London keeps its crown as Europe's largest financial centre

[Borchester]

As long as it doesn't cause a repeat of the sub-prime crisis, that is OK.

I know how you feel Barry.

For some reason beyond common sense, come the 2008 kerfuffle we were sitting on a pile of cash and able to take our pick of bargains in the housing market. But this time, not so much.

I imagine that we will just have to wait for the house price crash. Happily they are pretty frequent

[Borchester]

Have you seen this:-


FCA fines Santander UK £107.7 million for repeated anti-money laundering failures | FCA

FCA fines Santander UK £107.7 million for repeated anti-money laundering failures
Press Releases First published: 09/12/2022 Last updated: 09/12/2022


The FCA has fined Santander UK Plc (Santander) £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers.
Between 31 December 2012 and 18 October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account oversight of more than 560,000 business customers.

Well, I know that Santander is a bank and not a particularly good one, so I am not surprised that it is anti money.

I dare say that it will pay the fine by putting Pappy's bank fees up.

[papasmurf]

By the same token a Money Laundering Reporting Officer, to pick just one of a shitload of roles, this one invented by Gordon Brown totally outside of his blindness to Sun Prime lending, cannot be appointed without certain external checks being run and approved. I'm not allowed to even tell you what they are, or whether they're any f**king use, but they take f**king months and are a prime reason for huge notice periods in the business.

Have you seen this:- 


FCA fines Santander UK £107.7 million for repeated anti-money laundering failures | FCA

FCA fines Santander UK £107.7 million for repeated anti-money laundering failures
Press Releases First published: 09/12/2022 Last updated: 09/12/2022 


The FCA has fined Santander UK Plc (Santander) £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. 
Between 31 December 2012 and 18 October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account oversight of more than 560,000 business customers.

[johnofgwent]

I am too honest to do that, and no-one has been feeding me any bullshit except those praising the relaxation of the regulations.
On a personal note I was very uneasy before the 2008 disaster, and just before it happened requested my personal pension fund be converted to cash, and took my pension early, just days before the disaster. I am glad I did or I would not now have a personal pension.

Here's the thing. 

We still have to pass the stress tests.

The BIG change for us is relaxation of hire and fire. But let me explain for those not in the sector who don't know

Anyone who works with kids knows about DBS Checks

Anyone who has moved jobs where you work with kids knows the royal pain in the arse getting them RE-DONE when you move jobs is. Why the F@@@ a DBS check for Alice's Nursery shouldn't be immediately recognised by Betty's down the road beats me. But the paperwork loving money sucking Welsh twats in the bay demand reapplication for the same data with new application fees each time.

By the same token a Money Laundering Reporting Officer, to pick just one of a shitload of roles, this one invented by Gordon Brown totally outside of his blindness to Sun Prime lending, cannot be appointed without certain external checks being run and approved. I'm not allowed to even tell you what they are, or whether they're any fucking use, but they take fucking months and are a prime reason for huge notice periods in the business.

The point being the legislation and testing regieme behind it was assembled when we were in the EU and agreed across all financial regulators and licensors, and even though we've left the EU we still have the requirement for the check to be done.

and that's a good thing

whats NOT so good is if Credit Suisse for example have their head MLRO drop dead of a heart attack one Monday, and they want to headhunt Deutsche Bank's guy, the T@@@ in the EU who thinks like our DBS civil service prick won't allow the DeutschevBank guy to do the same job he did at DB unfettered at Credit Suisse until they've reviewed the same paperwork they reviewed when DB hired him.

if there were any consideration of new conflict of interest or breadth of job remit change I'd accept the possible need for it. But there isn't any such.

As of bonfire day, if we want a new senior director or other officer and we like the guy at another bank, providing they currently have a valid certification from whoever regulated their last employer, as long as we recognise the certification authority they're on board and fully operational with us from day one, not fettered by a lack of a rubber stamp from a uk body.

the EU won't allow that the other way round even if the certifications body is the same for both institutions.

THAT is the sort of shot that needs to meet a bonfire. Not the stress test capital retention limits which remain.

[papasmurf]

You don't work in the financial sector

I am too honest to do that, and no-one has been feeding me any bullshit except those praising the relaxation of the regulations.
On a personal note I was very uneasy before the 2008 disaster, and just before it happened requested my personal pension fund be converted to cash, and took my pension early, just days before the disaster. I am glad I did or I would not now have a personal pension.

[johnofgwent]

A repeat of 2008 imminent.

You don't work in the financial sector

i have, in a permanent post since 2020, and I did in the exact same permanent role for a different bank from 2006-2008. Hell I was at the thick of sun prime mortgage lending I know EXACTLY what went wrong I saw it unfold before my eyes.

I also spent several years freelancing in financial institutions 1994-2004 mainly draining swamps and clearing cesspits of overindulgence and poor record keeping

fir this reason, and knowing in detail which 'regulations' are being relaxed, I am in a fairly strong position to say you know nothing of the reality and are simply believing the bullshit the BBC and worse are feeding you.

The level of scrutiny and the delay and stifling of innovation it causes is just f**king insane. It needs to be taken in hand. And thank god it finally is being.

[Barry]

And with the new de-restriction package about to unleashed on the City expect the pound to move quite rapidly, something that would not be possible inside the cartel.
The fact that the restriction on bonuses is going will be like a moth to the flame, with the top talent allowing the City to stretch its legs.

As long as it doesn't cause a repeat of the sub-prime crisis, that is OK.

