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The Latest Breaking News from PRA

Wyelands Bank rebuked by Bank of England for regulatory failings

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

The Guardian - UK

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.

Tribune News Service

How savers can keep their money safe when banks collapse

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

The Independent UK

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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…

The National (Scotland)

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

Birmingham Post

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

Insider UK

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.

Daily Mirror

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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

Insider UK

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.

Wales Online

TSB fined £48m over IT migration meltdown; UK house prices ‘could fall 5%’ in 2023 soft landing – as it happened

Nationwide says a ‘relatively soft landing’ in housing market is possible, while TSB is penalised for operational failings over botched move to new IT platform in 2018

The Guardian - UK

Bank of England fines MS Amlin Underwriting almost £10 million for risk management failings

Watchdog says size of fine reflects length of time taken at the firm to address its concerns

Evening Standard

Lloyd’s boss: Liz Truss watchdog merger ‘would be distraction’

Lloyd’s chairman Bruce Carnegie-Brown also complained businesses were being hampered by delays to the process of approving new company directors.

Evening Standard

Cost of living crisis: why plans to reform the Bank of England won't help it stop spiralling inflation

The UK cost of living crisis has been building since early 2021. At 10.1%, the current rate of consumer price inflation is the highest in 40 years and the Bank of England believes it could pass 13% in October.

The Conversation

Sex as work: managing brothels as mainstream businesses

Claire Weinhold examines whether framing brothels as businesses like any other provides the safeguards sex workers need.

Newsroom.co.nz

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The Guardian - UK

Liz Truss derided for ‘dangerous’ reported plan to merge UK financial regulators

Ex-business secretary Vince Cable says potential integration of FCA, PRA and PSR, formed after financial crisis, poses systemic risks

Wales Online

WRU and Welsh regional issues suck the life out of fans just weeks before season

Weeks out from the start of the season, uncertainty continues in Welsh rugby

The Guardian - UK

BoE asks financial firms for £24m more to keep track of risks from crypto assets

Levy increase needed to hire 100 extra staff in response to ‘new policy responsibilities’, says regulator body

Evening Standard

London Metal Exchange faces FCA and Bank of England investigation over nickel market shutdown

The LME suspended nickel trading on the morning of March 8 after Russia’s invasion of Ukraine resulted in ‘disorderly’ price moves

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