LSBF Blog - Global Matters

Finance Innovation Lab calls for purpose-driven approach to financial regulation

Finance Innovation Lab calls for purpose-driven approach to financial regulation

Financial start-up support charity The Finance Innovation Lab has released a report calling for a new regulatory compass, with financial regulators in the UK being urged to adopt a purpose-driven approach to financial regulation.

The report, entitled The Regulatory Compass: Towards a purpose-driven approach to financial regulation, suggests that regulators change their approach to make sure that the financial sector can deliver for the UK economy and society after Brexit.

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Report reveals what finance professionals want from their employers

Report reveals what finance professionals want from their employers

A study from recruitment firm Hays Accountancy and Finance has revealed what workers in the finance sector want from their employers.

The recruitment firm’s What Workers Want study surveyed 14,000 professionals, more than 2,000 of whom were finance professionals, and revealed the top reasons for workers being deterred from a job role, as well as the most important factors to consider when deciding on a job role.

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FCA announces fourth round of firms for fintech sandbox

FCA announces fourth round of firms for fintech sandbox

The Financial Conduct Authority (FCA) has announced the fourth round of successful businesses for its fintech sandbox.

Part of the FCA’s commitment to boosting innovation in financial services, the regulatory sandbox enables businesses to experiment with new products, services or business models in a live environment under appropriate protections.

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Banks can use Open Banking to boost customer engagement

Banks can use Open Banking to boost customer engagement

A new report from Equifax has revealed how banks can boost customer engagement through Open Banking.

The study identified the best ways that lenders can capitalise on the Open Banking initiative, which was introduced earlier this year and requires banks to share customer data with third-party companies.

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Financial services employment rises at fastest pace in a year

Financial services employment rises at fastest pace in a year

A survey from the Confederation of British Industry (CBI) has shown that financial services firms increased hiring in the second quarter of 2018 despite uncertainties over Brexit, with employment in the sector rising at the fastest pace in 12 months.

The study, which surveyed 100 Square Mile firms, found that 24% increased hiring in Q2 2018, while 70% are planning to increase investment compared to last year, with information technology being a main driver of investment.

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Facebook expands initiative to boost UK’s female founders

Facebook expands initiative to boost UK’s female founders

Facebook is expanding its #SheMeansBusiness programme as the social networking website looks to boost the number of female founders in the UK and strengthen the economy.

The programme has so far provided support to 13,000 women by helping them to achieve their business aspirations.

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Strong interest in UK’s financial services drives services exports growth

Strong interest in UK’s financial services drives services exports growth

Figures from the Department for International Trade (DIT) have shown that a strong global interest in the UK’s financial and travel services is helping to drive services exports growth, with a 4.2% rise in services exports.

Exports of goods and services from the UK hit a record high of £620.2bn in the year leading up to March 2018, with demand for high-quality services from Britain remaining strong.

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London business confidence higher than rest of UK, research shows

London business confidence higher than rest of UK, research shows

The latest Business Barometer from Lloyds Bank Commercial Banking has shown that businesses in London are the most confident in the UK, despite concerns over the economy.

The research, which surveys 1,200 businesses every month, also showed that London businesses are resilient despite uncertainties and are set to go ahead with their hiring plans, with 48% expecting to recruit more workers over the next 12 months. This is up by four points from last month.

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London named best city in the world for work

London named best city in the world for work

A study from management consultant firm the Boston Consulting Group (BCG) has named London as the best city in the world to work in.

The research was the largest-ever study of workforce migration trends, with 366,000 workers from nearly 200 countries being surveyed.

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Open Banking could be worth £7.2bn by 2022, report shows

Open Banking could be worth £7.2bn by 2022, report shows

A report from Big Four accountancy firm PwC has predicted that the Open Banking sector could be worth £2.8bn by the end of the year and £7.2bn by 2022.

The report, entitled “How to Seize the Open Banking Opportunity”, highlighted the challenges of getting businesses to make use of the initiative, which involves banks sharing customer data with third-party firms.

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Women in Finance Awards celebrates women in financial services sector

Women in Finance Awards celebrates women in financial services sector

The Women in Finance Awards 2018 has celebrated the achievements of women working across a wide range of sectors in financial services.

More than 220 finalists were recognised at the European finance industry’s biggest diversity event, which took place in London earlier this week.

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APSCo figures show increase in permanent finance workers

APSCo figures show increase in permanent finance workers

The latest figures from the Association of Professional Staffing Companies (APSCo) have shown that the number of candidates securing permanent placements in the financial services sector increased by 17% year-on-year in May 2018.

The figures, which focus on professional recruitment, also showed that while there was a drop in permanent vacancies, the number of candidates in permanent jobs increased by 9% over the 12-month period.

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Nationwide launches £50m fund for fintech businesses

Nationwide launches £50m fund for fintech businesses

UK building society Nationwide has launched a £50m fund aimed at financial technology businesses in the UK.

The fund will enable fintech companies to develop innovative products and services, with senior members of Nationwide’s staff also providing support to businesses.

