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The Latest Breaking News from PRA

Barclays told to review leveraged finance as UK probes industry

It’s the first of many such reviews the regulator is expected to launch into leveraged finance, which has long been the financing method of choice for private equity

Evening Standard

HSBC hit with huge fine by watchdog over customer deposits

HSBC suffered another serious blow to its reputation today when it was whacked with one of the heaviest fines ever handed out by the City regulator.

Evening Standard

HSBC fined £57m over ‘serious’ deposit protection failings

Regulator says bank failed to properly implement Financial Services Compensation Scheme

The Guardian - UK

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Former head of bank linked to Greensill Capital fined by UK regulator

CEO of Wyelands Bank, part of steel magnate Sanjeev Gupta’s empire, committed ‘serious’ rule breaches

The Guardian - UK

UK Regulators Step Up Scrutiny Of Pound-Pegged Stablecoins

Financial authorities express concerns over stability risks and plan to regulate fiat-backed stablecoins

Zenger

Tories fuelling ‘greed is good’ with lift of cap on bankers’ bonuses, says TUC

As cap is lifted on Tuesday, unions claim Rishi Sunak is following Liz Truss’s footsteps

The Guardian - UK

UK financial regulators scrap cap on bankers’ bonuses

Bonus cap to end on 31 October, a move condemned by unions as an ‘insult to working people’

The Guardian - UK

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Metro Bank agrees rescue deal with investors

Lender secures £325m capital from new and existing shareholders and £600m of debt refinancing

The Guardian - UK

Watchdogs need to be bold to boost diversity in the City

City Comment: The FCA and PRA’s words today are welcome, but progress has been slow

Evening Standard

Banking regulator Sam Woods: ‘This is the most intense period since the 2008 financial crisis’

In an exclusive interview, the head of the Prudential Regulation Authority talks about Credit Suisse, the gilt market meltdown – and stress-testing banks for the climate crisis

The Guardian - UK

Trump says ‘Clinton socks case’ gets him off the hook – what was it and is he right?

The case referenced by Mr Trump has nothing to do with the ex-president’s late cat — or the charges against him

The Independent UK

London’s financial dominance is under siege

City Voices: There’s a growing narrative that London is closing the door on business and our institutions are doing nothing to counter it. This vacuum is being filled by influential executive public anger.

Evening Standard

Tonight's rugby news as Welsh region reveal 'cashflow pressures' and young Wales international tipped to return to pro game

The latest rugby headlines from Wales and beyond

Wales Online

Former TSB executive fined over 2018 IT meltdown

An £81,620 fine was handed down to Carlos Abarca as a result of the failed systems migration

Insider UK

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The Guardian - UK

Former TSB chief information officer fined £81,000 over IT meltdown in 2018

Regulator says Carlos Abarca ‘failed to take reasonable steps’ to ensure outsourcing firm was ready to migrate accounts en masse

Wales Online

Malcolm Wall outlines his vision for Welsh rugby, deals with the call for three regions and explains how things will soon improve

PRB chair Malcolm Wall talks exclusively to WalesOnline about some of the most pressing issues in Welsh rugby.

The Guardian - UK

Wyelands Bank rebuked by Bank of England for regulatory failings

Central bank decides against £8.5m fine because of collapsed firm’s ‘limited resources’

Tribune News Service

A progress check on hospital price transparency

For decades, U.S. hospitals have generally stonewalled patients who wanted to know ahead of time how much their care would cost. Now that’s changing — but there’s a vigorous debate over what hospitals are disclosing.

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The Independent UK

How savers can keep their money safe when banks collapse

Collapse of Silicon Valley Bank sparks memories of 2007/8 global financial crisis

The National (Scotland)

UK arm of collapsed Silicon Valley Bank bought by HSBC

THE UK arm of collapsed US lender Silicon Valley Bank has been bought by HSBC after the Government and Bank of England stepped in to…

Birmingham Post

Silicon Valley Bank's UK arm is sold to HSBC to protect customers

Government and Bank of England helped facilitate the deal amid fears that the tech sector would be devastated by the bank's failure

Insider UK

Silicon Valley Bank UK arm is sold to HSBC with all deposits 'safe and secure'

Chancellor says SVBUK customers should 'feel reassured by the strength, safety and security' of HSBC

Daily Mirror

TSB fined £48million over computer meltdown that left customers unable to access accounts

The issue occurred when TSB attempted to move customer data to a new computer system managed by Spanish owner Sabadell from the old one supplied by Lloyds Banking Group.

Insider UK

TSB fined £48.7m over 2018 IT meltdown that left customers unable to access services

FCA said bank 'failed to plan for the IT migration properly' - TSB apologises again

Wales Online

TSB Bank fined nearly £50m after botched computer upgrade in 2018

The bank was attempting to switch over to a new IT system but the transfer went wrong. Regulators said there were "widespread" issues in how it handled customer data.

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