FCA outlines plans to spot fraud and ‘poor behaviour’ faster after LCF debacle July 15, 2021 The Financial Conduct Authority (FCA) said this morning it plans to invest £120m in improving its data capabilities over the next three years to crack down on fraud and misconduct. The UK’s financial watchdog outlined plans to overhaul its practices and vowed to be faster at spotting fraud and poor behaviour by banks. These include [...]
Job vacancies rise above pre-pandemic levels after lockdown measures eased July 15, 2021 UK job vacancies rose to above pre-pandemic levels for the first time in 15 months, as average wages showed signs of growth. New data from the Office for National Statistics (ONS) showed 862,000 job vacancies in April to June this year. The figure is almost 10 per cent higher than January to March before the [...]
Revolut becomes UK’s most valuable fintech after bumper funding round July 15, 2021 Challenger bank Revolut has become the UK’s most valuable fintech company after seeing its valuation surge to $33bn (£24bn) following a fresh funding round. The British fintech favourite has secured $800m in new funding in a round led by Softbank’s Vision Fund and Tiger Global Management. It makes Revolut one of the most valuable fintechs [...]
Business groups blast government’s back-to-work guidance for lack of clarity July 15, 2021 Business leaders in the UK have slammed yesterday’s renewed government back-to-work guidance for its mixed messages that have “done little to dispel confusion” over returning to the office. BEIS officials published new guidance yesterday – a day later than expected – that called for a “gradual return” to the office from 19 July, as the [...]
UK unemployment rate falls as lockdown easing drives up hiring July 15, 2021 The UK unemployment rate dropped in the latest quarter as the easing of coronavirus restrictions continues to spark a gradual economic recovery. Between March and May the unemployment rate fell 0.2 percentage points to 4.8 per cent, while the employment rate was up 0.1 percentage point at 74.8 per cent. “As we approach the final [...]
Government calls for ‘gradual return’ to offices over summer after 19 July July 14, 2021 The government has today suggested workers go back to the office gradually after 19 July as Covid cases are expected to keep rising. The government’s advice for employers includes calls for workers to reduce the number of people they have contact with, the use of face masks in some situations and ventilation checks in offices. [...]
JP Morgan to lift pandemic office capacity caps in London July 14, 2021 JP Morgan will soon lift its 50 per cent capacity cap for its Canary Wharf office as pandemic restrictions are lifted next week. Employees will still be required to wear masks in common areas and complete health checks, as reported by Financial News. The US investment bank’s return-to-office task force said in an internal memo: [...]
Bosses blast ‘mixed messages’ as back-to-work rules delayed July 14, 2021 The bosses of some of Britain’s top businesses have hit out at the government as ministers delayed the publication of new rules on returning to the office. Officials at the Department for Business, Energy & Industrial Strategy failed to set out guidance on best practice for employers and workers yesterday despite previously suggesting they would [...]
Brexit: EU unlikely to throw doors open to UK financial services, says Bailey July 13, 2021 Andrew Bailey, Governor of the Bank of England, said on Tuesday he does not expect the EU to open the doors to UK financial services exports following Brexit. “On equivalence, I think it’s fair to say that nothing really has moved forwards” Bailey told a news conference today. Brussels has yet to decide whether rules governing the [...]
David Cameron earned more than $1m a year as Greensill lobbyist July 13, 2021 Collapsed finance group Greensill Capital paid the former Prime Minister a salary of more than $1m (£722,000) a year to lobby government ministers and officials on behalf of the firm. Cameron was contracted to work 25 days a year as an adviser to the board, meaning his daily take home earnings amounted to more than [...]