The Financial Conduct Authority (FCA) has gone against the view of its own experts by supporting demands from banks for a two-year deadline for new payment protection insurance compensation claims, according to a report by the UK's Times newspaper. The Times says the FCA's move is the latest example of the regulator "softening its stance" with banks.
Also in the UK, the Telegraph reports that banks and other financial services businesses have been reporting strong business growth and increasing profitability, despite the public warnings they have issued about the risks posed by the so-called Brexit referendum. The report says financial services companies are investing heavily in IT and planning to recruit more staff to support growth in the coming months according to a study by the Confederation of British Industry.
Speaking at a conference in Calgary, Javier Perez-Tasso, SWIFT's chief executive of the Americas and UK, has said that the financial services sector faces a defining moment in the fight to maintain cybersecurity. His comments come in the wake of a number of cyber thefts or attempted thefts from banks that were carried out using SWIFT's interbank messaging system.
Bank of Tokyo Mitsubishi has confirmed a report by Japan's Asahi Shimbun newspaper that it is planning to release its own digital currency. "It's true that MUFG is conducting demonstration experiments on the 'Coin' within the company utilising a blockchain technology," the bank said.
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