Bank of England believes Brexit could cost 75,000 finance jobs

October 31st, 2017 (No Comments)

The Bank of England believes that up to 75,000 jobs could be lost in financial services following Britain’s departure from the European Union. I understand senior figures at the Bank are using the number as a “reasonable scenario”, particularly if there is no specific UK-EU financial services deal. The number could change depending on the […]

ECB to halve €60bn bond buying programme

October 26th, 2017 (No Comments)

The European Central Bank (ECB) will cut back its scheme designed to boost the economies of the eurozone. From January of next year, it will reduce the amount of assets it buys every month to €30bn from the current level of €60bn. The programme, which aimed to fend off the threat of eurozone deflation and […]

BrightHouse rent-to-own firm pays £14.8m in redress

October 25th, 2017 (No Comments)

Rent-to-own retailer BrightHouse has been told to pay £14.8m to 249,000 customers by the financial regulator, the Financial Conduct Authority (FCA). BrightHouse will compensate customers who had cancelled agreements after one downpayment but had not been refunded. It will also make payments to those who signed up to lending agreements that “may not have been […]

Lloyds profits up as PPI costs recede

October 25th, 2017 (No Comments)

Lloyds Bank has announced pre-tax profits for the third quarter of £1.95bn, a rise of 141% on the same period last year. However, last year’s result included a big provision to cover claims for mis-sold payment protection insurance (PPI). Underlying profit for the period was £2.08bn, up 9% on 2016. The bank did not set […]

RBS may face further action by financial regulator

October 24th, 2017 (No Comments)

The financial regulator has said it may take “further action” over the way Royal Bank of Scotland mistreated some small business customers. The Financial Conduct Authority has published an interim report into failings by the RBS division that dealt with struggling businesses. The Global Restructuring Group was found to have “widespread” mistreatment of customers in some areas. […]

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