You can use the search function to find a range of UK Finance material, from consultation responses to thought leadership to blogs, or to find content on a range of topics from Capital Markets & Wholesale to Payments & Innovation.
1. Government releases £1 billion for ?no deal? planning
2. Consumers encouraged to act as PPI claim deadline approaches
The government is expected to announce £300 million in extra funding for ?growth deals? intended to help to finance business innovation in the UK's regions (FT, £).
The new chancellor of the exchequer Sajid Javid MP is preparing to announce more than £1 billion in additional funding to prepare for a 'no-deal' Brexit (Financial Times, £, p2). The Times (£, p6) reports that Michael Gove will chair the first daily meeting of the Government's new ?daily operations committee? meeting in Whitehall's Cobra meeting room. This group will supplement the ?exit strategy committee? which will be chaired by the prime minister.
BBC News (online only) reports on a new paper by the CBI calling for more to be done by both the UK government and the EU to prepare for the potential of a 'no-deal' Brexit. The paper sets out 200 recommendations to assist with 'no-deal' preparations. Responding to the paper, Chief Executive of UK Finance Stephen Jones said:
?The finance sector has long been focused on contingency plans to minimise the impact of a ?no-deal? scenario on customers, and continues to work closely with the UK government and regulators to ensure the necessary legislation and regulations are in place to minimise disruption and assure continuity of service to customers. The sector's financial resilience to any economic shock is unprecedented.
?Further action from EU authorities and member states to assure continuity of cross-border financial business for customers transacting from the UK into the EU and from the EU into the UK would help reduce potential uncertainties in the event of a ?no-deal? Brexit.
?UK Finance and its members will play their part in the government's information campaign to enable the wider economy to prepare for a ?no-deal?, including through our Let's Talk Business campaign, run jointly with a range of business trade groups, to help smaller businesses.?
As the deadline for making PPI claims approaches on 29 August, The Guardian (p32) reports that the Financial Conduct Authority (FCA) is encouraging consumers to ?jog their memories? to the 1990s and 2000s to recall whether they may have been mis-sold payment protection insurance (PPI). The regulator is urging consumers to visit its website which lists the providers that have sold PPI.
The Daily Mail (p14) reports that new research by the FCA shows that 87 per cent of adults in the UK will have hit a 'significant milestone? during the 90s and 00s that might have required them to take out a financial product.
Abhinav Anand, Chief Product Officer, smartnumbers, blogs on preventing contact centre interactive voice response (IVR) fraud.
The EU is expected to withdraw equivalence provisions for Canada, Brazil, Singapore, Argentina and Australia following a multi-year review of the way these countries regulate credit rating agencies. Commenting on the decision, which will be the first time the EU has permanently removed such access rights, EU commissioner Valdis Dombrovskis said it set some kind of precedent for monitoring adherence (Financial Times, £, p4).
The new Secretary of State for Trade, Liz Truss MP, will meet with the US ambassador this week before traveling to America for talks about a potential UK/US trade agreement (Daily Telegraph, £, p1).
Reflecting on comments made by the Bank of England Chief Economist Andy Haldane, the Financial Times (£, p3) writes that the Monetary Policy Committee faces a challenge this Thursday given its unusual, mid-Atlantic position, with real interest rates as low as the eurozone but a labour market that looks as strong as the USA.
The Sunday Times (£, p11) reports on the growing trend of children being used by criminal gangs to help launder money. The paper writes that primary school children are being coerced into handing over bank details by older children who are coaxed into acting as middlemen for criminal gangs. Commenting on this threat, a UK Finance spokesperson said: ?We urge young people not to give their bank account details to anyone unless they know and trust them? If an offer of easy money sounds too good to be true, it probably is."
City AM (p17) reviews the work being undertaken by banks to help protect victims of financial abuse following the publication of the Financial Abuse Code of Practice in October last year. The paper reports on a Women's Aid survey which found that 14.6 per cent of domestic abuse survivors had sought help from their bank.
Writing in the Financial Times (£, p21), CEO of Société Générale Frédéric Oudéa comments that banking should be at the top of the EU's new strategic agenda to ensure the industry can continue to finance homes and businesses across the EU. In particular, he calls for the EU to be careful and sensible in its application of the new Basel IV rules and to really start work on the proposed capital markets union.
? Prime minister Boris Johnson visits Scotland ? Cabinet ministers meet to discuss preparations for 'no-deal' Brexit ? Bank of England publishes Money and Credit figures for June ? British Chambers of Commerce and Totaljobs publish Quarterly Recruitment Outlook
Sign up below to receive the News in Brief straight to your inbox
22.04.24
19.04.24
17.04.24
By downloading this document, you understand and agree that any sharing, distribution or republishing of the content, without prior written authorisation from the author or content managers at UK Finance, shall be constituted as a breach of the UK Finance website terms of use.
