Kicking off: War of words between former boss Bob Mackenzie and car insurance giant AA rolls on May 1, 2018 Former AA boss Bob Mackenzie has found himself in the spotlight once again, following allegations that he hushed up a street fight which left him unable to deliver presentations to major City investors. The legal battle between Mackenzie and the roadside assistance giant ramped up yesterday after court filings of the AA’s defence were revealed [...]
Opinion: Why Gibraltar is a rock solid investment, despite being caught in Brexit’s cross-hairs April 30, 2018 Lesser known than some of its European counterparts, the British overseas territory of Gibraltar has hit the headlines recently. A few weeks ago, the British government guaranteed Gibraltar’s access to UK financial markets until 2020 – with a framework being developed to take it beyond that against the backdrop of Brexit. Earlier in January, Gibraltar’s [...]
The weather outside is frightful: Insurer launches digital weather insurance policy April 30, 2018 Insurer Beazley has launched a digital-only insurance policy aimed at allowing events organisers to protect against extreme weather conditions. The new product, Weather Guard, is aimed at organisers of outdoor events that may be affected by severe weather or retailers insuring weather-related sales promotions. The digital policy can be accessed via a mobile device and [...]
Salisbury spy poisoning exposes insurance gap around chemical and biological attacks April 30, 2018 The head of Pool Re, the government-backed terrorism reinsurance pool, has called for a debate on the insurance industry’s reaction to chemical, biological, radiological and nuclear (CBRN) incidents following the attack on former spy Sergei Skripal and his daughter Yulia in Salisbury last month. A report published today by Pool Re highlighted the risk to [...]
FCA’s guidelines are undervaluing consumers’ PPI claims by billions of pounds, barristers allege | City A.M. April 27, 2018 Barristers from St John’s Buildings are claiming that consumers could be underpaid by billions of pounds if banks follow the financial regulator’s guidance on Payment Protection Insurance (PPI) payouts. The Financial Conduct Authority (FCA) is ignoring legal cases which mean consumers may be owed around £14bn more than under its own guidelines, the barristers have [...]
Toyota launches London startup and starts the hunt for tech talent April 26, 2018 Toyota is launching a new startup in London to develop new transport services it can roll out in Europe, and is on the hunt for a crop of data scientists, engineers and software developers to bring on board. It is aiming to build up expertise in ride-sharing and remote delivery, and start bringing specialised mobility [...]
Fund manager Pimco close to £5bn deal for Bradford & Bingley mortgage book April 24, 2018 The UK government is close to selling a £5bn Bradford & Bingley mortgage book to a major bond fund manager, it has been reported. Bradford & Bingley’s loan book was nationalised in 2008 at the height of the financial crisis. UK Asset Resolution (UKAR), the government body set up to manage nationalised banking assets, could [...]
Lloyd’s of London launches Brussels hiring spree as new EU base takes shape April 24, 2018 Lloyd’s of London today kicked off a search for new staff in Brussels as it prepares for Britain’s exit from the EU. The iconic London insurance market rolled out plans last year to established a new European headquarters in Belgium to mitigate the fall-out from Brexit. Lloyd’s is advertising vacancies for frontline underwriters as well [...]
Philip Hammond says transition deal has ended fears of Brexit-inspired banker exodus April 21, 2018 Philip Hammond has said the UK and the EU’s agreement on a transition deal has ended fears of bankers flocking to the continent post-Brexit. Speaking at the International Monetary’s Fund’s (IMF) spring conference in Washington, the chancellor struck an optimistic note on the continuing attractiveness of the City of London’s financial sector even after Britain [...]
What Facebook’s downfall will mean for the future of fintech April 20, 2018 The year began with headlines predicting the entrance of Facebook and Google into the banking market, following the introduction of new Open Banking rules which forced banks and payment companies to share data with third parties if customers agreed. The changes were meant to boost account switching and improve price comparison, but some speculated that [...]