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The Latest Breaking News from PRA

Bank of London and parent firm fined £2 million for misleading banking watchdog

The Prudential Regulation Authority (PRA) said it is the first time it has fined a firm for failing to conduct its business with integrity.

Evening Standard

Troubled UK bank fined £2 million for misleading financial watchdog

The PRA said it is the first time it has fined a firm for failing to conduct its business with integrity

The Independent UK

Ministers warn petrol retailers against ‘unfair practices’

Chancellor Rachel Reeves and Energy Secretary Ed Miliband called in forecourt operators in response to the Middle East crisis.

Evening Standard

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UK petrol retailers claim ‘inflammatory language’ of ministers led to staff abuse

Trade body attends meeting with Rachel Reeves, hours after saying it was pulling out over suggestions of price gouging

The Guardian - UK

Petrol retailer group criticises ‘inflammatory language’ as staff face abuse

The Petrol Retailers Association had threatened to pull out of a meeting with Chancellor Rachel Reeves and Energy Secretary Ed Miliband.

Evening Standard

Insurance giant fined £10.6m for balance sheet errors before Aviva takeover

Bosses at the insurance firm notified the Prudential Regulation Authority about the mistakes

The Independent UK

Aviva’s Direct Line Group fined £10.6m for balance sheet reporting errors

The Prudential Regulation Authority said the firm’s main underwriter, UK Insurance Limited, miscalculated its balance sheet during 2023 and 2024.

Evening Standard

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Who is Katharine Braddick? The Barclays executive set to lead UK banking regulator

The former director of financial services at the Treasury will replace Sam Woods

The Independent UK

Barclays executive Braddick to lead UK banking regulator

Katharine Braddick is to replace Sam Woods as the next chief executive of the Prudential Regulation Authority.

Evening Standard

Some petrol stations set to stop selling diesel fuel by 2030

London is expected to be the UK’s first city with no diesel cars

The Independent UK

Banks’ customers will be protected by up to £120,000 if their provider fails

The new Financial Services Compensation Scheme limit, which is increasing from £85,000, will apply from December 1.

Evening Standard

UK banks still committed to climate goals, Bank of England executive insists

Exclusive: David Bailey plays down concerns after HSBC and Barclays quit UN-backed Net Zero Banking Alliance

The Guardian - UK

Bank of England to ease rules for smaller and mid-sized banks

The Bank also said it will push ahead with the majority of new capital rules at the start of 2027 but will delay part of the proposals.

Evening Standard

‘Significant doubt’ revealed over Bank of London’s ability to keep operating

Auditors question if Peter Mandelson-linked firm can raise adequate funding after news of regulator’s investigation

The Guardian - UK

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Evening Standard

Savings protection limit could be increased to £110,000 later this year

The limit could be raised from its current level of £85,000 from December 1, under the proposals.

The Guardian - UK

PwC fined £2.9m over audit of Sanjeev Gupta’s Wyelands Bank

FRC severely reprimands accountancy group and one of its former main auditors after ‘serious failings’ in 2019

The Independent UK

City watchdogs axe proposals for new diversity and inclusion rules

The Financial Conduct Authority and Prudential Regulation Authority said they have ‘no plans to take the work further’.

The Guardian - UK

Top City watchdogs drop new diversity and inclusion rules for firms

FCA and Bank of England’s PRA join retreat from efforts to help underrepresented groups, citing ‘regulatory burdens’

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The Guardian - UK

Racing trainers abandon TV interview boycott plan to avoid ‘public conflict’

Plans to boycott TV interviews by trainers at Sandown on Saturday have been abandoned ‘in the best interests of the sport’

The Guardian - UK

Trainers double down on cash demands for interviews and target ITV Racing

The Professional Racing Association has reiterated its plan for trainers to refuse TV interviews, starting on Saturday

The Guardian - UK

Bank of England delays rules designed to avoid banking crash by a year

Donald Trump’s return to White House and Rachel Reeves’s call for regulators to help drive UK growth taken into account

StockNews.com

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The Guardian - UK

City regulator vows to ease ‘burden’ on UK banks amid government pressure

Bank of England says it is rowing back on ‘overcooked’ regulations introduced after financial crisis

The Guardian - UK

Senior UK bankers will get bonuses years earlier under plan to relax rules

PRA and FCA propose changes to bonus deferrals in bid to drive growth and improve UK competitiveness

The Independent UK

Top bankers to access bonuses quicker under plans to relax City rules

Proposed changes will see the period that bonus payments can be deferred for the most senior bankers reduced from eight years to five years.

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