Bank of England delays cyber stress test as it focuses on Brexit December 5, 2018 The Bank of England (BoE) will delay work on a cyber stress test for banks as it focuses on Brexit preparations, according to minutes published today. The BoE’s financial policy committee (FPC) said it will put off a scheme to test how banks react to cyber attacks, which was due to launch early next year. [...]
City watchdog taken to court over failure to act in Royal Bank of Scotland GRG scandal December 5, 2018 A Scottish businessman is taking City watchdog the Financial Conduct Authority (FCA) to court over its role in the investigation into the Royal Bank of Scotland’s restructuring unit. According to court documents, frequent RBS critic Neil Mitchell has filed an application for a judicial review of the FCA’s decision not to sanction anyone from RBS’s [...]
Deutsche Bank shares hit rock-bottom in the wake of police raids December 5, 2018 Deutsche Bank shares dropped to an all-time low this morning before rallying, amid an investigation into possible money laundering. Shares dropped 2.4 per cent to €7.90 (£7.03) as trading opened today, the second time they have dropped below €8 after Friday, when prosecutors raided the lender’s offices for a second day. Police were looking for [...]
Broker Numis takes 17 per cent profit hit after boosting headcount December 5, 2018 Broker Numis has today announced profit before tax for the year ended 30 September dropped 17 per cent to £38.3m. Numis said an investment in staff that led to a 16.2 per cent increase in headcount as well as increased technology cost and costs incurred applying with the new Mifid II regulations had dented profits, [...]
Brexit mess makes Britain ‘hot heads’ of Europe, says City’s policy boss December 4, 2018 Britain’s mishandling of Brexit has made it the new “hot heads” of Europe and damaged its financial services industry, according the Canada’s policy boss. Catherine McGuinness said the uncertainty surrounding Brexit has damaged the country’s reputation and will take time to rebuild. “We do travel the world quite extensively and I do [...]
Thames Water five-year, £1.4bn loan agreement gives incentives for going green December 4, 2018 Thames Water today announced it has signed a £1.4bn revolving credit facility which links interest rates to the company’s success in meeting its environmental responsibility targets for the next five years. In a move designed to rebuild public trust in the company after a series of scandals including a £20m fine last year for pumping [...]
Zopa to launch digital banking service, becoming latest group to take the fight to traditional high street banks December 4, 2018 Peer-to-peer lender Zopa is to follow through on continued hints that it would launch a bank, this morning announcing that it had acquired a license to do so. The company said it will roll out a range of new banking products next year, including fixed term savings accounts, credit cards and a money management app, [...]
The City is the goose that lays the golden eggs December 3, 2018 The Financial Conduct Authority has taken its boldest step yet into the debate about banks' Brexit contingency plans. In a letter to lenders the City watchdog warned that it will not accept “steps being taken which could expose clients or markets to unacceptable risks.” Specifically, the FCA warns that they will intervene if they suspect [...]
London Stock Exchange eyes Experian boss as new chairman December 3, 2018 The chairman of credit reporting company Experian is tipped to become the next head of the London Stock Exchange (LSE). Don Robert, who is a member of Court at the Bank of England, is the frontrunner to succeed the LSE’s outgoing chairman Donald Brydon, according to Sky News. Discussions between Robert and the LSE’s board [...]
Regulator the Financial Conduct Authority warns banks about moving business away from the UK because of Brexit December 3, 2018 Regulator the Financial Conduct Authority has written to banks warning them about moving business away from the UK because of Brexit. Banks have been opening European subsidiaries and moving staff to locations that will remain inside the EU post-Brexit such as Amsterdam, Frankfurt and Dublin to ensure they are able to service customers after the UK [...]