UK Finance, is a new trade association for the finance and banking industry representing 300 firms in the UK, and they have launched with a new website. UK Finance will take over six trade associations: the Asset Based Finance Association (ABFA), the British Bankers' Association (BBA), the Council of Mortgage Lenders (CML), Financial Fraud Action UK (FFA UK), Payments UK, and The UK Cards Association (UKCA). NPA will continue to liaise with what was the BBA over banking issues for pawnbrokers.
At the FCA AGM 18th July, both Andrew Bailey CEO, and Chris Woolard, Director of Strategy and Competition confirmed that Tesco had been given final notice to make payment of £85m for corporate market abuse by inflating share prices by false information under s384 of FSMA. In the past year Mr Bailey stated that they had focused on pension rights for over 55s, HCC and the pay cap review (due for consultation in next few weeks), general insurance, and retail banking eg overdraft charges. Moving forward he said the focus would be on Brexit challenges, AML, raising public awareness re the final 2 years of PPI complaints, and internally they are preparing for the office move from Canary Wharf to Stratford, where the entire organisation will be located on one site.
The Bank of England launched the new polymer £10 note yesterday on the 200th anniversary of Jane Austen’s death. It features a hologram, see through window, and micro lettering. The B of E have stockpiled£275m pounds worth and the notes will be available to the public in a few weeks’ time. A senior official will be discussing forgery at the NPA Conference 2017- tickets available from sonia.sahota@thenpa.com