Natalie Holt

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RBS plans 900 IT job cuts

Royal Bank of Scotland is said to be planning around 900 job cuts at its London office over the next three years. The BBC reports claims from the Unite union that the bank plans to cut 40 per cent of its permanent IT staff, equating to 650 jobs, plus 230 contractors. RBS says there has […]

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Govt urged to scale back attack on buy-to-let

Former work and pensions secretary Iain Duncan Smith has called on the Government to stop “punishing” landlords and rethink its stamp duty and mortgage interest relief reforms. Since April, landlords have not been able to claim tax relief on mortgage interest payments, and by 2020 they will only be able to claim tax credit at […]

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FCA moots intervention on pension freedoms

The FCA has set out proposals to intervene in the post-pension freedoms market including defaults and charge caps for non-advised drawdown and “decoupling” tax-free cash from the rest of the pension pot. The regulator has today published its interim findings from its retirement outcomes review, which launched a year ago. It marks the first comprehensive […]

FCA chairman to step down

FCA chairman John Griffith-Jones is to step down from his role at the regulator next year. In a joint statement published yesterday, the FCA and the Treasury say Griffith-Jones will leave the FCA on 31 March, the end of his five-year term. He will also step down from his role as chairman of the Payment […]

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Regulator in talks to scrap FCA register

Industry talks are being held between professional bodies and the regulator about scrapping the FCA register and replacing it with an alternative, Mortgage Strategy sister title Money Marketing can reveal. The discussions have been prompted by the senior managers regime, which came into force for banks, building societies and insurers in March 2016. It aims […]

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Landbanking duo banned over £2m scam

Two directors who sold worthless plots of land to investors for a total of £2.2m have been banned from working as company directors for a combined 26 years. The bans follow an investigation by a specialist team within the Insolvency Service and after the companies involved were wound by HM Revenue & Customs. The FSA […]

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Govt carries out audit of FCA and HMRC

The Cabinet Office is testing the effectiveness of the FCA as part of a wide-ranging review of the UK’s enforcement agencies. The Financial Times reports the FCA is being reviewed alongside HM Revenue & Customs, the National Crime Agency and the Serious Fraud Office. The Competition and Markets Authority and police forces that specialise in […]

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Dividend allowance reduction announced in Budget

Chancellor Philip Hammond has announced he will reduce the dividend allowance from £5,000 to £2,000. In his Budget speech today Hammond said the dividend allowance, introduced by his predecessor George Osborne, represented an “extremely generous tax break.” The Chancellor said the move would come into effect in April 2018. Writing for Mortgage Strategy sister title Money […]

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Lloyds hit in international cyber attack

A cyber attack by an international criminal gang saw Lloyds Banking Group customers temporarily unable to access their accounts online. The Financial Times reports several high street banks were hit by the denial of service attack earlier this month, although only Lloyds customers experienced problems. Denial of service attacks see a website swamped with traffic […]

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FCA: ‘Era of bumper fines is over’

The FCA says it expects it to be harder to collect sizeable fines from financial services firms following the introduction of the senior managers regime. Speaking at the Practising Law Institute’s annual regulation seminar in London yesterday, FCA director of enforcement and market oversight Mark Steward said the total level of fines has reduced since […]

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Treasury eyes sale of final stake in Lloyds

The Treasury is considering a deal to sell its remaining 7 per cent stake in Lloyds Banking Group to institutional investors early next year. The Financial Times reports that while no decision has been made, the move would see the taxpayer capitalise on a recent rise in bank shares and allow the Government to sell […]