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☆ Watchdog fines Barclays $55 million over crisis-era fundraising
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 21 (Reuters) - Britain's Financial Conduct Authority said it will fine Barclays 50 million pounds ($55.74 million) for its failure to disclose arrangements made with Qatari entities during its 2008 crisis-era fundraising. The British bank sought to raise funds from a number of investors during the crisis, but failed to disclose 'advisory agreement' fees to Qatari investors involved in the deals, the FCA said. Barclays has referred the decision to the watchdog's upper tribunal, which will determine whether to uphold the fine. The bank did not immediately respond to a request for comment. ($1 = 0.8970 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Lawrence White; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Britain's NatWest closes further 43 branches as banks cut costs
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 13 (Reuters) - NatWest (NWG.L) said on Thursday it is closing a further 43 branches, as lenders reduce their presence on Britain's high streets to cut costs and to adapt to more customers taking up online banking. The branches will close between January and March next year. The closures are the latest in a series of such moves by NatWest, which said it February it would close 32 branches. The move also comes just two days after Britain's Financial Conduct Authority said it was toughening up guidance on branch closures, saying lenders had to make sure an alternative was in place beforehand. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Iain Withers, Editing by Lawrence WhiteOur Standards: The Thomson Reuters Trust Principles.

But it is unclear how many lenders are tapping the facility and whether pension funds are willing to shell out additional fees for what is a temporary solution, sources told Reuters. Banks are reluctant to increase their lending to LDI funds through the repo facility, according to one official at a European bank. BRIDGING THE GAPLDI is an investment strategy sold by asset managers like BlackRock, Legal & General Investment Management and Insight Investment to pension schemes to help them match their assets and liabilities. Governor Andrew Bailey has rejected calls to continue buying bonds from pension funds which say they still need support beyond Friday. "It's a bridging tool that they can still use to keep the dialogue with the market and the pension funds going."

Banks are finding the home loan market stacked in their favour after years of low mortgage rates, but are also aware that bigger mortgage bills could spell trouble for cash-strapped customers. But the higher rates will hit borrowers hard. Mortgage payments as a proportion of gross household income were on average around 20% in June, according to BuiltPlace, a property market consultancy. They could rise to around 27% - the highest since the early 1990s - if mortgage rates were to rise to 6%, the consultancy said. The rise in mortgage rates will be a blow for millions of households' finances, Sue Anderson, head of media at debt charity StepChange said.

☆ Silicon Valley Bank hires UK chair, sees deal boom despite tough macro outlook
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 22 (Reuters) - California-based Silicon Valley Bank (SIVB.O) (SVB) has hired former TSB Bank executive Darren Pope as Chairman of its newly-formed British subsidiary, as it expands its business advising on tech deals despite the darkening economic outlook. Initial public offerings have been even harder-hit, with funds raised plunging 88% this year compared to 2021 to just $1.2 billion, according to the Refinitiv data. "A lot of money has been raised by venture capital and that money is time-bound," Platts said, meaning it has to be invested, giving Silicon Valley Bank confidence to grow its British business despite the tougher macro environment. Silicon Valley bank hired more than 150 staff across finance, risk and compliance roles in Europe in 2021, Reuters reported in July last year, as it looked to connect investors with tech firms across the continent. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting By Lawrence White; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

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