CLIMATE CHANGE TO TRUMP ECB POLICY AGENDA

Christine Lagarde, head of the European Central Bank (ECB), is pushing for climate change to become a key part of the ECB strategic review in a move to make the environment a central part of European monetary policy making. Ms Lagarde has said that she wants to make climate change a ?mission-critical? priority during her tenure, differentiating the ECB from other central banks. It's reported the Bank of England plans to incorporate global warming and green policies in its annual stress tests of some of the UK's largest banks (The Times, online only, £).

This news comes as credit agency Moody's last week announced it was considering stripping US oil major ExxonMobil of its triple A credit rating, highlighting the agency's shift towards a lower-carbon economy. Concerns over environmental, social and governance standards are most acute in the fossil fuel sector, where companies have been under increased pressure from regulators, activists and investors. It's also reported that the European Investment Bank, pledged this month to cut off funding to oil, gas and coal companies on the expectation that regulation and emerging technology will disrupt the sector (Financial Times, online only £).

UK FINANCE PUBLISHES LATEST REGIONAL MORTGAGES TRENDS

The housing market in Northern Ireland has continued to grow, with 2,870 new homeowner remortgages completed in the third quarter of 2019, 21.6 per cent more than in the same quarter last year, according to the latest UK Finance  Regional Mortgage Trends published today. Data for London, Scotland and Wales has also been published showing that in Wales there was a 4.1 per cent increase in the number of new first-time buyer mortgages completed in Q3 2019, rising to 4,310 compared to 4,140 in Q3 2018. In London and Scotland the mortgage market remains strong, with a 1.3 per cent increase and a 1.6 per cent increase respectively in the number of new first-time buyer mortgages completed in Q3 2019, compared to the same time last year.

NEWS IN BRIEF

The European Union agreed a deal yesterday on new rules to facilitate the recovery of banks? assets from borrowers who default. The rules for business loans will introduce a mechanism to favour out-of-court procedures on foreclosures, speeding up banks? recovery of collateral used by borrowers to obtain loans when they fall behind on their repayment schedule (Reuters, online only).

A survey of European consumer habits shows Britons are financially aware yet love to borrow according to the European Consumer Payment Report. The data also showed 69 per cent of European consumers believe their financial education has been sufficient (Financial Times, online only £).

Research by comparethemarket.com has found that 21 per cent of people (equivalent to 11 million adults nationwide) had to replace or cancel their credit card as a result of attempted fraud over the past year, with victims losing an average of £846 each. It is reported the majority of card fraud theft happened as people were making online payments (The Times, p22, £).

Investors are retreating from certain parts of the American corporate bond market, fearing that an improved domestic economy may not be enough to save hundreds of companies struggling under heavy debt burdens (Financial Times, online only, £).

WHAT THE COMMENTATORS SAY

In today's Financial Times (p, £) Claer Barrett, personal finance editor, details what financial policies she would like to see in a government manifesto. These include encouraging private investment, further protection for consumers from financial harm, a rehaul of taxation of the self-employed, and a focus on financial education. Ms Barrett notes that key areas of policymaking have been put on the backburner for the past three years, but hopes to see a focus on these sectors in the future.

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Nick West, Principal, Head of Learning Innovation and Delivery, UK Finance, talks about some of the courses available to book now from our 2020 training schedule.