DIRS.INFO The most relevant business & tech news

☆ UK official discusses UK-Saudi deal to boost research and innovation ties
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK official discusses UK-Saudi deal to boost research and innovation tiesAndrew Griffith, U.K. minister of state for science, research and innovation, names the areas of science and technology that the two countries want to collaborate on, saying it's "all about the shared challenges."

Persons: Andrew Griffith Locations: Saudi

☆ UK confirms plans to regulate crypto industry with formal legislation
▼ + stars: | 2023-10-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The U.K. government on Monday confirmed plans to regulate the cryptocurrency industry, announcing in a consultation paper that it will look to bring in formal legislation for crypto activities by 2024. The government published its response to a consultation paper issued earlier this year, which outlined recommendations on regulating the crypto industry. The government aims to introduce laws for the crypto industry before Parliament by 2024, according to the paper. It is not immediately clear at this stage what U.K. laws on crypto will look like. Numerous bills are going through Congress, but the U.S. is far behind others when it comes to bringing about formal federal laws for the crypto industry.

Persons: Andrew Griffith Organizations: Government Locations: EU, Crypto, U.S

☆ Britain to ease capital rules for retail banks to boost competition
▼ + stars: | 2023-09-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Sept 28 (Reuters) - Britain's finance ministry, which is seeking to boost competition in the banking sector, on Thursday proposed legislation to ease rules that require banks to "ring-fence" their retail arms with a cushion of capital. The draft legislation proposes to increase the threshold at which ring-fencing applies to banks from 25 billion pounds ($30.31 billion) to 35 billion pounds. Britain introduced the ring-fencing rule in January 2019 following the costly taxpayer bail-outs of banks during the global financial crisis over a decade ago. "It will improve outcomes for banks and their customers, increase competition and improve the competitiveness of the UK banking sector," Griffith said. Another change would allow ring-fenced banks to set up entities outside Britain to compete with international and domestic banking groups.

Persons: Keith Skeoch, Andrew Griffith, Griffith, Banks, Huw Jones, William Schomberg Organizations: Bank of England, Thomson Locations: Britain

☆ UK financial watchdog urges NatWest chair to stay put
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 31 (Reuters) - The chairman of NatWest (NWG.L) Howard Davies should remain in office to ensure stability for the bank, a senior official at Britain's Financial Conduct Authority said on Monday. "I agree with his view that it's important to have stability at NatWest and that having a chair remain in place will help support that," Mills told reporters. Davies said he intended to stay on at the bank for now - after also facing calls to resign. "The FCA position is that ultimately it's a decision for the board and its shareholders. We urge those shareholders and board to achieve stability," Mills said.

Persons: Howard Davies, Sheldon Mills, Andrew Griffith, Davies, Alison Rose, Mills, Rose, Nigel Farage's, Huw Jones Organizations: NatWest, Britain's, Authority, FCA, BBC, Thomson

☆ NatWest CEO resigns after admitting to 'serious error' over Nigel Farage leak
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +4 min

NatWest CEO Alison Rose on Wednesday stepped down with immediate effect after she admitted a "serious error of judgment" in discussing former Brexit party leader Nigel Farage's relationship with the bank with a senior BBC journalist. The board appointed Paul Thwaite to helm NatWest for an initial period of 12 months, the company said in a statement. "The board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group," Howard Davies, chairman of the board, said. Coutts' website advises its clients should be able to borrow or invest at least 1 million pounds with the bank or hold 3 million pounds in savings. Britain's Financial Conduct Authority (FCA) said it had urged the NatWest board to review the matter independently and welcomed its statement.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Howard Davies, Coutts, Rose, Farage, Peter Flavel, NatWest's Davies, Davies, Rose —, Simon Jack, Jack, Sheldon Mills, Andrew Griffith Organizations: NatWest, BBC, NatWest Group, BBC Business, Authority, Treasury, Reuters, Government Investments

☆ Government’s NatWest meddling crosses risky line
▼ + stars: | 2023-07-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Meddling ministers crossed a line, and may struggle to retreat back onto the right side of it. Its shares fell a modest 3% on Wednesday morning – compared with 1% on average for Lloyds Banking Group (LLOY.L), Barclays (BARC.L) and Virgin Money UK (VMUK.L). Rose’s strategy of cutting costs, continuing to scale back risky trading and focusing on core UK retail banking was working. Britain’s Economic Secretary to the Treasury Andrew Griffith said on social media site X, formerly known as Twitter, that “it is right that the NatWest CEO has resigned”. Domestic rivals Lloyds Banking Group, Barclays and Virgin Money UK were down 2% on average.

