Grim news for Rachel Reeves is good news for the FTSE 100 | Nils Pratley
The stock market is not the economy – as shown by the new closing high after the Bank of England’s rates cut Never confuse a stock market index with a symbol of national economic health. The truth of that old piece of wisdom was demonstrated on Thursday as
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Unambiguously bleak Bank of England forecasts pave way for spending cuts
Weak jobs market and above-target inflation will dent Reeves’s growth plans and may wipe out fiscal headroom Bank cuts interest rates to 4.5% and halves UK growth forecast Business live – latest updates With the public finances tight and Rachel Reeves having pledged to balance the books, interest
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State of the Netherlands nationalises SNS REAAL
The Minister of Finance, in close consultation with De Nederlandsche Bank (DNB), has nationalised SNS Reaal. Savings deposits of clients are secure and the service provision of SNS REAAL has been safeguarded. The intervention has averted grave threats to financial stability and the economy. Source
Read MoreMartyn Beauchamp appointed as CEO of FSCS
The FCA and the Prudential Regulation Authority (PRA) have appointed Martyn Beauchamp as CEO of the Financial Services Compensation Scheme (FSCS). Martyn has been interim CEO of the FSCS since October 2023, and during this time he has successfully overseen the FSCS’s transition to a new operating model.
Read MoreFCA bans former Credit Suisse executives following US criminal convictions
The FCA has banned Andrew Pearse and Surjan Singh from the UK financial services industry. The former Credit Suisse managing directors have been banned for lacking integrity, following US convictions for arranging corrupt loans to the Republic of Mozambique.In July 2019, Mr Pearse pleaded guilty in the US
Read MoreGrowth of private markets requires continued focus on valuations
The FCA's review of private market valuation processes has found good practice but some room for improvement. Private markets have grown significantly in recent years with the UK continuing to be the largest centre for private market asset management in Europe.Private market assets don’t have the frequent trading
Read MoreOlumide Osunkoya sentenced to 4 years for illegally operating crypto ATM network
Olumide Osunkoya, 46, was sentenced on 28 February 2025 to 4 years in prison for illegal crypto activity worth over £2.5m and associated offences. Mr Osunkoya pleaded guilty on 30 September 2024 to 5 charges.Between 30 December 2021 and 12 March 2022, Mr Osunkoya operated crypto ATMs at
Read MoreAsset Land investors asked to get in touch
We have received limited funds to compensate investors in Asset Land companies. Investors should get in touch with us by 25 March 2025. We successfully took legal action againstAsset Land companies and their directors, David Banner-Eve and Stuart Cohen, following an investigation into unlawful activity in 2012. After
Read MoreFCA charges two individuals with multiple fraud charges
The FCA hasstartedcriminal proceedings againstKerry Nelsonand Jacqueline Stephensforalleged fraud,forgery, and money laundering. Kerry Nelson was director of both Nexus Independent Financial Advisers Limited (Nexus IFA) and Nexus Investment Managers Limited (Nexus IM). Jacqueline Stephens was business operations manager at the same firms.Ms Nelson and Ms Stephens have been
Read MoreHelping markets thrive and managing systemic risk: the FCA’s approach to non-bank leverage
Speech by Sarah Pritchard, executive director of markets, at the Investment Association Roundtable. At this time of year, it’s almost impossible not to think about spring. Warmer weather, a bit of sun. It’s always a joy to see the world come back to life after a dull, grey
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