British firms face ‘debanking’ for trading with Ukraine, business leaders warn August 16, 2023 UK businesses reportedly face being ‘debanked’ over trading relationships with Ukraine, business leaders have warned. Firms are increasingly “afraid to trade with Ukraine from the UK” due to the risk of having their accounts forcibly closed by overly risk-averse financial institutions, it has been claimed. According to Politico, both the British-Ukrainian Business Council (BUBC) and [...]
FTSE 100 live: London flat after inflation fall as Admiral and Aviva lead gains August 16, 2023 The FTSE 100 started Tuesday flat with investors still worried about a further rate hike by the Bank of England despite a drop in inflation. The capital’s premier blue-chip index opened low, fluctuating between 0 and 0.01 per cent in the first hour of trading, sitting at 7,388.08 by 09.45. Headline inflation dropped to 6.8 [...]
Natwest gets slap on the wrist after flouting customer service rules August 15, 2023 Natwest and the Co-Operative Bank have been given a slap on the wrist by the competition watchdog today after potentially misleading customers over the quality of service they were receiving. In letters to the two banks today, the Competition and Markets Authority said Natwest and Co-Op Bank had both breached part three of the Retail [...]
Financial watchdog to ask MPs about debanking experiences August 15, 2023 British politicians are to be asked to reveal whether they have encountered problems or faced being “debanked”, as part of an inquiry by the UK’s financial watchdog. The Financial Conduct Authority (FCA) said it is looking into the rules surrounding politically exposed persons (PEPs), which includes MPs. The regime was thrust into the spotlight after [...]
Open banking should expand ‘systematically’ as fintech criticises ‘data protectionism’ of big banks August 14, 2023 Regulators should expand open banking rules “systematically” in order to save customers thousands of pounds across a variety of different financial products, experts told City AM. With stakeholders consulting on the next stages of open banking, many in the sector have suggested regulators need to be bold in expanding data sharing rules into new financial [...]
London growth continues to outpace every other region amid interest rate pain August 14, 2023 London’s economy has continued to outpace the rest of the country even as rising interest rates and recessionary fears drag on confidence across the UK, a closely watched survey has revealed.
FTSE 100 close: London markets close in the green after US inflation print August 10, 2023 London’s markets ended higher as investors were boosted by data which suggested the US had got a firm grip on its inflation problem. The FTSE 100 index ended 0.4 per cent higher up to 7,616.38 while the mid-cap FTSE 250 index climbed 0.3 per cent to 18,986.76. Although US inflation increased slightly for the first [...]
From Costa and Coutts to Bud Light, business can’t keep out of our politics August 10, 2023 Business can't hide from politics anymore: younger customers and employees care about social issues. Companies, from Coutts to Costa, need to learn how to strike a balance, writes Ryan Shorthouse
FTSE 100 close: London markets rise despite Chinese deflation August 9, 2023 London’s markets closed higher on Wednesday as a toning down of Italy’s windfall tax on banks calmed investors despite more negative news from China. The FTSE 100 closed 0.80 per cent higher at 7,587.30 while the midcap FTSE 250, which is more aligned with the health of the domestic economy, ended 0.51 per cent higher [...]
Treasury Minister says businesses have woke ‘checklist’ – and tells them to stay out of politics August 7, 2023 A SENIOR Treasury minister has said he is “uncomfortable” with businesses “appropriating the views of their customers to make a political point” in a broadside against corporate woke culture. John Glen told the think-tank Bright Blue’s Centre Write magazine that “the mainstream majority of this country want businesses to provide value for money and quality [...]