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Reuters - 2 days ago

Weaker pound takes FTSE 100 to best week in six months

UPDATE 1-Weaker pound takes FTSE 100 to best week in six months FTSE 100 up 1.4%, FTSE 250 up 1.1% British retail sales fall more-than-expected Pound falls to a 6-month low Flash PMI slides, first contraction in 13 months Updates to market close By Nikhil Sharma Nov 22 (Reuters) - Britain's FTSE 100 recorded its biggest weekly gain in more than six months on Friday as a slide in sterling supported dollar earners, while banks came under pressure from weak business activity data.
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Reuters - 2 days ago

Weaker pound puts FTSE 100 on track for best week in six months

Weaker pound puts FTSE 100 on track for best week in six months For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window FTSE 100 up 1.1%, FTSE 250 up 1.0% Nov 22 (Reuters) - The UK's FTSE 100 was on course for its biggest weekly gain in more than six months on Friday, as a slide in sterling supported companies earning in dollars , while banks came under pressure from weak business activity data.
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Reuters - 3 days ago

Britain's FCA consults on motor finance complaints extension

UPDATE 1-Britain's FCA consults on motor finance complaints extension Adds quotes, additional detail in paragraphs 2-6, 10 LONDON, Nov 21 (Reuters) - The Financial Conduct Authority is seeking feedback on proposals to give lenders more time to handle complaints on non-discretionary motor finance commissions, after a landmark ruling widened the number of customers they may need to compensate.
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Reuters - 3 days ago

UK's Close Bros expects potential motor finance redress claims to hit 2025 guidance

UPDATE 1-UK's Close Bros expects potential motor finance redress claims to hit 2025 guidance Adds background in paragraphs 3-4, CET1 details in pargraph 5-6 Nov 21 (Reuters) - Close Brothers Group CBRO.L flagged a hit to its 2025 forecast on Thursday and said it expects to fully resume its motor finance lending business soon, as the British lender assessed the impact of a recent ruling on car loan commissions.
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Reuters - 3 days ago

Close Bros warns of hit to 2025 forecast from potential motor finance redress claims

Close Bros warns of hit to 2025 forecast from potential motor finance redress claims Nov 21 (Reuters) - Close Brothers Group CBRO.L flagged a hit to its 2025 forecast on Thursday and said it expects to fully resume its motor finance lending business soon, as the British lender assesses the impact of a recent ruling on car loan commissions. The UK's Financial Conduct Authority (FCA) has been pressing the Supreme Court to expedite a decision to permit lenders to appeal a crucial judgement that may
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Reuters - 3 days ago

Britain's FCA consults on motor finance complaints extension

Britain's FCA consults on motor finance complaints extension LONDON, Nov 21 (Reuters) - The Financial Conduct Authority is seeking feedback on proposals to give lenders more time to handle complaints on non-discretionary motor finance commissions, after a recent legal ruling widened the number of customers they may need to compensate. The regulator has previously extended the time firms have to respond to motor finance complaints involving a discretionary commission arrangement (DCA).
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Reuters - 4 days ago

Santander UK sets aside $375 million to cover possible motor finance claims

UPDATE 2-Santander UK sets aside $375 million to cover possible motor finance claims Becomes second major lender to make significant provision Banks braced for possible costly motor finance redress scheme Provision knocks Q3 pretax profit at UK arm of Spanish lender Adds share reaction in paragraph 6, results detail in paragraphs 11-12 By Sinead Cruise LONDON, Nov 20 (Reuters) - The UK arm of Spain's Banco Santander SAN.MC , SANS_pa.L has set aside 295 million pounds ($375 million) to cover poss
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Reuters - 4 days ago

HSBC relaunches 'Premier' brand in UK in pursuit of wealthy clients

HSBC relaunches 'Premier' brand in UK in pursuit of wealthy clients HSBC hiring hundreds of advisers in UK wealth push HSBC UK to offer 24/7 service, new Mayfair branch Vying with rivals to offset dwindling lending income By Lawrence White LONDON, Nov 20 (Reuters) - HSBC HSBA.L is relaunching its 'Premier' wealth banking brand in Britain, targeting so-called mass affluent customers who have between 100,000 and 2 million pounds ($2.5 million) to invest.
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Reuters - 5 days ago

Britain's motor finance probe could cost financial industry $38 billion, Moody's says

Britain's motor finance probe could cost financial industry $38 billion, Moody's says LONDON, Nov 19 (Reuters) - Total industry costs for Britain's probe into historic motor finance sales practices by some banks and specialist lenders could reach 30 billion pounds ($38 billion), ratings agency Moody's said on Tuesday, as liabilities estimates continue to rise.
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Reuters - 5 days ago

British Business - Nov 19

PRESS DIGEST-British Business - Nov 19 Nov 19 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - London-listed goldminer Resolute Mining RSG.AX said it would pay $160 million to the government of Mali to help resolve a tax dispute that has led to its boss and two other executives being detained there.
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Reuters - 1 week ago

