City Losing Patience With Brexit Stalemate, Lobby Warns
London's financial community warned on Friday that businesses will accelerate their contingency plans unless a Brexit transition deal is reached soon, as a lobby group called stalled talks between the bloc and the U.K. "damaging" and disappointing.
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A leading insurance lobby urged the Financial Conduct Authority on Friday to delay sweeping insurance reforms for more than seven months to guarantee that they take effect in Britain on the same date as the rest of Europe.
An influential government panel is to probe the potential economic impact of the U.K. crashing out of the European Union with no deal in place and how it would affect financial services and other sectors, it was announced Friday.
Five former Lloyds directors accused of “mugging” the bank’s shareholders into backing its ill-fated takeover of the failing British lender HBOS PLC during the financial crisis believed the deal was in the best interests of Lloyds and its investors, a lawyer for the bank told the High Court in London on Thursday.
The Chancellor of the Exchequer is pushing British regulators to investigate allegations that HSBC and Standard Chartered helped to launder money as part of a South African corruption scandal, Treasury officials said Thursday.
The U.K. government has reintroduced draft legislation to extend compulsory motor insurance to driverless cars, proposing a legal framework that could pave the way for the vehicles hailed by analysts for their potential to reduce risk behind the wheel.