Persons: Alison Rose, Rose, Rishi Sunak, Jeremy Hunt, Nigel Farage, Andrew Griffith, Coutts, aren’t, Nigel Farage's, Paul Thwaite, George Hay, Pranav Kiran, Streisand Neto Organizations: Reuters, Economic, NatWest, BBC, Royal Bank of Scotland’s, UK Government Investments, . Mortgage, Lloyds Banking Group, Barclays, Virgin Money, Lloyds, Domestic, Thomson Locations: NatWest’s

NatWest has faced intense political and media scrutiny over a decision by its private bank Coutts to close Farage's accounts. In a post on the X social media platform on Wednesday, Farage called for further heads to roll in the wake of Rose's resignation. On Tuesday, Farage said on his eponymous TV show that Rose was "unfit" to run a bank. She realised that her comments had left Jack with the impression that the decision to close Farage's accounts was solely a commercial one, Rose said in the statement. Rose also said she was not part of the decision-making process to "exit" Farage's accounts and said this was a decision made by Coutts.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Coutts, Farage, Rose, Simon Jack, Howard Davies, Davies, Peter Flavel, Jack, NatWest's, Sheldon Mills, Andrew Griffith, Iain Withers, Sinead Cruise, Urvi, Juby Babu, Simon Jessop, Mark Potter, Edwina Gibbs, Louise Heavens Organizations: NatWest, BBC, BBC Business, UK Treasury, Reuters, Government Investments, Authority, Thomson Locations: Bengaluru

☆ NatWest goof is a boon for sketchy bank clients
▼ + stars: | 2023-07-21 | by ( Liam Proud | ) www.reuters.com time to read: +5 min

LONDON, July 21 (Reuters Breakingviews) - A row between right-wing talking head Nigel Farage and UK bank NatWest (NWG.L) could have much broader consequences. Last November, a reputational risk committee of NatWest’s exclusive private bank Coutts decided to ditch Farage by summer 2023. After closing the Coutts wealth account, NatWest offered Farage a standard one at the parent group instead, for example. But for now the biggest winners from the Farage-Coutts row seem to be sketchy UK bank customers. Briefing papers presented to Coutts’ wealth reputational risk committee said Farage was “considered by many to be a disingenuous grifter”.

Persons: Nigel Farage, Alison Rose, Farage, Coutts, didn’t, Rose, Andrew Griffith, Coutts ’, “, ” Farage, George Hay, Oliver Taslic Organizations: Reuters, NatWest, Conservative, Treasury, Financial Ombudsman Service, Twitter, UK Independence Party, Thomson

☆ UK tightens rules over bank account closures after 'debanking' criticism
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 20 (Reuters) - Banks in Britain will be forced to explain and delay any decision to close an account under new rules announced by the finance ministry on Thursday. "The government has stepped in to address fears that banks are terminating accounts because they disagree with someone’s political beliefs," the Treasury said in a statement. On Wednesday, the Financial Conduct Authority said it was talking to NatWest about the handling of Farage's accounts. Under the new rules, banks will need to explain any closure and customers will be given more time - 90 days - to challenge a decision through the Financial Ombudsman Service, or find a replacement bank, the Treasury said. Reporting by William James, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

Persons: Nigel Farage, Banks, Andrew Griffith, William James, Kylie MacLellan Organizations: Treasury, Financial, Authority, NatWest, Financial Ombudsman Service, Thomson Locations: Banks, Britain

LONDON, July 4 (Reuters) - British banks should have to serve a customer even if they disagree with his or her lawful political views, and should apply anti-money laundering checks proportionately, financial services minister Andrew Griffith said on Tuesday. Griffith was asked about his views on recent issues around banking services for politicians and other 'politically exposed persons' by the House of Lords' Economic Affairs Committee, which did not name Farage directly. Griffith said Britain's Financial Conduct Authority (FCA) now had powers under a new financial services law approved last week to revisit these rules. "The second thing that we've asked is that the FCA look at creating a domestic politically exposed persons (category) to reflect the lower category of risk associated with those whose affairs are wholly domestic," Griffith said. Reporting by David Milliken, Editing by Huw Jones and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Griffith, Nigel Farage, Coutts, Griffith, it's, David Milliken, Huw Jones, Mark Potter Organizations: Brexit Party, NatWest, Economic Affairs Committee, Authority, FCA, Thomson

☆ UK financial services minister urges caution over central bank digital currency
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 4 (Reuters) - Britain should be cautious about whether to issue a digital version of the pound given privacy and other issues involved, financial services minister Andrew Griffith said on Tuesday. The finance ministry and Bank of England have launched a public consultation on whether to issue a so-called central bank digital currency or CBDC, mirroring moves by many central banks across the world. "My thinking about CBDC is that we should proceed cautiously, which is precisely what we are doing in the joint consultation with the Bank of England," Griffith told the House of Lords' Economic Affairs Committee. "It's right to engage and have the very widest - and, to a degree, the most thorough - public policy debate which we have started with the process of consultation," he added. Reporting by Huw Jones, editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Griffith, Griffith, Huw Jones, David Milliken Organizations: Bank of England, Economic Affairs Committee, Thomson Locations: Britain

