No deal ‘more likely than ever’ says EU as Theresa May is given another chance to sell her Brexit plan October 15, 2018 Theresa May will be given one final chance to sell her Brexit plan to the EU on Wednesday – with a warning from Brussels that no deal is “more likely than ever before”. European Council president Donald Tusk has invited the Prime Minister to address her EU counterparts in a bid to persuade them to [...]
Theresa May refuses to set end date for when the UK will leave the EU customs union October 15, 2018 Theresa May today repeatedly refused to guarantee when the UK would stop being part of the EU’s customs union if a trade deal wasn’t completed by December 2020. Speaking to MPs 24 hours after Brexit talks seemed to breakdown in Brussels, the Prime Minister was asked to set a date for when her so-called ‘backstop’ [...]
Bank of England: Insurers and banks must manage the financial risks of climate change October 15, 2018 The Bank of England has urged banks and insurers to improve its mitigation of the financial risks of climate change. Financial institutions will also be asked to disclose how it will manage those risks as well as explore potential scenarios for the future in new measures put forward today. The BoE’s Prudential Regulation Authority (PRA) [...]
Moneysupermarket boosts revenue despite falling insurance premiums October 12, 2018 Price comparison website Moneysupermarket has reported an increase in revenue in its latest trading update, despite falling insurance premiums. Insurance revenues grew by two per cent to 48.7m, while revenues in its money division jumped seven per cent to 21.8 per cent in the three months to the end of September. Read more: Insurance giant makes a [...]
Blackrock wins £30bn investment contract from Scottish Widows as owner Lloyds walks away from Standard Life Aberdeen October 12, 2018 Blackrock today won a £30bn investment contract in Lloyds Banking Group-owned Scottish Widows. The asset manager will invest the pension company’s funds in index strategies while also seeking to establish a strategic partnership to collaborate in risk management, alternative asset classes and innovative investment technology, Lloyds said. The money forms part of a £110bn pot [...]
Asset management firm Man Group announces boosted inflows and opens Jersey holding company October 12, 2018 Man Group, the worlds largest listed asset management firm, has reported an increase in funds under management in a trading update today. The fund saw net inflows of $0.4bn (£0.3bn) in the three months to the end of 30 September, it announced today, as it also revealed its intention to open a new group holding company in Jersey. [...]
Brexit means nearly 1,000 pages of Brexit from the Financial Conduct Authority October 10, 2018 The City watchdog today made moves to make Brexit mean Brexit in its rules, publishing two enormous papers detailing changes to regulation in case of a no-deal Brexit. The Financial Conduct Authority published a 781-page doorstopper consultation on changes to its handbook and the EU’s binding technical standards (BTS), alongside a comparatively slim 150-page consultation [...]
Insurer Beazley becomes second tenant in City skyscraper Twentytwo October 10, 2018 The City's tallest skyscraper has landed its second major tenant – specialist insurer Beazley – in a sign of the bumper year for insurance take-up in the Square Mile. City A.M. can reveal the FTSE 250 insurer is set to take 50,000 square feet (sq ft) over two floors at 22 Bishopsgate when construction is finished [...]
London workers are more at risk for mental health issues than in other cities, and most don’t tell their bosses, study finds October 10, 2018 Nearly half of workers in London suffer from mental health problems in the office, and most do not tell their bosses, a new study from health startup Mynurva has found. Employees fear telling people about problems could get in the way of their career, or damage relationships with co-workers. The study of 2,000 adults found [...]
Bank of England steps up Brexit derivatives warnings in plea for EU to take action October 9, 2018 The Bank of England has doubled down on its call to the EU to put measures in place to allow European banks to access UK-based clearing houses after Brexit, avoiding financial market chaos which could damage firms across the continent. City lobby groups echoed the Bank's plea, urging the EU to stop using clearing as a [...]