Mark Sands

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IMF: Brexit could ‘erode’ London’s status as finance hub

The International Monetary Fund has warned London’s status as a global financial centre would be damaged by a vote to leave the European Union. In its annual report into the UK’s economy, the IMF says leaving the EU would have “a negative and substantial” effect on economic growth, while also hitting London’s attractiveness as a […]

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RBS to ditch ‘toxic’ brand name

Royal Bank of Scotland is dropping the RBS brand from more than 500 branches across England, Scotland and Wales. According to The Times, more than 300 outlets in England will be rebranded as Williams & Glyn, while in Scotland, the RBS name will be dropped for the full Royal Bank of Scotland. A further 1,000 […]

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‘Bank of mum and dad’ now a top-10 lender

The Bank of Mum and Dad is now equivalent to one of the UK’s top 10 mortgage lenders and is set lend over £5bn in 2016, according to Legal & General. In research with the Centre for Economics and Business Research, L&G estimates parents will be involved in 25 per cent of mortgage transactions taking place in […]

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FCA to review how it runs redress schemes

Incoming FCA chief executive Andrew Bailey is set to examine how the FCA deals with redress exercises. Speaking to the Treasury committee earlier yesterday, FCA chairman John Griffith-Jones says Bailey will work with the regulator’s board to draw upon its experience of dealing with issues including missold payment protection insurance and interest rate swaps. He will […]

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LV= chief Mike Rogers to step down

LV= group chief executive Mike Rogers is to depart the mutual after 10 years at its helm. Rogers, who is also a non-executive director at Royal Bank of Scotland, will continue to lead the firm until a successor is appointed. He will also retain a role with the business into 2017 to ensure a smooth […]

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FCA reveals plans to restructure IPO process

The FCA has outlined potential remedies to the way in which information is provided to investors during the IPO process. In a paper published today, the regulator has suggested tweaks to “blackout” periods, which typically run for 14 days between research on issuers being published by banks, and circulation of the actual prospectus. The FCA […]

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Cameron to defend inheritance tax planning

Prime Minister David Cameron will reportedly set out a robust defence of the right of parents to pass money to children today, after a weekend of pressure over his own finances. Cameron published a statement of his tax affairs since 2010 yesterday, in a bid to draw a line under claims he had profited from […]

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PM admits past shares in offshore fund as Panama scandal deepens

Prime Minister David Cameron has admitted holding shares in an offshore fund run by his late father for 13 years. The Prime Minister has been under pressure to disclose his position since his father was implicated in the massive data leak from Panamanian law firm Mossack Fonseca. Until yesterday Number 10 had been prepared only […]

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Jeremy Corbyn accuses Govt of ‘pussyfooting around’ tax avoidance

Labour leader Jeremy Corbyn has slammed the Government for its failure to tackle tax avoidance in the aftermath of a huge leak of documents detailing offshore schemes used by wealthy investors. The raft of confidential documents was leaked from one of the world’s biggest offshore law firms, Panama-based Mossack Fonseca, and shows how the firm […]

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PRA boss warns housing crash would hit retirement savings

PRA chief executive and incoming FCA boss Andrew Bailey has warned savers investing in property to fund their retirement could be at risk if house prices slump. Yesterday, the PRA proposed new minimum underwriting standards for the buy-to-let sector, arguing that the market is defined by short-term interest-only mortgages that leave consumers vulnerable to hikes […]