Articles by Huw Jones, Sinead Cruise and Andrew MacAskill

Brexit to Cause Irreversible Damage to UK Financial Services, Say Industry Leaders

Life in London’s financial district will appear little changed when Britain leaves the European Union on March 29, defying predictions of an exodus of high-flyers to rival centers like Paris, Frankfurt and Dublin. But as chaos reigns in Westminster, the …

UK’s EU Draft Divorce Deal Preferable to No-Deal Brexit, Says FCA

Britain’s draft divorce settlement with the European Union is preferable to a no-deal Brexit even though this would leave it without a say over EU financial rules, its finance industry watchdog said on Thursday. The Financial Conduct Authority’s report was …

No-Deal Brexit Could Be Worse for UK Economy than 2008 Financial Crisis: BoE

Britain risks suffering an even bigger hit to its economy than during the global financial crisis 10 years ago if it leaves the European Union in a worst-case Brexit scenario in four months’ time, the Bank of England said on …

UK Regulator to Punish Financial Services Firms for Failures with Cyber Defenses

Britain’s Financial Conduct Authority will punish firms that are failing to get the basics right on cyber defenses, or whose botched IT projects harm consumers, a senior official at the markets watchdog said on Tuesday. Outages at banks such as …

Global Regulators Delay, Rethink ‘Too-Big-to-Fail’ Designation for Insurers

Global insurance regulators will put off singling out insurers deemed so important to the financial system that they are required to hold extra capital, in a victory for companies such as American International Group and Prudential. The International Association of …

UK Confident It Will Form Deal with EU on Post-Brexit Financial Services Trade

The United Kingdom is confident that it is on the verge of reaching an agreement with the European Union to give London’s vast financial center access to EU markets after Brexit, Britain’s financial services minister John Glen said on Monday. …

Brexit Deal, Covering UK Financial Services, Is Closer to Completion: Officials

The United Kingdom and the European Union have made progress on a deal to give London’s dominant financial center basic access to EU markets after Brexit, two British officials said, but no agreement has yet been clinched. The deal being …

Cross-Border Insurance, Derivative Contracts May Get No-Deal Brexit Reprieve

The European Union might grant temporary permission for clearing houses in Britain to continue serving EU customers if there is a no-deal Brexit next March, an EU document seen by Reuters showed. LCH, a unit of the London Stock Exchange …

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 …