[papasmurf]

And with the new de-restriction package about to unleashed on the City expect the pound to move quite rapidly, something that would not be possible inside the cartel.
The fact that the restriction on bonuses is going will be like a moth to the flame, with the top talent allowing the City to stretch its legs.

A repeat of 2008 imminent.

[Nick]

And with the new de-restriction package about to unleashed on the City expect the pound to move quite rapidly, something that would not be possible inside the cartel. 
The fact that the restriction on bonuses is going will be like a moth to the flame, with the top talent allowing the City to stretch its legs. 

[Borchester]

That's probably almost true — but so many Home Counties blue-rinses and ex-military officer poseurs just don't understand. Churchill certainly didn't come to terms with the idea, even in his more cogent moments.

On journalism, Bloomberg is probably more on the ball than the UK's Mail or Telegraph or the US Breitbart...

Everything is more on the ball than Bloomberg, the Mail, Guardian and 99.9% of the MSM. And the only blue-rinses and ex-military officer poseurs I have ever met have been duckies in Upper Street wine bars.

We don't have an empire and don't need one because all the Indians and other assorted fluttered folk, half savage and half child, have come to live in the UK. And the reason Bloomberg mentions the British Empire is because most of its articles are written to a template; British, strikes, racism, tea, Gawd bless you guv and Mrs Miniver. That fills a page or two and at the end of it they mention that the bankrate has gone up by 1% or that WWIII has been declared

[Streetwalker]

That's your guru versus mine:

London Is No Longer Europe's Financial Center Because of Brexit, Euronext Boss Says

* Listings outside of London now the 'new normal': Boujnah
* Comments follow Paris market cap briefly exceeding London's

https://www.bloomberg.com/news/articles/2022-12-07/euronext-boss-says-london-now-lags-europe-s-financial-centers?leadSource=uverify%20wall#xj4y7vzkg

It seems the days of "via Imperial" that clung on to Victoria's apron strings are fast drawing to a close...

PS: are there any longer Brits heading  prestigious international bodies — World Bank, Nato, WTO, etc...?

I think I may have mentioned it at the time that the Bloomberg report bigging up Paris was cherry picking , based on listings on the Paris stock market . Major companies move where they list at a whim at this was one of them (due to the collapes of the pound )

Leading financial centres are rated on much more than listings  and in every other department London gets pretty good marks , more than enough for it to continue as Europes leading financial center 

[Nick]

That's your guru versus mine:

London Is No Longer Europe's Financial Center Because of Brexit, Euronext Boss Says

* Listings outside of London now the 'new normal': Boujnah
* Comments follow Paris market cap briefly exceeding London's

https://www.bloomberg.com/news/articles/2022-12-07/euronext-boss-says-london-now-lags-europe-s-financial-centers?leadSource=uverify%20wall#xj4y7vzkg

It seems the days of "via Imperial" that clung on to Victoria's apron strings are fast drawing to a close...

PS: are there any longer Brits heading  prestigious international bodies — World Bank, Nato, WTO, etc...?

Well one of them has to be factually correct, one is shredding more paper than the other, I believe it to be the COL  They do, as stated handle 38% of all currency transactions and I have no reason to question why that will change. And let's face it, every country dislikes another for some reason, but the world unites to hate the French. 

[patman post]

Oh for f**k's sake. Who writes Bumberg's articles? The nearest the UK has come to an empire in the last 80 years is the one in Mare Street.

That's probably almost true — but so many Home Counties blue-rinses and ex-military officer poseurs just don't understand. Churchill certainly didn't come to terms with the idea, even in his more cogent moments.

On journalism, Bloomberg is probably more on the ball than the UK's Mail or Telegraph or the US Breitbart...

[Borchester]

That's your guru versus mine:

London Is No Longer Europe's Financial Center Because of Brexit, Euronext Boss Says

* Listings outside of London now the 'new normal': Boujnah
* Comments follow Paris market cap briefly exceeding London's

https://www.bloomberg.com/news/articles/2022-12-07/euronext-boss-says-london-now-lags-europe-s-financial-centers?leadSource=uverify%20wall#xj4y7vzkg

It seems the days of "via Imperial" that clung on to Victoria's apron strings are fast drawing to a close...

PS: are there any longer Brits heading  prestigious international bodies — World Bank, Nato, WTO, etc...?

Oh for F@@@'s sake. Who writes Bumberg's articles? The nearest the UK has come to an empire in the last 80 years is the one in Mare Street.

[patman post]

Another line was trotted out by the Remoaners a while back commenting on how Paris had taken over and it's all the fault of Brexit.
Well it's not, and The City is still top of the pile.

https://www.msn.com/en-gb/money/other/alex-brummer-london-keeps-its-crown-as-europes-largest-financial-centre-no-matter-what-the-brexit-doom-mongers-might-say/ar-AA151PDd

That's your guru versus mine:

London Is No Longer Europe's Financial Center Because of Brexit, Euronext Boss Says

* Listings outside of London now the 'new normal': Boujnah
* Comments follow Paris market cap briefly exceeding London's

https://www.bloomberg.com/news/articles/2022-12-07/euronext-boss-says-london-now-lags-europe-s-financial-centers?leadSource=uverify%20wall#xj4y7vzkg

It seems the days of "via Imperial" that clung on to Victoria's apron strings are fast drawing to a close...

PS: are there any longer Brits heading  prestigious international bodies — World Bank, Nato, WTO, etc...?