Those who fear automation will be its only casualties August 11, 2017 Whatever can be automated, should be. And regardless of whether it should, it will be. Automation has been a persistent economic force since the first industrial revolution, and an essential feature of any competitive business. The use of machines and other forms of automation to boost productivity is a major factor behind the rapid global [...]
TP Icap reveals 175 job cuts as it turns its attention to “integration and synergy targets” August 8, 2017 The world’s largest interdealer broker TP Icap announced this morning it has cut 175 jobs in the first half of the year. Tullett Prebon took on around 1,500 brokers when it swallowed Icap’s global broking division to form TP Icap in December. The merger was subject to scrutiny by both the Financial Conduct Authority (FCA) [...]
Open Banking’s a step closer with these 20 fintech startups, but the clock is ticking on the CMA’s deadline July 19, 2017 The UK’s progress toward making banking more open has taken another step forward after 20 fintechs were chosen to test out a new way of sharing banking information for the benefit customers. A call for startups was put out as part of the competition watchdog’s ambitious plans to disrupt the big four banks’ hold on [...]
Financial Conduct Authority (FCA) proposes to clear the way for London Saudi Aramco listing with new rules July 13, 2017 The UK’s financial watchdog has proposed new rules to make it easier for sovereign state-owned companies like oil giant Saudi Aramco to list their shares in London. The Financial Conduct Authority (FCA) today launched a consultation on a new premium listing category that will exempt certain companies from rules on related party transactions and controlling [...]
Financial Conduct Authority (FCA) asset management report on the £7 trillion asset management industry could sideline active funds June 28, 2017 A push by the Financial Conduct Authority (FCA) to reform the UK’s £7 trillion asset management industry has garnered a mixed reception, with some predicting that the shake-up could drive certain managers out of the market. Designed to increase transparency and lower costs for investors, the FCA’s 112-page report published today included recommendations that fund [...]
Financial Conduct Authority (FCA) asset management market shake-up: How the City has reacted – Aberdeen Asset Management, Gina Miller, AJ Bell June 28, 2017 The financial watchdog has announced its plans to reform the asset management market, after carrying out a review of the £7 trillion industry over the past two years. The Financial Conduct Authority (FCA) launched a competition investigation into the sector in 2015, and today the regulator made recommendations for remedies in three areas to address [...]
Lloyds Bank completes £1.9bn MBNA credit card deal to “strengthen” position in the UK June 1, 2017 Lloyds Bank today completed its £1.9bn takeover of credit card firm MBNA from Bank of America. The deal to buy MBNA is the first transaction by Lloyds since the financial crisis. The last major transaction by Lloyds was its ill-fated purchase of HBOS in 2008. The UK government sold its final shareholding in Lloyds last [...]
One year until The EU General Data Protection Regulation: The business world speaks out about the biggest ever overhaul of data legislation May 25, 2017 Exactly one year from today, “the most lobbied piece of legislation in history” – the EU’s General Data Protection Regulation (GDPR) – will be enacted, radically overhauling the relationship businesses have with personal data through a raft of new obligations and consumer rights. The way firms collect, store, process and protect the personal information of [...]
Energy price cap: Here’s how the City is reacting to the Conservative plan to cap energy prices May 9, 2017 Yesterday, Prime Minister Theresa May promised the Conservative party will put a cap on energy prices if it holds a majority after the election. The decision has caused an eruption of opinions from energy bosses, consumer groups and business firms. Here’s what they’re saying… “Poorly justified political meddling” The Institute of Economic Affairs said the [...]
How to make Brexit the insurance industry’s next big opportunity May 5, 2017 Singapore, Qatar, Dubai and Bermuda. Forget worrying about British-based businesses moving to EU capitals – these are the jurisdictions with which we must compete if our vital insurance industry is to thrive. Over the next two years, there is a risk that so much energy will be expended on Brexit negotiations that we will neglect [...]