Death of the deposit: A new type of rental model is emerging, but could it be the next PPI scandal in the making? April 10, 2018 Most renters will be familiar with the drama that surrounds deposits. The average deposit in London is an eye-watering £1,765, according to the Tenancy Deposit Scheme. But saving up hundreds of pounds is only half of the battle. Recouping all of your cash at the end of your tenancy is often a huge headache, and [...]
Bank of England to publish new cyber standards by summer to protect financial system under “almost constant attack” April 9, 2018 Britain’s financial system is “under almost constant cyber attack” according to a top Bank of England official, with the regulator planning to introduce new standards for financial firms’ computer security. Sam Woods, a deputy governor at the Bank, said the the Prudential Regulation Authority (PRA), which he heads, will publish new standards expected of firms. [...]
Financial Conduct Authority cuts back on new initiatives as Brexit prep will cost £30m April 9, 2018 The City watchdog said today it was limiting the number of new initiatives it takes on for the year ahead, saying Brexit is “inevitably the priority” in its business plan published today. The Financial Conduct Authority (FCA) has also set out seven other areas of focus including tackling financial crime and firms’ culture and governance. [...]
Car insurance premiums set to rise in the two years say insurance bosses April 4, 2018 Eight out of 10 insurance bosses in the UK, EU and US predict that motor premiums will rise in the next two years, with 43 percent thinking they will rise by at least 10 per cent. Telematics company The Floow surveyed 280 decision makers at insurance companies and found that those in the UK were [...]
From vicars to City titans: Goldman Sachs, Shell and Barclays among names behind £550m Lloyds legal battle | City A.M. April 4, 2018 Today City A.M. reveals the varied and surprising names behind a massive £550m legal battle with Lloyds over its takeover of HBOS at the height of the financial crisis – and the cast includes major institutions, aristocrats, vicars and politicians. The groups, which includes institutions such as Goldman Sachs, Nomura Asset Management and pension funds [...]
UK businesses financially unprepared for cyber attacks, according to Lloyds Bank April 3, 2018 Only a third of British businesses have a financial plan in place in case of a cyber attack, according to a survey at Lloyds Bank. Meanwhile, only half of companies discuss the risk of cyber attacks at board level. The survey found that, if attacked, over a third of firms would pay a ransom to [...]
Commodity investors: how to hedge your US dollar exposure March 29, 2018 For quite some time now, low interest rates have prompted investors to look for investments with the potential to deliver decent levels of growth. If anything, this desire has intensified in the past year or so as inflation in the UK has picked up. Annual Consumer Price Inflation (CPI) – the measure of price growth [...]
Former Institute of Directors (IoD) boss Simon Walker to lead UK Finance review of small business bank complaints March 29, 2018 The former director general of the Institute of Directors has been tasked with chairing the finance industry’s review into how complaints and dispute procedures are handled for the UK’s small businesses. Simon Walker will lead the review which has commissioned by trade body UK Finance to assess the scale and complexity of banking complaints from [...]
Employee mental health is now a greater concern than physical illnesses for many UK companies March 29, 2018 Mental health is now a board-level priority for the majority of UK businesses, according to a new report by health insurance company Bupa. It is an even bigger issue than physical illnesses for 29 per cent of businesses, and 41 per cent of senior decision makers said they have witnessed more episodes of mental health [...]
Financial Conduct Authority scrutinising Aviva’s aborted plans to cancel £450m worth of preference shares March 28, 2018 The City watchdog is scrutinising Aviva’s proposals to cancel £450m of preference shares, its chief executive has confirmed in a letter to the Treasury Select Committee. In a letter published this morning, Andrew Bailey said the Financial Conduct Authority was carrying out a review to establish “whether there are circumstances that might require an investigation [...]