☆ Britain lowers stake in NatWest with $1.6 bln share sale
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

The lender returned to majority private ownership in March 2022 after a similar block sale. The government has a target of fully returning NatWest to private ownership by 2026. "Today's sale is another major milestone in returning NatWest to full private ownership as promised," Andrew Griffith, economic secretary to the Treasury, said in a statement. Britain owned 84% of NatWest at the peak of its ownership after it bailed out the bank in 2008. The sale announced on Monday is the government's sixth block sale of NatWest stock to date, the government said.

☆ Cross-border remote working could boost London financial centre, says report
▼ + stars: | 2023-04-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Britain's leading role in financial services investment faces challenges from three continents, as Singapore, France and Germany also quickly catch up. "Britain attracted just three more financial services projects than France in 2021, 63 vs 60," the report, compiled with law firm Freshfields Bruckhaus Deringer, said. While some recommendations refer to existing reforms, such as tweaking insurance rules to encourage green investments, the report also wants cross-border remote working made easier. Business visa rules should be amended to allow staff based overseas to work remotely for financial firms in Britain, and vice-versa, the report said. "Adopting an innovative cross-border remote working system would ...also support manufacturing businesses across the UK," the report said.

☆ City minister Andrew Griffith: Crypto regulation in UK due in next 12 months
▼ + stars: | 2023-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCity minister Andrew Griffith: Crypto regulation in UK due in next 12 monthsAndrew Griffith, economic secretary to the U.K. Treasury, speaks to CNBC's Arjun Kharpal from the Innovate Finance event in London.

☆ Britain seeks to boost banking services from fintechs
▼ + stars: | 2023-04-17 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

"While significant progress has been made, there is more to be done to deliver the full benefits of open banking within retail banking markets, and beyond," the statement said. The recommendations from regulators will keep up momentum in open banking and extend its benefits to other sectors, said Marion King, chair of Open Banking Limited, which checks on whether the nine banks comply with open banking rules on customer data. Britain is keen to push open banking to the next stage following Brexit to attract more fintechs to set up in Britain as the European Union is poised to compete with its own version of open banking. The data protection draft law, now going through parliament, will be used to put open banking on a sustainable footing, Griffith said. "We now need to see proportionate regulation," said Janine Hirt, CEO of Innovate Finance, the UK fintech industry body.

☆ Britain to bolster the City after Silicon Valley Bank collapse
▼ + stars: | 2023-03-15 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/2] A person walks over Millennium Bridge amidst early morning fog, as the sun rises beyond the City of London financial district in the background, in London, Britain, February 8, 2023. Following the collapse of its parent company in the United States, Silicon Valley Bank's UK arm was sold to HSBC over the weekend to avoid disrupting its customers in Britain. Hunt said he would make a statement in the autumn on how the UK financial system would be strengthened. City Minister Andrew Griffith has said that an accounting rule for pension funds has become a "performance penalty" which holds back investment in Britain. The financial sector has called for faster implementation of the proposals after Amsterdam overtook London as Europe's biggest share trading centre.

☆ UK Treasury minister: Silicon Valley Bank collapse not a systemic issue
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Treasury minister: Silicon Valley Bank collapse not a systemic issueAndrew Griffith, economic secretary to the U.K. Treasury, discusses the purchase of the U.K. arm of Silicon Valley Bank by HSBC.

☆ UK says financial reforms will be within same 'orbit' as EU, US
▼ + stars: | 2023-03-09 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, March 9 (Reuters) - Britain's revamped financial market rules will largely be aligned with U.S. and European Union regulations to minimise disruption to global companies, its financial services minister Andrew Griffith said on Thursday. The EU and United States have also set out market reforms and, with the British changes initially trailed as a "Big Bang"-style shake-up, global banks want to avoid major divergence in rules that bump up their costs. Griffith said Britain has a "clear vision" of ambitious practioner-led reforms to make the country's regulation more proportionate, simpler, modern and based on high standards. Danuta Huebner, a European Parliament member who is leading reform of EU securities rules, said the Edinburgh Reforms put increased emphasis on risk taking and competitiveness, but it was unclear if this will mean divergence from the EU. The 27-member bloc said this week it would activate a new forum for UK and EU regulators to exchange views, key to easing tensions over issues like derivatives clearing.