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Number of women in FTSE 100 positions rises, figures show

Number of women in FTSE 100 positions rises, figures show

Figures published by the Hampton-Alexander Review have shown a rise in the number of women in FTSE 100 board positions.

The government-backed review was launched in 2016 and aims to get more talented women into senior roles, with FTSE 350 businesses being given a target of having 33% of women in FTSE 100 board positions by 2020.

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Lloyds Banking Group to become first founder of LORCA

Lloyds Banking Group to become first founder of LORCA

Lloyds Banking Group is set to become the first founding partner of a government-funded cyber innovation centre that has opened in London.

The London Office for Rapid Cyber-security Advancement (LORCA), which was launched by Digital Secretary Matt Hancock and is based in East London, will provide support to cyber-security start-ups, with a focus on businesses in the financial services sector.

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Magpie businesses could boost UK economy by more than £100bn

Magpie businesses could boost UK economy by more than £100bn

The Confederation of British Industry’s Director-General Carolyn Fairbairn has highlighted the importance of businesses taking a magpie approach and seeking out new technologies, stating that it could help to boost the UK economy by more than £100bn.

Fairbairn is also set to call for more support for Britain’s medium-sized businesses (MSBs) at the CBI’s MSB Summit to help them be more productive and improve the UK’s economic growth.

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EY to help create 100,000 professional jobs for women

EY to help create 100,000 professional jobs for women

Big Four accountancy firm EY has teamed up with careers site SheWorks! to create 100,000 professional job opportunities for women globally by 2020.

The initiative aims to enable more women to work remotely in the gig economy and help them to feel more included in the workplace.

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Banking Protocol successful in preventing fraud, UK Finance figures show

Banking Protocol successful in preventing fraud, UK Finance figures show

Figures from banking and finance trade association UK Finance have highlighted the success of its Banking Protocol, with the scheme helping to prevent £24.7m of fraud and leading to more than 195 arrests being made since its launch last year.

The scheme enables banks to report any suspected fraud incidents, with affected branches being made a priority and receiving an immediate response from the police.

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Chancellor announces Green Finance Institute and Financial Services Skills Taskforce

Chancellor announces Green Finance Institute and Financial Services Skills Taskforce

Chancellor Philip Hammond has announced the launch of a new Green Finance Institute and a Financial Services Skills Taskforce.

The institute will enable London to retain its status as a leader in green finance, while the industry-led taskforce will ensure that the UK’s financial services sector has access to skilled workers.

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French banking group to offer business loans to UK SMEs

French banking group to offer business loans to UK SMEs

French banking group BNP Paribas is to offer business loans to small and medium-sized businesses in the UK for the first time.

The company has already issued its first UK business loan, which was between £500,000 and £5m – higher than the amount offered by peer-to-peer lending company Funding Circle, which currently lends a maximum of £500,000 to SMEs.

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Finance firms preparing for Brexit by boosting salaries, study shows

Finance firms preparing for Brexit by boosting salaries, study shows

A report from recruitment agency Randstad has shown that financial services firms in the UK are offering higher salaries as they prepare for regulatory changes that could be caused by the UK’s exit from the EU.

The annual report, which is entitled “Paying Attention” and looks at salary trends in the Square Mile, showed that banks are offering higher salaries in compliance, audit and risk as they prepare for any issues that could arise from the government failing to achieve an EU deal that will protect the City of London.

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SMEs could boost UK economy by £57bn by improving productivity

SMEs could boost UK economy by £57bn by improving productivity

Research released by NatWest and conducted by the Centre for Economics and Business Research (Cebr) has shown that SMEs could add £57bn to the UK economy if their productivity levels matched those of German SMEs.

The study, entitled “Productivity in focus: Germany vs. the UK”, found that SMEs in the UK generate £147,000 worth of output each year on average, less than half that of SMEs in Germany, which generate £335,000 per year per worker.

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Open Banking to revolutionise how UK consumers manage personal finances

Open Banking to revolutionise how UK consumers manage personal finances

A study from Network Research has shown that Open Banking is set to revolutionise the way that UK consumers manage their personal finances.

The research has been tracking 500 UK consumers since May 2018 to monitor their awareness of Open Banking and to find out if they are making use of the initiative and how likely they are to use it in the future.

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Contactless payments rising in popularity, UK Finance figures show

Contactless payments rising in popularity, UK Finance figures show

Figures from UK Finance have shown that contactless payments are rising in popularity, leading to debit cards becoming the top payment method in the UK.

The finance and banking trade association’s 2018 UK Payments Market Review showed that debit cards have overtaken cash as the most popular payment method, with 13.2 billion debit card payments being made in 2017, compared to 13.1 billion cash payments.

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Department for International Trade launches FinTech investment drive

Department for International Trade launches FinTech investment drive

Britain’s Trade Secretary Dr Liam Fox MP is to boost the UK’s FinTech sector by launching a FinTech investment drive.

The Department for International Trade (DIT) will be setting up a FinTech steering board as part of the initiative, which was announced at the end of London Tech Week.

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