HSBC poised to sell French retail network to US private equity subsidiary March 17, 2021 HSBC is poised to sell its French retail network to a subsidiary of US private equity firm Cerberus. Yesterday HSBC France chief executive Jean Beunardeau told employees the firm had decided to progress discussions with the subsidiary, though “discussions are still ongoing and are expected to be for some weeks,” the Financial Times reported. Beunardeau [...]
Female representation in finance improves despite pandemic March 17, 2021 Five years since the launch of a review into female representation in finance, the vast majority of firms have reached or are on track to meet their targets according to new research. The Treasury launched its Women in Finance Charter after a review led by Dame Jayne-Anne Gadhia in 2016 which called on firms to [...]
Aviva boss Amanda Blanc appointed Women in Finance Champion March 17, 2021 Amanda Blanc, chief executive of Aviva, has been appointed the Treasury’s Women in Finance champion. She succeeds Dame Jayne-Anne Gadhia, former chief executive of Virgin Money, who led the 2016 review into the representation of women in the industry. The Treasury launched its Women in Finance Charter after the review and it now has over [...]
Visa plans to increase online interchange fees for UK customers buying from EU firms March 16, 2021 Visa – the UK’s biggest debit card provider – is reportedly planning to increase fees on purchases made by British customers from most of Europe. The payments giant is preparing to inform its 4,000 clients that the interchange fees will be hiked to 1.5 per cent for online credit card payments, Sky News reported. Meanwhile, [...]
City minister calls for ‘responsible capitalism’ in financial services sector March 16, 2021 The UK’s financial services sector should move toward a more “responsible” form of capitalism that takes into account a broader ranger of interests and not just shareholders, according to City minister John Glen. Glen wrote today that the Square Mile was “ideally placed to showcase this responsible capitalism” through, but that firms should “reject some [...]
On-demand pay: is it here to stay? March 16, 2021 | City Talk Millions around the globe depend on regular salaries and plan their budgets based on paydays. But the lockdown has made personal budgeting much more challenging. Many workers have lost their job and many others are now working remotely. Compounding near universal worries about future and immediate financial security are the added stress and logistical challenges [...]
Sadiq Khan calls for more government engagement on financial services post-Brexit March 15, 2021 Sadiq Khan has called for the government to provide greater clarity for Canada post-Brexit, with the mayor telling Rishi Sunak to “address the concerns of London’s financial and professional services sector”. Khan wrote to the chancellor today to call for the government to secure equivalence for the financial services sector, in order [...]
Provident Financial reveals watchdog probe of home credit division March 15, 2021 Doorstep lender Provident Financial has today revealed that it is being investigated by the Financial Conduct Authority (FCA) over its home credit business. The probe will focus on “consideration of affordability and sustainability of lending to customers” at the division between February 2020 and February 2021. Provident said that it was aware of the need [...]
Andrew Bailey under pressure over link to RBS scandal March 15, 2021 Bank of England Governor Andrew Bailey is under fire after it emerged that he played a role in designing a scheme that left thousands of small businesses in ruin after the financial crisis. Bailey was one of those who helped the Treasury design its Asset Protection Agency, which pressured lender RBS (now Natwest) to withdraw [...]
Central banks must play ‘clear role’ in greening financial system, argues think tank March 15, 2021 Central Banks, including the Bank of England, must have a strategy for helping countries achieve net zero emissions, according to a report published today. The report, funded by the European Climate Foundation, argues that achieving a net zero economy is the best way of minimising the risks of climate change. It calls for central banks [...]