Leading bankers are claiming to be so hamstrung by bonus restrictions they are threatening to relocate overseas.
Anger about the FSA's strict implementation of the G20 code on pay follows the Treasury's decision to impose a bank tax unilaterally, and has raised questions about whether the UK is the right place to be headquartered, reports the Telegraph.
Bankers claim the FSA is the only regulator to be enforcing the bonus rules for domestic banks' international operations, making it difficult to compete in foreign territories. Read more
A NATWEST BANKER claims he was 'tortured' into pleading guilty over theft of $7.3m from RBS.
Two of the "NatWest Three" bankers convicted in the US of stealing $7.3m (£4.7m) from Royal Bank of Scotland claim to have been pressured into making guilty pleas, reports the Telegraph.
Released from prison in Britain earlier this year having served half of their 37-month prison sentence for a scam dreamed up with corrupt Enron executives, David Bermingham and Gary Mulgrew have attacked the American justice system and the controversial extradition treaty used to deport them to the US in July 2006. Read more
THE UK STOCK MARKET is on track to record its lowest trading volumes since 2002 as nervous investors sit on the sidelines amid uncertainty over the economic recovery, reports the Independent.
This year, £2.5trn of UK equities are set to be traded, sharply down on a whopping £4trn in 2007 and the lowest relative to the value of UK plc for eight years, according to Equiniti, the UK's large share registrar.
While nearly 70% of the profits of UK-listed blue-chip companies are generated abroad, fears that the UK economy's recovery could be faltering continues to weigh on listed companies on these shores.
Despite the upturn in the economy and stock market, this year's trading levels are still below 2009 and the average of 1.56 times the value of the market traded over the past decade, found Equiniti. Read more
HOUSE PRICES have fallen for the second month running, Britain's leading property website said today, and the decline appears to be accelerating, reports the Independent.
Rightmove, the online property portal which lists 200,000 properties, said the average asking price has fallen 1.7 per cent over the past month, following a 0.6% decline over the month to the middle of July.
This latest fall equates to a drop in the average price of a home listed on Rightmove from £236,000 to £232,000. Read more
LENDING to small businesses has continued to plummet, falling a further 20% over the last quarter.
The Government's Enterprise Finance Guarantee Scheme was supposed to make £1.3bn available, offering a 75% state guarantee to encourage banks to lend, reports the Mail.
But in an answer to a Freedom of Information Request tabled by new British bank Aldermore, the Department for Business said lending dropped from £186m in the first quarter to £149m in the second quarter. Read more
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation