#Wise customers are now expected to consent to retention and disclosure to partners of #biometric facial information for up to a year simply to continue using their accounts, and even when not required by local financial regulations.
Photo-shoot today for Alamy, the Digital Payments Economy Summit, put on by Punchbowl News and sponsored by Mastercard.
Patrick McHenry (R-NC) chairs the House Financial Service Committee but is not MAGA. In fact, he had nice things to say about ranking member Maxine Waters (D-CA), often a MAGA target.
Besides, anyone who wears a bowtie can't be all bad.
Nicholas Shaxson is absolutely right... the UK';s #financialservices sector is part of the problem not the solution to the country's economic malaise.... but once again Labour are taken in by the City of London's self-serving propaganda.
Certainly we need financial services, but in the proper role serving the economy, not stripping it of surplus & enriching a financial (rentier) elite.
This may be good news for #Brexiters: #EU plans to wrest the market for #derivatives away from #London & have them cleared in European cities has now, after facing stiff resistance, been scaled back, leaving the London Clearing House the dominant European player in this are of #financialservices.
However, for those worried about the continuing domination of the #financial sector in the UK, this may well merely confirm the continuing #political & #economic power of the City of London!
#Interestrates on #debt include a substantial element that prices in the risk of default. So a higher interest rate indicates a judgement about your propensity to repay the loan.
April Mortgages are launching a model (from the #Netherlands) that sees the interest rate decline at the loan is repaid (and the risk of default declines).
This also suggests longer #mortgages in the UK have over priced residual risk....to #banks' benefit!
No-one will be surprised that #RachelReeves commitment not to reinstate a cap on #bankers bonuses & her talk of how valuable #financialservices are to the country follows an influx of £2mn into party coffers from that very source.
In all fairness this is no worse than the #Tories, but for many, they/we want to see something (very) different from Labour not just more of the same kowtowing to the interests of the City of London!
The good news:
UK's #services#experts are one of the few areas where the economy is still clearly successful;
the bad news: increased domination of #London in providing those services further undermines any attempt to resolve the problem of the UK's problem of regional under-development.
And again, while its good that this success relies less on the #financialservices sector than it used to, centralised London-centric activity still drives #inequality.
In an attempt to shore-up a dwindling sector, the UK's #insurance industry thinks that getting #corporations to bring their in-house (captive) insurance divisions to #London would be added by 'lighter' touch regulation....
but as always, holding out the prospect of on-shoring 'new' firms, is just a smokescreen for the old #financialservices firms desire to avoid oversight so they can continue to enrich themselves at the cost of their customers....
#UK#FinancialServices are the best in the World! Really? Two financial service companies couldn't get a transfer to work because an employee from B didn't correctly fill out an unexplained designation code field in A's electronic transfer form, and so missed half the transfer request. Now they will try again with me having to pass this non-security code detail, letter for letter, between them (it's case sensitive! - maybe, A couldn't tell me for sure 🤦 ).
And in other news.... having failed to convince the US to meaningfully discuss a trade deal, and with #India making seemingly 'difficult' demands, the UK Govt. has managed to conclude a #financialservices deal with #Switzerland to make things easier for #Corporations & wealthy individuals to coordinate their financial affairs between the two states.
How odd that, when it comes to something the rich want, suddenly the #Tories are able to seal the deal.... thank god we 'took back control', huh?
More on the prejudice(s) in #financialservices.... which brings us back to the old Lehman Sisters Q.: would the risk taking & general toxic activity associated with the financial sector be lessened if #women were at the top rather than the industry being dominated by white men?
The one thing we can be sure right now, is that we are a long way from finding out!
#LabourParty has finally revealed its been running a programme of quiet diplomacy with the #business sector, culminating in an announcement of a group of 10 advisors from the City of London's #financialservices to show Labour is no longer 'sneering at business'.
The good news is they have reached out to businesses, which is clearly necessary to navigate out of the #tory wreckage....
the bad news, they seem be equating business with financial services, which is partly why we're in this mess!
New research (quoted by the FT) suggests that most #stockmarket price movements (around 70%) are related to macroeconomic news, not anything to do with the 'fundamentals' of the #corporation concerned.
So, #financialservices professionals are actually not as interested in the firms they invest in (or advise on) as they are the daily financial news (and specifically fiscal announcements by the Govt.).
Yet more evidence that they're not being paid for expertise, but more for social position...
EU governments on Wednesday signed off on controversial plans intended to cut their dependence on UK clearing houses in the wake of Brexit.
EU policymakers believe UK-based clearing houses could pose a risk to the bloc’s own financial stability, and are looking for ways to tempt EU banks to domestic providers.
Here's Katie Donington (OpenU) on the historic role of #financialservices in #slavery and the only slow exploration of the expanse of their involvement.
Perhaps the most important aspect of this historical recovery is what it results in: #reperations? recognition of our complicity in the continuing problems of post-colonial countries?
This still looks like the beginning of a long road, not even its half-way point.
If you are interested in our #financialservices#grant please apply today! You can receive up to $75,000 for a project involving the Interledger Protocol.
The deadline is November 21, 2023, at 11:59 pm (EST)
FinServ orgs generally have a higher level of confidence in #offensivesecurity testing – in fact, (67%) compared to other industries (52%). This underscores the belief that #offsectesting plays a crucial role in hardening defenses against major #security threats. Download your copy of “The Offensive Security Blueprint for #FinancialServices” to learn more!
'Women see that they report something & the firm ‘investigates’ but closes ranks & gets behind the more senior person … & often the woman will end up leaving the firm thinking, ‘I can’t deal with this any more’, or her life is made uncomfortable. It’s very rational for someone to think, ‘I’m not going to report something because that might happen to me’!
'White men from higher socio-economic backgrounds are 30 times more likely to be found in senior positions compared with working-class women from ethnic minority backgrounds;
People from higher socio-economic backgrounds are twice as likely to make it into a senior role than working class ethnic minority women'
Responding to the #Carillion collapse, rules that would have required #businesses to make an annual statement on how they were ensuring their resilience, and would also have required disclosures on their distributable profits, risk of material fraud & whether disclosures on environmental & other metrics were independently audited, have been dropped, three months after being proposed to Parliament!.