Our Weekly Newsletter
Across Instinctif Partners’ Financial Services team, we are always keeping an eye on the key developments taking place across the sector to evaluate their impact on the many businesses we work with. Here we share our picks of the week’s most interesting news, and our expert views.
Monzo withdraws US banking licence application
Monzo has withdrawn its application for a US banking license after it was told by regulators it was unlikely to be approved. It has been reported that this move highlights caution among US regulators about allowing lossmaking start-ups to become banks, in comparison to the different approach being taken by the UK regulator. (From Financial Times, 4th October 2021)
Most ethnic minority finance workers suffer discrimination, finds UK report
Two in three UK finance workers from black and minority ethnic backgrounds have suffered discrimination in the workplace, according to findings from a new industry survey from reboot; a network of senior professionals drawn from some of the City’s biggest firms. The report argues the industry was failing to back up diversity pledges with concrete action. (From The Guardian, 5th October 2021)
Financial firms urged to take cybersecurity more seriously
Financial firms have been urged to start taking cybersecurity even more seriously, according to new comments from Financial Technology Research Centre founder and director. It has been noted that the US regulator the Securities and Exchange Commission has become increasingly strict with firms which allow cybersecurity breaches, arguing that it is a matter of “when, not if” the UK’s Financial Conduct Authority gets tougher on this too. (From Money Marketing, 5th October 2021)
House prices jump £2m in a year on Britain’s most desirable streets
House prices on some of Britain’s most desirable streets have increased by more than £2m in the last year, far outpacing the rises seen in the rest of the property market. There are now 11,600 streets in Britain where the average property value is more than £1m. It is noted that a rush of former London commuters has caused prices to increase much faster in certain suburban areas. (From The Telegraph, 5th October 2021)
Inflationary pressures stifle the UK’s economic recovery
UK firms hiked prices at the fastest pace on record in September, adding to fears of soaring inflation, as rises in fuel, energy and staff costs were passed on to consumers. While companies saw strong growth for the month, shortages of staff, raw materials and transport led to the slowest growth in new orders since shortly before the lifting of coronavirus lockdowns in early 2021. (From Daily Mail, 5th October 2021)