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The Latest Breaking News on Bosses of major banks defend branch closures

Bosses of major banks defend branch closures

In a Treasury Committee hearing they also denied relying on customer account switching inertia

Insider UK

Central Bank demands special audits for ‘fintech’ payments firms

Dozens of fintechs are being forced to submit special audits to the Central Bank after a review of the sector found "significant deficiencies” in how some firms safeguard customer money.

Irish Independent

Post-Brexit 'bonfire' risks driving further price rises, warn campaigners

A POST-BREXIT “bonfire of banking rules” planned by the UK Government risks driving up food and energy prices even further, campaigners have…

The National (Scotland)

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TSB and Santander staff bonuses could be hit after City fines

Exclusive: Pay committees will factor in regulator’s fines over IT meltdown and money-laundering controls

The Guardian - UK

Banking reforms could make the UK a sustainable finance hub, but also threaten financial stability

The UK government wants to rewrite the rules designed to keep the country’s banks and financial institutions stable – again. The so-called Edinburgh reforms announced recently by UK chancellor Jeremy Hunt will “unlock investment and turbocharge growth in towns and cities across the UK”, he says.

The Conversation

The Guardian view on City reforms: banks need more regulation, not less

Editorial: Britain’s departure from the EU should have led to a rethink of the country’s stagnant economic model. Instead ministers want to entrench it

The Guardian - UK

UK eases bank rules to win back finance industry jobs and clout lost in the wake of Brexit vote

The UK government has announced plans to loosen rules for banks and other financial institutions in a bid to win back jobs and investment lost since the Brexit vote in 2016.

Irish Independent

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European stocks move higher as UK overhauls banking rules

UK banking giants, insurers and asset managers were among the companies that lifted to the top of the FTSE 100 on Friday.

The Independent UK

Banking reforms may not cause the next crash, but they’re unlikely to boost growth either

‘Red tape’ is a revealing concept. To some, it represents bureaucracy (ideally of the foreign kind) ‘gone mad’. Think Brussels directives on the correct angle of a banana – a myth based on EU Commission Regulation No 2257/94 on standards for bananas.

Evening Standard

UK defends new post-Brexit finance reforms

London (AFP) - Britain on Friday launched a post-Brexit plan to relax curbs on its powerhouse City sector introduced after the 2008 financial crisis, denying the reforms will bring about new instability.

AFP

Jeremy Hunt warned plan to rip up bank rules is ‘huge mistake’

Chancellor accused of ‘race to bottom’ to mitigate Brexit damage to sector

The Independent UK

Tories 'risking repeat of 2008 crisis' with post-Brexit banking regulation cutbacks

THE Tories are risking a repeat of “the catastrophe of the financial crash in 2008” by cutting back on the safeguards placed on banking in its…

The National (Scotland)

Banking reforms expert Q&A: will relaxing the rules help the UK economy and what are the risks?

Jeremy Hunt, the UK chancellor of the exchequer, has unveiled a package of measures aiming to protect the City of London’s position as one of the world’s leading financial capitals. With the UK having lost nearly a tenth of the financial assets it manages since Brexit, plus at least 7,000…

The Conversation

Rishi Sunak defends relaxation of banking rules as critics warn of risk and instability

Chancellor Jeremy Hunt said the so-called “Edinburgh reforms” of 30 changes will “turbocharge” growth

Wales Online

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Daily Mirror

UK banking rules set for biggest shake-up in 30 years as Jeremy Hunt axes EU red tape

Jeremy Hunt has announced a package of more than 30 regulatory changes - known as the "Edinburgh Reforms" - which will replace EU regulation and "cut red tape" following Brexit

Daily Mirror

Santander fined £100million for money laundering failures - with 560,000 accounts affected

The Financial Conduct Authority (FCA) the bank "failed to properly oversee and manage" systems aimed at verifying information - with more than 560,000 business customers affected

The Guardian - UK

Santander UK fined £108m over anti-money laundering failings

Financial Conduct Authority found ‘serious and persistent gaps’ in bank’s controls

The Independent UK

UK to ease financial regulations in post-Brexit shakeup

Britain is easing banking rules brought in after the 2008 global financial crisis in a bid to attract investment and secure London’s status as Europe’s leading finance center

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news in one place.

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Evening Standard

Santander hit with fine over ‘serious and persistent’ money laundering failures

SANTANDER was today whacked with a £108 million fine for what the Citywatchdog called “serious and persistent” money laundering failures.

The National (Scotland)

UK Government lays out plans to use 'Brexit freedoms' for 'Edinburgh Reforms'

THE UK Government has announced plans to use "Brexit freedoms" to launch a raft of major reforms to the financial sector to replace EU…

Irish Independent

Santander fined for repeated anti-money laundering failures

Santander UK Plc was fined £107.7m ($132m) by the UK financial watchdog over repeated anti-money laundering failures.

Liverpool Echo

Santander hit with huge fine over 'ineffective' failings

The financial watchdog penalised the major bank over gaps in its anti money laundering controls

Insider UK

Santander fined £107 million for anti-money laundering failures

More than half a million UK business banking customers were subject to poor account oversight

The Guardian - UK

Jeremy Hunt’s City deregulation plans are ‘dangerous’ mistake, warns expert

Sir John Vickers, architect of post-2008 banking reforms, says plans put UK financial stability at risk

Insider UK

UK to cut finance red tape and axe EU rules in bid for growth

The Chancellor is in Edinburgh to announce major reforms of UK financial services regulation

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