Articles by Huw Jones

London Attracts Financial Services Investments Despite Cloud of Brexit: Report

Britain’s financial sector brushed off Brexit uncertainty in 2017 to attract more inward investment than eight rival centers vying for its business, the City of London Corp. said on Wednesday. The body that governs the capital’s historic “Square Mile” financial …

UK Insurers, Banks Need ‘Credible Plans’ for Climate Change Risks: Bank of England

Britain’s banks and insurers must come up with credible plans for protecting themselves against risks from climate change and may need to hold more capital, the Bank of England said on Monday. “Financial risks from climate change will be minimized …

UK Expects 5,000 Financial Services Jobs to Move to Europe by Brexit Day

Despite thousands of jobs set to move to the continent due to Brexit, Britain’s financial services minister said on Wednesday he would do all he can to ensure the City of London remains a major financial center. John Glen told …

UK Financial Services Regulations Unlikely to Be Relaxed After Brexit: KPMG

KPMG expects Britain to ignore calls to loosen banking rules after Brexit and said in a report on Wednesday it may even become tougher with measures to protect consumers and defend its financial stability from cyber attacks. Britain’s regulators are …

UK’s Tesco Bank Slapped with $21.4M Fine for ‘Foreseeable’ Cyber Attack in 2016

Britain’s markets watchdog has fined Tesco 16.4 million pounds ($21.4 million) for failing to protect account holders at its bank from a “foreseeable” cyber attack two years ago. The Financial Conduct Authority said that in November 2016 cyber attackers exploited …

UK Regulator to Probe Personal Lines Providers for Overcharging Customers

Telecoms and financial services companies face an investigation by Britain’s competition regulator after consumer body Citizens Advice complained that customers who do not switch providers were being “ripped off” . Such customers were being overcharged 4.1 billion pounds ($5.2 billion) …

EU Action Needed to Ensure Post-Brexit Continuity of Cross-Border Insurance: UK

Britons living in the European Union could lose access to their UK bank account services and businesses on the continent could be cut off from investment banks in London if there is a no-deal Brexit, the British government said on …

Major Post-Brexit Risk: UK’s $33.5B of Financial Services Exports to EU

Britain must avoid tying Brussels up in red tape or antagonizing its soon to be former European Union partners and the United States if it is to maintain access to the bloc’s financial services market after Brexit. At risk is …

UK’s Financial Services Exports Highlight Need to Keep Post-Brexit Access: Officials

Britain’s exports of financial services to the European Union hit a record high last year, highlighting the need for the City to preserve access to the bloc after Brexit, industry officials said on Tuesday. Exports rose 3.6 billion pounds ($4.73 …

UK Insurers, Banks ‘Must Plan for Hard Brexit’ if Transition Deal Fails: Regulator

Britain’s banks and insurers must plan for a “hard” Brexit in case a transition period is not in place next March, a senior British regulator said on Thursday in a warning echoed by Brussels. “With eight months until we exit …