Exclusive: penalties for global financial institutions halve in 2021 January 7, 2022 The value of penalties issued to global financial institutions fell by 49 per cent in 2021, as pandemic restrictions thwarted investigations.
US Fed’s hawkish tilt pours cold water on global markets January 6, 2022 The sudden realisation that equity markets may not be propped up by ultra loose monetary policy for much longer after the US Federal Reserve released minutes highlighting the scale of its hawkish turn poured cold water on investors today. London’s premier FTSE 100 index closed 0.88 per cent lower at 7,450.37 points, while the mid-cap [...]
Octopus Energy: We don’t know how much the consumer price cap will rise in April January 6, 2022 It is impossible to predict how much household bills will rise after the next review of the consumer price cap, warned Octopus' chief executive.
End of year rush sees value of FCA fines increase fourfold to £618m. highest level in six years December 23, 2021 An end of year surge in fines has seen the value of FCA fines increase fourfold to £618m this year, up from £156m last year, the highest value of fines in six years, according to new data shared with City A.M. this morning. The increase in fines in 2021 was dominated by four blockbuster fines [...]
HSBC fined £64m for eight years of anti-money laundering failures December 17, 2021 Britain’s financial watchdog has fined HSBC Bank £63.9m for failings in its anti-money laundering processes in the eight-year period between 2010 and 2018, it said this morning. The Financial Conduct Authority (FCA) said it had identified “serious weaknesses” in three key parts of the automated processes that the banking giant uses to monitor hundreds of [...]
Millions of homeowners will see mortgage rate rises as ‘softer’ house price growth forecast December 16, 2021 Major banks have hiked mortgage interest rates in response to the Bank of England hiking rates 0.15 percentage points to 0.25 per cent. Banks raised rates following the decision on Thursday, meaning millions of households will pay heftier monthly mortgage repayments. Barclays, Halifax, Lloyds Bank, NatWest, Nationwide and Santander will pass on the increase to [...]
FTSE: Lloyds, Barclays and Natwest shares surge on Bank of England surprise interest rate hike December 16, 2021 London markets are up around one per cent this lunchtime after a surprise interest rate hike from the Bank of England saw Lloyds Bank, Barclays and Natwest shares take off. The capital’s premier FTSE 100 index was still up 0.99 per cent after the rates call from Threadneedle Street, while the mid-cap FTSE 250 index, [...]
State-owned NatWest slapped with £265m money laundering fine December 13, 2021 State-owned bank NatWest has today been slapped with a £265m fine for failing to stop millions of pounds of dirty money flowing through its system. The judgement concludes the first money laundering case against a British lender. The verdict sparked speculation among City expects over whether it will prompt global regulators to pursue other financial [...]
Global banking bigwigs slapped with millions in fines for FX rigging December 2, 2021 Some of the world’s largest banks were today slapped with millions of pounds in fines for their role in rigging foreign exchange markets. HSBC, Barclays, Credit Suisse and NatWest were each reprimanded by the European Commission for having employees on their books that created a cartel that spiked currency markets. HSBC was hit with the [...]
New ‘purpose-built’ $1bn UK clearing bank launches in London November 30, 2021 London gets its second new clearing bank in 250 years today, as The Bank of London launches in the city to approve and process cross-border payments. Founded by Anthony Watson, a former chief information officer at both Nike and Barclays, The Bank of London is taking on the four banking giants HSBC, Lloyds Banking Group, [...]