no-deal Brexit as trade barriers would be immediately erected between the UK and the EU. Coveney today said the Brexit Withdrawal agreement, which contains the [...]
Brexit: UK drawing up plans to deny EU £15bn if there is no NI settlement : CityAM November 7, 2021 The UK is preparing to withdraw from major EU research programmes and deny Brussels £15bn if the row over the Northern Ireland Protocol is not resolved. The government is looking at alternatives to the EU’s Horizon Europe, Copernicus and Euratom programmes, which Brussels has blocked the UK from joining despite assurances in the post-Brexit divorce [...]
Brexit: UK to deny EU £15bn of funding if there is no Northern Ireland settlement November 7, 2021 The UK is preparing to withdraw from major EU research programmes and deny Brussels £15bn if the row over the Northern Ireland Protocol is not resolved. The government is looking at alternatives to the EU’s Horizon Europe, Copernicus and Euratom programmes, which Brussels has blocked the UK from joining despite assurances in the post-Brexit divorce [...]