Money and mental health czar Richard Lloyd named FCA boss while search for Charles Randell successor kicks off February 4, 2022 The Treasury announced this afternoon that they have started the search for the next Chair of the FCA. While the search for Charles Randell’s permanent successor kicks off, Richard Lloyd OBE will act as interim chair of the FCA from 1 June, with Aidene Walsh will become interim chair of the PSR from 1 April. Richard Lloyd [...]
London’s many strengths can be bound together and renewed by public transport June 1, 2022 The opening last week of the Elizabeth Line, Britain’s latest engineering marvel, prompted reflections on how much there is to gain from better physical connections into and between London’s two biggest financial hubs – Canary Wharf and the Square Mile. The Square Mile is home to London’s insurance market, preeminent in the world and writing [...]
Fujitsu received £3.4bn from Treasury-linked deals February 11, 2024 Fujitsu is set to have received more than £3.4bn through contracts running with Treasury-linked organisations since 2019 despite its role in the Post Office scandal, MPs have found. Around £1.4bn worth of deals have been awarded since the High Court ruled that there had been numerous bugs and errors in its Horizon software. More than [...]
FTSE 100 live: London index joins European markets to close in the red as jitters over Credit Suisse contagion continue March 17, 2023 A dramatic week for European markets has ended on a low, with a number of interventions from global banks failing to calm the nerves of jittery investors. London’s FTSE 100 closed firmly in the red despite seeing gains in early trading on Friday. It followed a group of US banking giants injecting 30 billion US [...]
London business confidence falls more sharply than anywhere in the country but Lloyds Bank backs City’s ‘resilience’ February 28, 2019 Business confidence among London firms fell sharply in February after a buoyant start to the year due to uncertainty at home and a slowdown abroad. But Lloyds Bank, conducting the survey, expected confidence to bounce back in the coming months, citing the resilience of the City’s firms. Read more: Lloyds Banking Group boosts profits 24 [...]
Sunak backs down against BoE and ditches call-in power over City regulators November 23, 2022 The government has tonight confirmed it will scrap controversial plans to allow MPs to overrule City regulators as part of a post-Brexit Big Bang 2.0 blueprint. The decision to ditch the plans marked a victory for the Bank of England and the Financial Conduct Authority (FCA), who have both previously warned that introducing the so-called [...]
Watchdog blocks Lloyds’ unfair treatment of Covid-hit firms September 8, 2020 The competition watchdog has stopped Lloyds Bank from forcing small business customers to open business current accounts when taking out bounce back loans. The Competition and Markets Authority (CMA) has accused Lloyds of “bundling” loans and business current accounts for small companies. Bundling is where a bank requires small business customers to open a current [...]
Bank scandal victims must be informed of compensation deadline, campaigners say September 11, 2022 The banks at the centre of a multi-billion-pound mis-selling scandal should be forced to inform their victims of an approaching deadline to receive compensation, the Transparency Task Force (TTF) has told MPs. Victims of the interest rate hedging product (IRHP) scandal should be informed they must file any complaints to the UK’s Financial Conduct Authority [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 12, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Capital Group strengthens UK sales team Investment firm Capital Group, which has £1.7 trillion assets under management, has expanded its UK financial intermediaries team this week by hiring a new managing [...]
New UK sanctions: Russian aviation and space industry blocked from insurance market March 3, 2022 The UK government has imposed fresh sanctions targeting Russia’s aviation and space industry, meaning that businesses cannot access the UK insurance sector. The measures, hauled in in response to Russia’s invasion of Ukraine, will “severely limit” access to the global insurance and reinsurance market, the UK government announced today. The European Union (EU) is expected [...]