Global bank fines from financial crisis aftermath could top $400bn by 2020 says report September 27, 2017 Fines for misconduct levied on the biggest banks since the financial crisis by US and EU regulators could top $400bn (£298bn) by 2020, according to a report published today. Authorities in the US and EU have forced the world’s 50 largest banks to pay up $342bn since 2009, according to analysis by consultants Quinlan and [...]
Competition regulator launches probe into Comparethemarket home insurance pricing September 26, 2017 Britain’s competition watchdog has launched an investigation into price comparison website Comparethemarket over allegedly unfairly priced home insurance deals. The Competition and Markets Authority (CMA) revealed details of the probe as part of its findings following a year-long in-depth investigation into online comparison websites. Watchdog concerns centre on “most favoured nation clauses”, exclusive deals agreed [...]
The AA share price falls despite the firm appointing Simon Breakwell as chief executive after departure of chairman Bob Mackenzie | City A.M. September 26, 2017 Shares in the AA dropped over eight per cent this morning, despite the firm announcing the appointment of a new permanent chief executive after the tense departure of executive chairman Bob Mackenzie in August. Shares dropped more than eight per cent at the time of writing to 153.80p, as the firm also said today that [...]
Former Conservative politician Andrew Tyrie urged to stand for top job at City watchdog September 25, 2017 Senior figures in the financial services sector are attempting to persuade the former chairman of parliament’s Treasury Select Committee to apply for a top job at the Financial Conduct Authority, according to Sky News. Andrew Tyrie, who was previously Conservative MP for Chichester for 20 consecutive years until he stepped down in April, has reportedly [...]
Financial services firms expect to step up the pace of hiring over the next quarter September 25, 2017 Financial services firms are expected to up the pace of hiring towards the end of the year, according to the latest Financial Services Survey from PwC and the Confederation of British Industry (CBI). Headcount is predicted to be stable in banks and fall in building societies, but increase in all other sectors. Firms are also [...]
Insurance professionals call for change in firms’ culture to boost diversity September 25, 2017 Professionals in the insurance industry believe workplace culture needs to change to attract and retain top talent, according to a new survey from insurance diversity festival Dive In. Almost three quarters, or 71 per cent, of insurance professionals surveyed from around the globe said that the environment in firms must become more inclusive. The UK [...]
Fintech is saving UK businesses £4.6bn as nearly two thirds adopt financial technology solutions, according to a MarketInvoice survey September 25, 2017 Nearly two-thirds of UK businesses are adopting financial technology (fintech) and making significant savings as a result, according to a survey conducted by business finance firm MarketInvoice. The survey found 65 per cent of 3,482 UK businesses have adopted at least one fintech solution, with 19 per cent making use of four services. These fintech [...]
The world’s first ever insurtech IPO has raised $1.5bn September 22, 2017 The world’s first float of an insurance technology (insurtech) firm has raised US $1.5bn (£1.1bn). Monday’s IPO of ZhongAn Online Property & Casualty Insurance has been priced at the top of its indicated range at HK $59.70, sources told the Financial Times. The public offering of the online-only group marks the world’s first float of [...]
Former spy chief takes up top role on cyber security at insurer Hiscox September 20, 2017 Specialist insurer Hiscox, a Lloyd’s of London underwriter, has appointed a former GCHQ director as its special advisor on cyber security. Robert Hannigan was credited with developing the UK’s first cyber security strategy, and with setting up the National Cyber Security Centre as part of the intelligence and security agency GCHQ in 2016. He also [...]
What does owning a share of freehold mean? Property legal Q&A September 14, 2017 Q: I am buying a flat with “a share of freehold”. There are six leaseholders who have set up a company to own the freehold. Will I own a freehold flat? The answer is no – you will not own a freehold flat. You buy the flat subject to the lease, which will contain obligations [...]