Crisis-era regulation has 'gone too far', UK's Reeves tells finance sector

UPDATE 1-Crisis-era regulation has 'gone too far', UK's Reeves tells finance sector Minister will rebalance rules to protect financial industry Reforms prioritise growth in capital markets, fintech and others Policymakers reminded to regulate for growth as well as risk Updates with delivery of speech, industry, Bank of England and NGO reaction and details on message to regulators, pension funds and digital gilts in paragraphs 2, 7-14, 20 and 22 By Sinead Cruise and David Milliken LONDON, Nov 14
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Reuters - 1 week ago

Crisis-era regulation has 'gone too far', Reeves tells UK finance sector

Crisis-era regulation has 'gone too far', Reeves tells UK finance sector Minister will rebalance rules to protect financial industry Reforms prioritise growth in capital markets, fintech and others Policymakers reminded to regulate for growth as well as risk By Sinead Cruise LONDON, Nov 14 (Reuters) - Finance minister Rachel Reeves on Thursday promised a reboot of regulation governing Britain's "crown jewel" financial industry which she said has shackled the City's global prospects since the glo
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Reuters - 1 week ago

Lloyd's of London shakes up IT, operations teams

Lloyd's of London shakes up IT, operations teams LONDON, Nov 14 (Reuters) - Commercial insurance market Lloyd's of London SOLYD.UL is restructuring its data, operations and change departments, which will involve outsourcing some of those units' work, a Lloyd's spokesperson said on Thursday. It was too soon to say what the impact would be on jobs at the organisation, the person added.
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Reuters - 2 weeks ago

UK finance firms seek 'bold' reforms to counter Wall St ascendancy

UK finance firms seek 'bold' reforms to counter Wall St ascendancy Reeves to address City in milestone speech on Thursday Investment, stock market expansion critical to economic growth Sector emboldened by reform but faces Wall Street challenge By Sinead Cruise and Carolyn Cohn LONDON, Nov 13 (Reuters) - Britain's finance sector is counting on policymakers to deliver a rulebook revamp that prioritises growth and stops business slipping away to global rivals, amid fresh challenges to London's fin
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Reuters - 2 weeks ago

UK watchdog urges Supreme Court to act as $21 billion motor finance scandal looms

UPDATE 1-UK watchdog urges Supreme Court to act as $21 billion motor finance scandal looms FCA to consult on extending complaint response time for firms Regulator probing misconduct related to discretionary commission arrangements before 2021 ban FCA urges banks to consider financial provisions to cover potential claims Motor finance concerns weighing on some banking sector stocks Recasts, adds further details in paragraphs 3 and 6-8, impact on bank stocks in paragraphs 12-16 By Sinead Cruise an
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Reuters - 2 weeks ago

Britain's FCA proposes motor finance complaints extension

Britain's FCA proposes motor finance complaints extension LONDON, Nov 13 (Reuters) - Britain's Financial Conduct Authority said it would consult on extending the time firms have to respond to complaints about motor finance commissions, pending a legal appeal that could pave the way for a multi-billion pound consumer redress scheme. The watchdog said on Wednesday it would write to the Supreme Court asking it to decide quickly whether it will permit lenders to appeal a crucial recent Court of Appe
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Reuters - 2 weeks ago

Renewable energy offers a cost and opportunity to insurance sector

Renewable energy offers a cost and opportunity to insurance sector Renewable energy insurance sector growing Industry seeks to reassure investors seeking ESG credentials Insurers have halted home insurance in disaster prone areas Larger scale renewable infrastructure more vulnerable By Carolyn Cohn LONDON, Nov 7 (Reuters) - Policyholders in the renewable energy insurance market are paying between 20%-40% more for cover today than a year ago as insurers seek to recover the cost of "devastating cl
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Reuters - 3 weeks ago

Schroders can stop slide by getting grip on costs

BREAKINGVIEWS-Schroders can stop slide by getting grip on costs The author is a Reuters Breakingviews columnist. The opinions expressed are his own. By Neil Unmack LONDON, Nov 5 (Reuters Breakingviews) - Schroders’ SDR.L new CEO is having a baptism of fire. Finance chief Richard Oldfield will replace boss Peter Harrison on Friday, days after a quarterly update on assets under management sent the 5-billion-pound group’s shares down by around 12%.
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Reuters - 3 weeks ago

Schroders slumps after reporting Q3 flows hit by China market volatility

BUZZ-Schroders slumps after reporting Q3 flows hit by China market volatility ** Shares of British fund manager Schroders SDR.L fall as much as 12.2% to 319p, lowest since March 2020 ** Stock top loser on FTSE 100 index .FTSE ** Posts net outflows of client funds of 2.3 billion pounds ($2.98 billion) for the third-quarter due to continued market vo
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Reuters - 3 weeks ago

Schroders quarterly flows hit by China market volatility

UPDATE 2-Schroders hit by big ticket client exits, shares slide Adds shares, further details By Iain Withers LONDON, Nov 5 (Reuters) - Schroders SDR.L reported worse-than-expected third quarter outflows and the imminent loss of further big-ticket client mandates on Tuesday, in a gloomy update that sent shares tumbling days before new CEO Richard Oldfield steps into his role.
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