The Great Fire of London made the city an insurance hub – here’s what we need to do to maintain that status September 2, 2016 This week we’re marking the anniversary of one of London’s defining events: the Great Fire of London, which ravaged the city at the start of September 1666. It was started by nothing more than a fire from an overheated oven at a baker’s shop near London Bridge. The damage was immense. The Association of British [...]
London tech startup and Visa partner on blockchain – and want banks’ help September 1, 2016 A London-based blockchain startup has partnered with pay giant Visa and will start testing the technology to make cross-border payments. It's the latest collaboration between an established financial services firm and a startup to experiment with the distributed ledger technology which experts believe could reduce costs and speed up transactions. Read more: These big banks are [...]
Uber wins judicial review of English tests for drivers and other new rules September 1, 2016 Uber has succeeded in the first stage of its legal challenge against new rules on English language tests for drivers in London after the high court today approved a judicial review. The billion dollar startup argues the English exam, which it claims is tougher than the test for British citizenship, is discriminatory and contravenes the Equality Act. City A.M. exclusively revealed in August that [...]
What does the future hold for mutant equity crowdfunding? September 1, 2016 For the first time since the industry emerged in 2011, according to Beauhurst data, the number of successful equity crowdfunding campaigns fell in the first half of this year. It is therefore an appropriate moment to reassess what the sector’s future may look like. Equity crowdfunding platforms have a simple business model: they enable companies to raise [...]
Britain’s pension deficits grew by £100bn in August alone September 1, 2016 Britain's companies were urged to think of plugging pension holes as “part of the furniture” of financial planning after new research showed that deficits grew by a staggering £100bn during August. The PwC Skyval index, which covers 6,000 British defined benefit pension schemes, revealed that aggregate deficits had widened to £710bn by the end of August. [...]
Don’t overreact to vast pension scheme deficits: We need a new normal for how they’re measured September 1, 2016 Pension schemes are faced with serious challenges following the EU referendum result and the Bank of England’s recent stimulus package. Both events have driven down long-term gilt yields. As a result, for defined benefit pension schemes valuing their liabilities using gilt discount rates, deficits continue to grow. Our Skyval Index shows that deficits have increased [...]
A major insurance firm just joined this blockchain consortium August 31, 2016 The blockchain consortium R3 has signed up yet another new member, this time the major US insurance firm MetLife. The addition brings the number of members to more than 60 and it joins the likes of the biggest banks such as Barclays, HSBC and Goldman Sachs. The insurer will work with the other financial services [...]
Three at 3: The three stories you need to read right now August 31, 2016 We’re officially halfway through the working week – to celebrate, we’ve put together the top three stories of the day in bite-sized form, just to make your life that bit easier. Time for a coffee break? Check out our three at three. London is burning, again. A 120 metre-long sculpture of London’s 17th-century skyline will [...]
Standard Life on the hunt for a Brexit guide to add to its public affairs knowledge August 31, 2016 Those with a head for Brexit-related red tape might want to dust off their CVs, as insurance and pensions company Standard Life is looking out for somebody to help guide it through the referendum fallout. The new hire will report to Graeme McEwan, chief communications officer, and will help advise the FTSE 100 firm on policy [...]
Great Fire of London 350th anniversary celebrations: What you need to know about the burning of a huge sculpture of London’s skyline August 31, 2016 This week marks the 350th anniversary of the Great Fire of London, and to commemorate it, a 120 metre-long sculpture of London’s 17th-century skyline will be set alight on the Thames. To make sure you don’t miss out on the spectacle, entitled London 1666, here’s our guide to watching. Where The sculpture will be ceremonially [...]