Accepting the role, McDonnell said he was honoured to lead the group at a "critical juncture" for financial oversight in the UK, stressing that victims of investment fraud and regulatory failures "deserve justice, not excuses", adding 'We will not allow a race to the bottom in regulation'. He argued that consumer protection must be viewed not as a brake on growth but as "the foundation of a financial system that works in the public interest".
In its announcement, Binance reported that it has secured three global financial licenses within Abu Dhabi Global Market, a special economic zone inside the Emirati city. The licenses regulate three different prongs of the exchange's business: its exchange, clearinghouse, and broker dealer services. The three regulated entities are named Nest Exchange Limited, Nest Clearing and Custody Limited, and Nest Trading Limited, respectively.
News of the new role was announced by Economic Secretary to the Treasury Lucy Rigby, in a speech on Wednesday at the Digital Assets Week conference in London. It's not yet clear who might be in line for the job, but the individual will need to be an industry figure with enough knowledge and connections to get competing agencies - the Bank of England, the UK Treasury, and the Financial Conduct Authority (FCA) - to agree to a common framework.
Reeves who in July claimed regulators were a boot on the neck of business cheered her recent decisions to sack the chair of the competitions watchdog, shut down the payments regulator, and severely constrain the Financial Ombudsman Service, which UK banks have long lobbied to curtail. However, she said there was still more to do. I want to take out more regulators, there's still too many, Reeves told investment firms gathered in London at the British Private Equity & Venture Capital Association (BVCA) summit
This summer's transfer window once more highlighted the widening financial gap between La Liga and the Premier League. English clubs splashed out more than 3bn, with Liverpool's 125m signing of Alexander Isak the headline move. Spanish sides, by comparison, spent only 592m, well behind not just England but also Italy (1bn) and Germany (739m). The numbers reflect how much financial clout La Liga has lost in recent years.
"Private equity kind of always gets what it wants in Congress, but I think it's a bad idea. It's illiquid, the fees are very high. Private equity funds, for the most part, don't beat the stock market."
"This scandal is obviously a matter of great public interest - hundreds of thousands of people have been directly impacted by it, many having lost life-changing amounts of money."
Judge Sean Jordan's ruling upheld the inclusion of medical debt on credit reports, thereby reversing a bipartisan effort to alleviate financial pressure from healthcare costs, affecting one-third of Americans.
If the ringfencing regime for banks were to be scrapped, we really would be entering a new era or going back to an old one, since the separation of banks' retail and investment banking activities was the single biggest regulatory change introduced after the 2008-09 crash to try to prevent another blow-up.
