LONDON – Banks and insurers that fail to manage climate risks as a “first-order” issue could face a 10% to 15% hit to annual profits and higher capital requirements, the Bank of England (BoE) said on Tuesday. In its first …
More than 85% of UK finance workers no longer view the office as their main place of work, highlighting the challenge the industry faces if it tries to persuade bankers to return to pre-pandemic norms. The demand for a new …
Pool Re, Britain’s leading terrorism reinsurer, announced the most significant reduction in its reinsurance pricing in 20 years. The reduction, which will come into effect in October 2022, will vary according to geographical location. Pool Re aims to enable the …
Britain said on Tuesday it will require its regulators to help the City of London remain a globally competitive financial center after being largely cut off from the European Union due to Brexit. The government outlined planned legislation marking the …
Pay for financial services workers in the UK has surged at double the pace for the rest of the economy since the pandemic began, widening inequality at a time when consumer spending power is being squeezed. The Institute for Fiscal …
Britain launched public consultation on Thursday for a post-Brexit relaxation of capital rules for insurers, in a step the government said would increase investments in long-term infrastructure. Britain inherited rules known as Solvency II from the European Union, and reforming …
The cost of a comprehensive car insurance policy in Britain touched an 18-month high in the first quarter and will continue to increase on the back of rising inflation and regulatory changes, a survey showed on Thursday. UK motorists now …
The Financial Conduct Authority has set UK-listed companies three diversity targets, including a goal for at least 40% women on their boards, in the latest move to bolster diversity in the upper ranks of British business. Companies should also have …
More than seven out of 10 chief financial officers (CFOs) at Britain’s biggest companies expect high inflation to reduce their profit margins, and few see the Bank of England getting inflation under control in the next couple of years. A …
Staff at the UK Financial Conduct Authority have voted to go on strike for the first time in a dispute over pay and conditions. Unite, the trade union that represents staff at the regulator, said in a statement on Tuesday …
