FCA: Lessons still to learn from rate-rigging scandals such as Libor and forex July 29, 2015 The Financial Conduct Authority (FCA) has warned banks are yet to fully apply the lessons learned from rate-rigging scandals such as Libor, forex and gold to other benchmarks. The FCA's "Thematic Review of Oversight and Controls", which looked into 12 firms between August 2014 and June 2015, assessed all benchmarks apart from Libor and forex, which [...]
Is a specialist MBA a sensible option? Funding may be easier to secure but you’ll end up tied down August 27, 2015 From aviation and shipping to CSR and music, MBA students are no longer limited to choosing unspecialised programmes which lack technical depth and insight. Long favoured in countries like India, where booming industries like healthcare had to recruit capable managers quickly, specialist MBAs have grown in popularity in recent years. So are they the [...]
Price war looms after BlackRock slashes fees to offer cheapest fund on the market July 28, 2015 The battle to invest savers’ cash ramped up yesterday after fund giant BlackRock slashed fees on their most popular funds by 50 per cent, giving it the cheapest fund on the open market. The company, which manages $4.7 trillion for investors, said it would cut fees on its UK equity FTSE tracker fund to 0.07 [...]
The Financial Conduct Authority is going to help savers by making it easier for them to switch accounts July 23, 2015 The Financial Conduct Authority (FCA), Britain’s financial regulator, has announced plans to introduce new measures to help customers switch cash savings accounts, following a review of competition in the industry. Read more: This chart shows how many current account switchers Barclays, HSBC, Lloyds and NatWest have lost The regulator is proposing new rules which will make [...]
Bank of England offical Martin Taylor: Regulation will not drive big lenders out of the UK May 26, 2015 The Bank of England will not back down on tough regulation, top official and ex-Barclays boss Martin Taylor said in a speech published yesterday, dismissing threats from banks like HSBC that they could leave the UK for more welcoming shores. Some in the industry have started to argue that banks are now safe, and [...]
Best of the Brokers for 24 June 2015 June 23, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com ASSOCIATED BRITISH FOODS RBC Capital Markets has downgraded the Primark owner from “outperform” to “sector perform” with a target price of 3,200p. The broker said that while Primark relatively rare international roll-out story, the company is lacking earnings momentum and its sees more [...]
Biotech and ethical funds were best-sellers as global markets sold off September 1, 2015 Biotech and ethical funds have topped rankings of the most popular investments for savers during last week’s market carnage. The last seven days was disastrous for markets around the world as sharp falls in Chinese equities – dubbed “Black Monday” – caused panic to spread. Stock exchanges across Europe and the US fell, with [...]
City Moves for 10 August 2015 | Who’s switching jobs August 9, 2015 Deloitte The business advisory firm has appointed Alan Teixeira as global director of international financial reporting standards research. He joins Deloitte after spending 10 years at the International Accounting Standards Board, most recently as its senior technical director overseeing its research and development programme. Teixeira has also worked as general manager of standards and quality [...]
FCA hits RBS, HSBC, UBS, JPMorgan and Citi with record £1.1bn fine in forex rigging scandal November 12, 2014 Some of Britain's biggest banks have been slapped with a fine of £1.1bn by the Financial Conduct Authority (FCA) for "failing to control business practices" in their foreign exchange trading operations. After a year-long investigation into allegations of rate-rigging in their spot forex trading businesses, the UK's financial watchdog said the actions of the five [...]
Rio Tinto prices $1.2bn of 10-year notes and redeems $1.2bn of 2016 notes June 12, 2015 Rio Tinto has said it would issue $1.2bn of 10-year bonds, allowing the Anglo-Australian mining company to repay debts due next year. It said it had priced the 10-year fixed rate debt securities with a 3.75 per cent coupon. They will be issued by Rio Tinto Finance and will mature on 15 June 2025. Citigroup [...]