Focus On Pimlico: Twenty per cent cheaper than its neighbours and still central, house prices are increasing in SW1P November 23, 2017 Pimlico must be pretty quiet at the weekends. It’s been London’s pied a terre hotspot since the mid-Noughties, meaning many of its inhabitants escape the area for their country retreats every Friday night. “A third of homes sold in SW1V so far this year have been bought by a second home owner, more than anywhere [...]
London businesses suffer the highest level of employee frauds in the UK September 18, 2017 British businesses lost at least £40m last year from frauds perpetrated by their own employees, with London accounting for the largest chunk by far, new data published today has revealed. Losses from employee fraud were highest in the Greater London area covered by the Metropolitan Police, at £7m in 2016/17, according to government figures obtained [...]
Moody’s says UK banks don’t need EU passporting rights September 19, 2016 Leaving the EU Single Market and losing passporting rights would be far from a disaster for the City of London, leading analysts at Moody's have found. The new research comes amid ongoing wrangling between the UK and Europe, between government ministers and across different industries all competing to put their views about what deal Theresa May should [...]
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 [...]
The Labour danger: Pricing in the possibility of a Corbyn-led government December 12, 2017 It has been 18 months filled with political surprises, and at a time when nothing seems to be off the cards, the possibility of a Corbyn-led government perhaps isn’t as farfetched as some of us imagined. While many businesspeople are praying this never comes to light, it’s still a risk that can’t be ignored. [...]
Three charts that suggest banks are stronger now than before Northern Rock October 10, 2017 September marked the 10th anniversary of the moment most people had their first inkling all was not completely well with the global financial system. On 13 September 2007, word began to spread that Northern Rock had asked for emergency funding from the Bank of England in its capacity as "lender of last resort", thus prompting [...]
Hurricane Irma slams into Florida as losses could soar to $200bn September 11, 2017 More than 6m people have been ordered to evacuate and over 2.4m homes and businesses were left without power as Hurricane Irma battered Florida’s west coast yesterday. The storm lashed the so-called sunshine state with sustained winds of 130mph, leaving at least three people dead. The hurricane struck Miami with huge force, causing widespread flooding [...]
What Brexit means for London’s insurance industry June 24, 2016 The UK's decision to leave the EU might not immediately cause serious damage to London's reputation in the insurance industry, but the result does raise serious questions around regulation and access to the wider market. In a statement released shortly after the result of the vote was revealed, Lloyd’s chairman John Nelson said that he was "confident" [...]
Hiscox just stole the man from the Pru as it announces Aki Hussain as its new chief financial officer April 22, 2016 Hiscox, the FTSE 250 and Lloyd's of London insurer, has appointed Aki Hussain as its new chief financial officer (CFO) this morning – poaching the chartered accountant from rivals Prudential. Hussain spent seven years at the Pru after starting his career with big four accounting firm, KPMG, and will be responsible for developing Hiscox's financial products and overseeing its [...]
Hurry up: Bank regulator warns tight deadline for ring-fencing poses big risks for British banks June 16, 2017 British banks rushing to carry out capital ring-fencing have little room for error, with big risks of disruptions for customers, according to a senior regulator. There is a “high degree of delivery risk” involved in bringing the plans into place, according to James Proudman, an executive director at the Prudential Regulation Authority (PRA) in charge [...]