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The Latest Breaking News on Financial Services

3 Terrible Stocks You Need to Sell Before 2023

The prevailing high inflation and continued interest rate hikes triggered fears of a recession and dampened investor sentiment. Amid such uncertainties, it could be wise to steer clear of fundamentally weak stocks Affirm Holdings (AFRM), Cano Health (CANO), and Faraday Future Intelligent Electric (FFIE). Continue reading….

StockNews.com

European stocks move higher as UK overhauls banking rules

UK banking giants, insurers and asset managers were among the companies that lifted to the top of the FTSE 100 on Friday.

The Independent UK

Banking reforms may not cause the next crash, but they’re unlikely to boost growth either

‘Red tape’ is a revealing concept. To some, it represents bureaucracy (ideally of the foreign kind) ‘gone mad’. Think Brussels directives on the correct angle of a banana – a myth based on EU Commission Regulation No 2257/94 on standards for bananas.

Evening Standard

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Jeremy Hunt warned plan to rip up bank rules is ‘huge mistake’

Chancellor accused of ‘race to bottom’ to mitigate Brexit damage to sector

The Independent UK

Four people arrested as part of inquiry into Gulf state buying EU influence

Belgian police seized cash and searched 16 properties across Brussels during major investigation into corruption and money laundering

The Guardian - UK

Tories 'risking repeat of 2008 crisis' with post-Brexit banking regulation cutbacks

THE Tories are risking a repeat of “the catastrophe of the financial crash in 2008” by cutting back on the safeguards placed on banking in its…

The National (Scotland)

Rishi Sunak defends relaxation of banking rules as critics warn of risk and instability

Chancellor Jeremy Hunt said the so-called “Edinburgh reforms” of 30 changes will “turbocharge” growth

Wales Online

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Chancellor’s post-Brexit City reforms risk a ‘race to the bottom’

There is a sweeping package of more than 30 reforms

Evening Standard

Forex kitty soars $11 billion to $561.16 billion

MUMBAI: India's foreign exchange reserves soared by $11.02 billion to reach $561.162 billion for the week ended December 2, Reserve Bank data showed on Friday.

The Times of India

UK banking rules set for biggest shake-up in 30 years as Jeremy Hunt axes EU red tape

Jeremy Hunt has announced a package of more than 30 regulatory changes - known as the "Edinburgh Reforms" - which will replace EU regulation and "cut red tape" following Brexit

Daily Mirror

Mortgage rates fell for the fourth straight week

One economist is calling the top

Axios

Pakistan central bank’s forex reserves fall to near four-year low

Announcement by the State Bank of Pakistan comes as the country is in dire need of foreign aid.

Al Jazeera

Santander fined £100million for money laundering failures - with 560,000 accounts affected

The Financial Conduct Authority (FCA) the bank "failed to properly oversee and manage" systems aimed at verifying information - with more than 560,000 business customers affected

Daily Mirror

Cook County’s chief judge investigating court employees who got COVID-19 relief loans

Four workers in other county departments have quit or been fired this year while under suspicion of defrauding the federal Paycheck Protection Program.

Chicago Sun-Times

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The Guardian - UK

Santander UK fined £108m over anti-money laundering failings

Financial Conduct Authority found ‘serious and persistent gaps’ in bank’s controls

The Independent UK

UK to ease financial regulations in post-Brexit shakeup

Britain is easing banking rules brought in after the 2008 global financial crisis in a bid to attract investment and secure London’s status as Europe’s leading finance center

Evening Standard

Santander hit with fine over ‘serious and persistent’ money laundering failures

SANTANDER was today whacked with a £108 million fine for what the Citywatchdog called “serious and persistent” money laundering failures.

The National (Scotland)

UK Government lays out plans to use 'Brexit freedoms' for 'Edinburgh Reforms'

THE UK Government has announced plans to use "Brexit freedoms" to launch a raft of major reforms to the financial sector to replace EU…

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news in one place.

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Liverpool Echo

Santander hit with huge fine over 'ineffective' failings

The financial watchdog penalised the major bank over gaps in its anti money laundering controls

Insider UK

Santander fined £107 million for anti-money laundering failures

More than half a million UK business banking customers were subject to poor account oversight

The Guardian - UK

Jeremy Hunt’s City deregulation plans are ‘dangerous’ mistake, warns expert

Sir John Vickers, architect of post-2008 banking reforms, says plans put UK financial stability at risk

Insider UK

UK to cut finance red tape and axe EU rules in bid for growth

The Chancellor is in Edinburgh to announce major reforms of UK financial services regulation

Wales Online

Santander fined £107.8m by finance watchdog over money laundering failings

The failures impacted the oversight of more than 560,000 business customers

The Independent UK

Jeremy Hunt launches post-Brexit plan to rip up EU banking red tape

Brussels’ rules ‘choking’ economic growth, claims chancellor – vowing to ‘seize Brexit freedoms’

Bangkok Post

Gang forged bank, salary statements used for loan fraud

Police have arrested two men and two women for the forgery of bank and salary statements used to defraud loan companies of about 20 million baht.

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