LSBF Blog - Global Matters
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
A report from British Business Bank has shown that fintech is popular with business angels in the UK, with 24% citing the sector as their top area for investment.
The UK Business Angels Market report showed that fintech outperformed other areas for business angel investments, including healthcare and life sciences.Read more >>
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.Read more >>
Clydesdale Bank and Yorkshire Bank owner CYBG has confirmed that it has agreed to buy financial services brand Virgin Money for £1.7bn, a move that will create one of the largest banks in the UK.
The deal includes an agreement over shareholders, with Virgin Money’s shareholders set to receive 1.2125 new CYBG shares for each Virgin Money share that they hold. The financial services firm’s shareholders will own 38% of the newly merged bank.Read more >>
New research from the Mayor of London's promotional agency, London & Partners, has named London as the leading destination for Indian entrepreneurs.
Released during London Tech Week, the figures showed that the city has attracted more than £4bn in tech investment projects from India since the EU referendum in June 2016.Read more >>
The UK’s Treasury Committee is calling for the “alpha male” culture in financial services to come to an end in a bid to help women in the sector to progress into senior roles.
A report from the Committee identified the areas in financial services that are most affected by the alpha-male culture, with the issue being evident during bonus negotiations in some firms.Read more >>
British Business Bank has launched a £2.5bn investment programme to help businesses have access to the finance that they need to boost the UK’s innovation economy.
The British Patient Capital programme will focus on investment in innovative businesses in the UK that have high-growth potential.Read more >>
Prime Minister Theresa May has announced that technology firms are to invest more than £2bn into the UK economy, which will create 1,600 new jobs.
The announcement was made at a roundtable event, during which it was also revealed that a number of initiatives will be launched to support businesses in the UK and attract foreign tech entrepreneurs and investors.Read more >>
A new competition has been launched to help the UK’s most promising financial technology start-up companies boost their growth.
Applications are now open for the competition, which is being delivered by tech entrepreneur network Tech Nation as part of the Treasury’s fintech strategy.Read more >>
A study from accountancy firm Smith & Williamson has shown that financial services firms are feeling confident about their prospects, with three in four expecting improvements over the next 12 months.
The study of more than 1,000 businesses found that nearly half believe that their prospects will improve significantly over the next 12 months, with businesses feeling mostly positive about recruitment.Read more >>
The latest figures from the Office for National Statistics (ONS) have shown that the UK employment rate remains at a record high.
The Labour Force survey showed an increase in the number of people in work between November 2017 and January 2018 and February and April 2018, with 32.39 million people in employment.Read more >>