The banks failing pass on savings rates – in defiance of Jeremy Hunt
Defending the measly rates on their easy-access accounts, banks often point to their fixed-rate deals, which are typically much better....
archiveFinancial Conduct Authority
Banks to be forced to explain why they close accounts thanks to Brexit
British banks will be subject to stricter rules over closing customers’ accounts after a minister warned them that freedom of...
City red tape ‘risks creating new generation of mortgage prisoners’
As a result, 3.75 million families will be forced to pay a collective £8bn extra in the coming years when...
What are the prospects for UK/EU financial regulatory cooperation?
The Brexit agreement between the EU and the UK controversially did not include any commitments on financial services, although the then prime minister Boris Johnson said it would be preferable if it had done so.However, the trade agreement was accompanied by a (political rather than legal) joint declaration committing the two sides to agree a memorandum of understanding on financial services regulatory cooperation by March 2021.The MoU was duly agreed but has since existed in limbo, having not been formally signed off by the EU’s institutions.Costs will increase for cross-border firms...
Rathi: ‘UK has to compete for investment’
The Financial Conduct Authority boss has said the country has to compete for investment, including from UK pension funds, arguing that this competition is about far more than regulation.Speaking at the Global Investment Management Summit today (March 29), Nikhil Rathi, chief executive of the FCA said there has been a focus recently on the sharp decline in UK pension and insurance funds investment in UK equities. He said: “Reasons for a fall in defined benefit allocations from over 50 per cent in UK equities in 1992 to less than 2 per...