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The Latest Breaking News from PRA

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

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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

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.

Evening Standard

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 Guardian - UK

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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 Independent 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’

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

The Guardian - UK

3 Insurance Stocks Offering Safety and Growth

The insurance sector is experiencing significant growth driven by robust economic activity, increasing asset values, and rising healthcare expenses. As a result, investing in solid insurance stocks like ProAssurance (PRA), Tiptree (TIPT), and Donegal Group (DGICA) may offer a smart opportunity for investors seeking both stability and long-term growth. Read…

StockNews.com

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

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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.

Evening Standard

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.

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The Guardian - UK

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

Regulator says bank failed to properly implement Financial Services Compensation Scheme

The Guardian - UK

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

Zenger

UK Regulators Step Up Scrutiny Of Pound-Pegged Stablecoins

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

The Guardian - UK

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

Metro Bank agrees rescue deal with investors

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

Evening Standard

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

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