View more on these topics

HSBC set to stay in UK after regulatory U-turns

HSBC-700x450.jpg

HSBC is likely to keep its headquarters in London after it won a number of concessions on tougher banking regulation.

The Sunday Times reports that following cuts to the banking levy and a relaxation of ring-fencing rules that require banks to split their retail and investment arms, HSBC is leaning towards keeping its base in the UK.

Last week also saw changes to the senior managers regime, with the Government dropping requirements forcing executives to prove they had taken all reasonable steps to prevent poor conduct.

One source told the newspaper chief executive Stuart Gulliver has secured “pretty much everything he wanted out of the Government”, while a top 10 shareholder said it was “more than likely the bank will remain in the UK when the domicile review is completed”.

HSBC has said the changes to senior managers rules may delay its final decision about its headquarters until the new year, rather than December as originally planned.

The bank says no decision about whether to keep its headquarters in the UK has been made.

Recommended

HSBC-700x450.jpg
1

HSBC cuts passive charges in half

HSBC Asset Management has become the latest manager to cut its passive charges, slashing the cost of some of its index trackers by more than half. The manager’s FTSE All-Share Index Fund now costs 0.07 per cent, down from 0.17 per cent. The cost reduction makes it cheaper than Vanguard’s cheapest passive fund – the FTSE UK […]

HSBC-700x450.jpg
10

HSBC to launch retirement advice service

HSBC is planning to launch a retirement advice service to help customers navigate the pension freedom reforms. The bank currently offers restricted advice to investors with £50,000 or more, and has 700 advisers. HSBC Wealth UK head Caroline Connellan says: “Building on the successful introduction of our flexible retirement account, we will soon introduce specialist […]

HSBC to drop plans for Midland Bank rebrand

HSBC will decide against plans to bring back Midland Bank as part of a rebranding of its UK branches, according to reports. Chief executive Stuart Gulliver announced the bank would seek a separate identity for UK retail banks in June. Chairman Douglas Flint later told the FT the return of the Midland brand was “odds-on […]

HSBC-700x450.jpg

HSBC posts £8.7bn profit as it braces for more fines

HSBC has reported its half-year profits are up 10 per cent to £8.7bn as it sets aside £731m to deal with a raft of ongoing regulatory investigations. The bank posted a pre-tax profit of £7.9bn at the same time last year. Its interim results, published today, reveal HSBC has made a provision of £731m to […]

Healthcare regulation amalgamation predicted for Gulf states

While Dubai is leading the way in terms of legislating for expat healthcare in the Gulf, Qatar, Abu Dhabi and others are watching and learning – that’s according to Jelf International’s director of international services, Doug Rice. He believes the pace of change in the Gulf states will continue and that some level of unified healthcare system will be introduced across the region.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com