News in brief - 15 June 2022

Welcome to the News in Brief, a daily summary of the latest banking and finance news.

FCA PROPOSES RULES ON REDUCING BANK BRANCH HOURS

The Financial Conduct Authority (FCA) has proposed new rules that will mean banks must consult with customers before cutting the opening hours of a branch (The Telegraph). The FCA’s current guidance around bank branch closures does not cover reducing branch hours (Reuters). Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said: “We expect firms to continue to offer easy and accessible banking services to their customers, and this is even more important as the country faces a cost-of-living crisis.”

ECB CALLS UNSCHEDULED MEETING TO DISCUSS MARKET CONDITIONS

The European Central Bank (ECB) has called an unscheduled meeting of its governing council to discuss the recent sell-off in bond markets (Financial Times). The move raised expectations of an announcement to prevent another debt crisis in the region.

ECB board member Isabel Schnabel, the head of the bank's market operations, said on Tuesday that the ECB was "closely" monitoring the situation and was ready to deploy both existing and new tools if it found that the market repricing was "disorderly" (Reuters).

NEWS IN BRIEF

The Times reports that prime minister Boris Johnson wants to reverse chancellor Rishi Sunak’s planned six-percentage-point increase in corporation tax that was announced last year.

Data from the Office for National Statistics (ONS) shows that British exports to the EU reached their highest ever level, reaching £16.4 billion in April 2022 (City AM).

Russia has imposed sanctions on 49 UK citizens, including journalists, defence officials and arms industry executives (Financial Times).

The government’s first flight to send asylum seekers to Rwanda was abandoned yesterday evening after a ruling by the European court of human rights (The Guardian).

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