COVID-19 and the economic impact on UK businesses July 23, 2021 The COVID-19 pandemic has left a lot of business struggling, but how bad is the overall outlook for them? We’ve spoken to Michelle Elliot CA, partner at FRP based in Glasgow, about whether we can expect a tsunami of insolvencies or if UK businesses are coping better than expected. Michelle is a Chartered Accountant and [...]
Gresham House continues momentum as income and AUM rise September 17, 2020 Gresham House reported its tenth consecutive half-year increase in AUM despite a challenging backdrop as it looked to sustainable investment. The figures Assets under management (AUM) grew 16.7 per cent to £3.3bn in the first half of the year. Core income increased 33 per cent while adjusted operating profit grew 15.5 per cent to £5.2m. [...]
UK banks lend £15bn through coronavirus loan schemes May 12, 2020 The chancellor Rishi Sunak today said the UK banking and finance industry has provided almost £15bn to almost 304,000 businesses through three government-backed coronavirus loan schemes. In the week since the bounce back loan scheme (BBLS) launched, £8.4bn has been approved to 268,173 businesses – an average of 38,000 loans a day. Lenders have provided [...]
Financial Conduct Authority to crack down on insurers’ loyalty penalty September 22, 2020 Loyal customers should not pay more for home or motor insurance than new clients, the Financial Conduct Authority has said, as it promises reforms in the sector. The FCA said the changes could save consumers up to £3.7bn over the next 10 years. The new rules would apply to any customer buying or renewing a [...]
Boris Johnson doubles support for self-employed during new lockdown November 2, 2020 Prime Minister Boris Johnson has announced a doubling of support for the self-employed during England’s new coronavirus lockdown and an extension of the deadline for government-backed business loans. Johnson addressed the House of Commons this afternoon after announcing a month-long lockdown on Saturday. MPs will vote on the new measures on Wednesday, with both Labour [...]
London bar group Enhanced Hospitality claims 650 jobs at risk over insurer’s refusal to pay May 15, 2020 London bar and restaurant chain Enhanced Hospitality has launched legal action against Allianz, claiming that its failure to pay out under business interruption insurance has put 650 jobs at risk. Enhanced Hospitality, which owns Camden live music venue Dingwalls and Soho private members club Blacks, has hired law firm Field Fisher to pursue a claim [...]
Funding Circle losses deepen as pandemic hits peer-to-peer lending momentum September 24, 2020 Funding Circle’s operating losses more than tripled in the first half of the year as the coronavirus pandemic hit its peer-to-peer lending business. The lender, which matches borrowers with retail and institutional investors, reported an operating loss of £113.5m for the six months to 30 June, more than three times the £31.3m loss it posted [...]
Coronavirus: Top insurance firms could lose $100bn in brand value May 11, 2020 The world’s top 100 most valuable insurance brands could lose as much as $100bn (£81bn) in brand value as a result of the Covid-19 crisis, a new report has revealed. The insurance sector is set to be one of the most severely affected industries and faces a potential 20 per cent loss in brand value, [...]
Livin’ la vida CoCo not possible in circumstances: Regulator defends AT1 wipe out in Credit Suisse merger March 23, 2023 The Swiss banking regulator defended its decision to wipe out alternative tier 1 (AT1) bondholders – also known as CoCo bonds – in the merger of UBS and Credit Suisse. In a statement put out today, Finma said Credit Suisse’s coco bonds could contractually be completely written down in a ‘viability event’, particularly if there [...]
Coronavirus: London suffers ‘heaviest job losses in UK’ during pandemic February 16, 2021 London suffered the largest number of job losses of any UK region during the pandemic last year, as the capital continues to feel the weight of a “geographically unequal crisis”, according to the Institute for Fiscal Studies (IFS). The number of London employees on payrolls dropped 5.5 per cent between February and December last year, [...]