HSBC lifts savings rates after government pressure June 29, 2023 HSBC UK and First Direct have unveiled plans to boost savings rates. Customers with HSBC UK accounts will see some savings interest rates increase from Friday 30 June, alongside a change to increase the higher-paying tier on the bank’s online bonus saver account. Those with an online bonus saver will be able to earn four [...]
Bank of England’s PRA sets out new post Brexit Solvency UK details in bid to unlock investment June 29, 2023 Britain’s main financial watchdog has set out a raft of changes to the EU’s Solvency II regime to improve the competitiveness of the UK insurance market and unlock investment in the economy. In an announcement this morning, the Prudential Regulation Authority (PRA) provided more detail on how it will make adapt the EU’s Solvency II [...]
New CMA bill could undermine UK’s tech superpower ambitions, CPS report warns June 29, 2023 The government should scrap its new Digital Markets, Competitions and Consumers (DMCC) bill because it is already too old, the Centre for Policy Studies (CPS) has warned today. The report, titled ‘The Unregulated Regulator’, alleges that dynamic digital markets have “outpaced” the new legislation. What’s more, it would weaken investment and grant the CMA “extensive [...]
Mark Kleinman on banks, Ocado and London’s IPO market June 29, 2023 Mark Kleinman is City editor at Sky News Politics could push ministers to punish banks This is a cost of living crisis, not a banking crisis: if I had a fiver for every time a senior bank executive had said that to me over the last 18 months, I’d never need another mortgage of my [...]
Hunt unveils measures to ensure customers get fair pricing June 28, 2023 Chancellor Jeremy Hunt has drafted an action plan with authorities to ensure customers are being facing fair prices during the cost of living crisis. Hunt sat down with the Competition and Markets Authority (CMA), and the regulators for the energy, water and communications sectors, early on Wednesday 28 June at 11 Downing Street. He was [...]
FCA risks ‘watering down’ investor protection in bid to revive London, 10 top pension funds warn June 28, 2023 The Financial Conduct Authority risks “watering down” investor protections in its push to revive the appeal of London’s markets, a group of top pension has claimed today.
Teasing supermarket execs won’t stop inflation, it’s suppliers we need to grill June 28, 2023 Supermarket bosses are an easy shot, but its suppliers making profits which would dwarf those of Tesco or Sainsbury's.
What we were able to change with the Financial Services and Markets Bill – part two June 27, 2023 Part two on the changes that have been made to the Financial Services and Markets Bill focuses on regulator accountability.
Supermarkets behaving badly: Asda and Morrisons bosses back ‘transparent’ fuel pricing model June 27, 2023 Supermarkets bosses have been grilled by MPs on prices at the pump and agreed to consider entering into a fuel model which would give more transparency. The government has been mulling a scheme whereby petrol stations would have to share live prices in efforts to bring more price transparency for drivers – a similar system [...]
Pressure on supermarkets to lower prices sends food inflation to new low June 27, 2023 Supermarkets slashing the prices of kitchen staples such as bread, milk and cheese has helped ease food inflation in a welcome boost for shoppers. Food inflation fell to 14.6 per cent in June, down from 15.4 per cent in May, according to figures from the British Retail Consortium (BRC). The decline marks the second consecutive monthly [...]