Regulatory

Financial services firms have shut down hundreds of thousands of suspected money mule accounts but need to do more as criminals continue to shift dirty money through multiple bank accounts, according to the Financial Conduct Authority (FCA). The FCA found in a survey that firms have closed

The Society of Pension Professionals (SPP) has warned that millions of self-employed people are being left without a route into pensions. A new paper by the SPP, titled The Missing Millions: Rethinking Pension Policy for the Self-Employed, calls for a fundamental rethink of how the UK helps people w

Nigel Green has claimed that the UK could be “Truss’d” in a stark warning as gilt yields surge, drawing comparisons with the market turmoil that followed Liz Truss’s mini-budget in 2022. The chief executive of deVere Group, one of the world’s largest independent financi

Chancellor John Healey faces a £3.5bn borrowing overshoot in August ahead of his inaugural Budget. The government was expected to borrow around £14.8bn in August, according to the OBR, while the market consensus was around £15.6bn. Actual borrowing reached £18.3bn.

Scotland's financial services sector has hit a "tipping point" on tax divergence, according to Sandy Begbie, chief executive of Scottish Financial Enterprise stating hybrid working has removed the practical need for new recruits to live in Scotland at all. "We believe we've now got to a point at a t

The Bank of England has kept interest rates on hold, warning that a continuation of the current conflict in the Middle East could force it to raise borrowing costs amid growing fears over inflation. The Bank's Monetary Policy Committee (MPC) also announced a surprise plan to sell billions of pounds

Natwest chair Rick Haythornthwaite has claimed the UK is in a "moment of national crisis" that can only be fixed by encouraging investment into the country's struggling economy. The City grandee said that years of poor decision-making and political instability have hampered public and private sector

Former Bank of England chief economist Andy Haldane has warned Prime Minister Andy Burnham that his government's "Achilles' heel" is its inability to cut public spending. Mr Haldane, who advised Mr Burnham before he returned to Westminster, claimed the markets believed he is presiding over a "tradit

The Bank of England is under intense pressure to raise interest rates tomorrow, following a rout in global bonds fuelled by concerns over government borrowing and sticky inflation. Inflation jumped to 3.1% in August from 2.9% in July and 2.6% in June, as fuel prices hit their highest in four years,

Andrew Bailey has warned that inflation risks remain "on the upside" as he defended the Bank of England's reliance on the Treasury to cover losses generated by quantitative tightening. The Governor of the Bank of England told MPs on the Treasury Select Committee in an evidence session that the curre

Andrew Bailey has warned that populist political movements pose a "serious challenge" to the Bank of England's independence, cautioning that institutions seen to stand in the way of popular will risk being branded an "unrepresentative elite." The Governor of the Bank of England was speaking at the L

Restructuring, turnaround and insolvency professionals expect artificial intelligence (AI) to reduce administrative burdens, according to new research. The report, The impact of AI in restructuring, turnaround and insolvency practice, by R3 in association with Alph4, reviewed how professionals in th

Chancellor John Healey is facing "sleepless nights" over a growing "inflation monster" due to surging oil prices, rising interest rate expectations and spikes in government gilt yields threatening markets on both sides of the Atlantic ahead of his inaugural Budget. High borrowing costs are expected

Hedge funds, insurers and pension funds across the City are scrambling to close out internal misconduct investigations before new FCA rules, designed to stop so-called "rolling bad apples", take effect next month. The term refers to rogue employees who move between firms without ever facing conseque

Young investors trust AI tools more than TV or influencers, according to new research. Data from the Financial Conduct Authority (FCA) found that 56% of 18-40 year-olds who own or are considering investments trust AI tools, compared with 47% for TV and radio, 46% for news media (down one percentage