Hedge funds have taken record short positions in the debt and equity of Aston Martin, betting that the luxury carmaker will continue to struggle after one of the most disastrous stock market debuts of recent years. The carmaker has given investors a rough ride since it floated in October, with Read more…
Barclays cut the amount it set aside for bonuses by 23 per cent in the first half of the year as chief executive Jes Staley exerts a tighter grip on pay in a push to hit the bank’s profitability target. The UK-based bank put £456m towards bonuses in the first Read more…
It is hard to gain a clear view into a business roiled by kinetic change. Asset management is such a business. We discern differences but not yet outcomes, although the outlines are coming into focus. Let’s look at the changes, or at least the obvious ones. The shift to passive Read more…
FCA boss Andrew Bailey said fund rules may need amending in the wake of the Woodford fund suspension. In a letter penned for the Financial Times, Bailey said the suspension of the £3.7 billion fund had raised important questions about the UK’s regulatory approach towards investment in illiquid assets. Woodford was forced to suspend Read more…
Regulators have called for KPMG to be fined at least a record £12.5m for misconduct in its work for Bank of New York Mellon, dealing another heavy blow to the reputation of the Big Four accounting firm. The UK Financial Reporting Council, the audit industry’s watchdog, said at a London Read more…
The FCA Business Plan sets out its main areas of focus for 2019/20. It outlines their priorities and describes its response to the issues it has identified. It covers their supervisory priorities as well as market studies and the policy work it undertook. This enables industry and consumers to understand Read more…
The Bank of England should be in no hurry to raise interest rates, given the ongoing risks of a Brexit-induced downturn, the OECD warned on Tuesday. In its latest economic outlook, the Paris-based organisation predicts UK output growth of just 1.2 per cent this year and 1 per cent in Read more…
Senior EC official says smaller firms “really struggling” to comply with margin rules A top European Commission official has hinted that the final phase of initial margin rules for non-cleared derivatives trades could be deferred, encouraging the industry to “keep on banging the drum” on the issue. Patrick Pearson, head Read more…
Charles Stanley plans to streamline its business and cut senior management roles as part of its efforts to boost profit margins. As part of a transformation project announced on Thursday, Charles Stanley will create a “seamless internal structure” to improve operational efficiency and “create greater agility to innovate”. Charles Stanley Read more…
On 8 March, the FCA published guidance to help firms prepare for the Senior Managers and Certification Regime (SM&CR). The purpose of the guidance is to give FCA solo-regulated firms practical assistance and information on preparing Statements of Responsibilities (SoRs) and Responsibilities Maps. The guidance sets out the purpose of Read more…