☆ Britain sets out legislation to regulate buy-now-pay-later credit
▼ + stars: | 2023-02-13 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 13 (Reuters) - Britain on Tuesday will set out draft legislation to regulate "buy now pay later" credit, saying the sector posed potential harm to consumers without thorough affordability checks. BNPL companies are largely unregulated and typically offer on-the-spot interest-free short-term loans that spread payments for retail goods like clothing. The finance ministry said it will launch a public consultation on Tuesday on legislation to regulate BNPL, giving the Financial Conduct Authority (FCA) powers to authorise operators and their activities. Last February, the FCA told BNPL operators Clearpay, Klarna, Laybuy and Openpay to change their contracts after identifying potential harm to customers. It had to use consumer rights law pending the new legislation the ministry was announcing on Monday.

☆ Bank of England and Treasury think UK is 'likely' to need digital currency, the Telegraph reports
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 4 (Reuters) - The Bank of England (BoE) and Britain's finance ministry think the UK is likely to need to create a central bank digital currency (CBDC) later this decade, the Telegraph newspaper reported on Saturday, citing an unreleased government report. The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly. BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE's CBDC work. The European Central Bank is working on a digital version of its currency and is in the process of outlining the broader design. Last month it said it would not offer personal bank accounts but would allow person-to-person payments.

☆ Britain kicks crypto when it’s down
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

Britain’s answer, unveiled by Financial Services Minister Andrew Griffith on Wednesday, is that the existing framework suffices. The government intends to regulate the digital assets using the Financial Services and Markets Act of 2000, legislation applied to the City of London. The consultation also notes that the City and Wall Street typically segregate activity consolidated by crypto groups, such as being a broker, exchange, lender or custodian. Coming on the heels of last year’s collapse of Sam Bankman-Fried’s FTX means Britain’s kick lands when the industry is down. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Britain's finance ministry sets out draft rules to regulate cryptoassets
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 1 (Reuters) - Britain's finance ministry set out draft rules to regulate cryptoassets on Wednesday, saying ongoing turbulence in the sector and the collapse of exchange FTX highlighted risks that need addressing. "Our view is that this reinforces the case for clear, effective, timely regulation and proactive engagement with industry," Financial Services Minister Andrew Griffith said in proposals put out to public consultation. "This includes a proposal to bring centralised cryptoasset exchanges into financial services regulation for the first time, as well as other core activities like custody and lending," Griffith added. After the three-month consultation, there will be secondary legislation later this year along with detailed rule proposals for public consultation from the Financial Conduct Authority. HMT crypto graphicReporting by Huw Jones; editing by Jason Neely and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Britain sets out plans to regulate crypto industry in wake of FTX collapse
▼ + stars: | 2023-02-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

In a widely-anticipated industry consultation launched Tuesday, the government proposed a number of measures aimed at bringing regulation of crypto asset businesses in line with that of traditional financial firms. A big theme that emerged in 2022 was the rise of risky loans made between multiple crypto firms and a lack of due diligence done on the counterparties involved in those transactions. The collapse of FTX has added urgency to global regulators' attempts to govern the regulation-averse crypto space. The regulatory move comes as crypto firms in both the U.K. and beyond are feeling the chill of a deep downturn known as "crypto winter." Global crypto hub ambitionsThe U.K. wants to become a leader in crypto and blockchain technology on the global stage.

☆ Britain's first crypto regulations to set 'robust' standards
▼ + stars: | 2023-01-31 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo/File PhotoLONDON, Jan 31 (Reuters) - Britain's finance ministry plans "robust" regulations for crypto assets, following the collapse of crypto exchange FTX last year, which left millions of people nursing billions of dollars in losses. Crypto is currently unregulated globally, with firms only having to carry out checks to prevent money laundering. "These proposals will place responsibility on crypto trading venues for defining the detailed content requirements for admission and disclosure documents - ensuring crypto exchanges have fair and robust standards," the ministry said. Regulators are focusing on prising open "crypto conglomerates" which combine activities like trading, lending and custody under one roof, but with traditional regulatory safeguards between them absent. The European Union is already finalising its first set of crypto rules.

[1/2] People walk along the South Bank with the Houses of Parliament in the distance, in London, Britain, January 17, 2023. Some hires need vetting by the Financial Conduct Authority (FCA) and the Bank of England (BoE). Britain introduced the accountability rules in 2016 in response to public anger that so few individuals were punished over taxpayers having to bail out banks in the 2007-2008 financial crisis. Regulators sought to reassure that the rules would not be used to put "heads on sticks" and discourage people from taking on senior roles. Reporting by Iain Withers and Huw Jones, editing by Sinead Cruise and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Andrew Griffith"

25 mentions found