6:50 am, October 3, 2024
Starling Bank fined £29m by watchdog over ‘shockingly lax’ crime controls
Starling Bank has been fined £29m by the UK’s financial watchdog for failings over its financial crime screenings, which the regulator described as ‘shockingly lax’.
The Financial Conduct Authority (FCA) said the bank ‘left the financial system wide open to criminals and those subject to sanctions’.
Starling had only been screening customers against a fraction of the full list of those subject to financial sanctions, the FCA found.
Meta partners with UK banks to combat fraud
Meta has announced the expansion of a scheme that sees banks sharing information with the social media giant to help protect people against fraud.
The parent company of Facebook, Instagram and WhatsApp had been working with NatWest and Metro Bank, but said it will now expand the scheme and enrol more banks.
Called the Fraud Intelligence Reciprocal Exchange (Fire), the programme allows financial institutions to share intelligence with the tech giant directly to help stop scammers.
Firms must ‘prepare’ for shocks to global financial markets, Bank warns
Global financial markets are vulnerable to shocks following a ‘spike in volatility’ over the summer, the Bank of England has warned.
But the UK banking system remains strong enough to weather tougher economic conditions and support households and businesses, the Bank’s Financial Policy Committee (FPC) said in its latest report.
Risks to UK financial stability are broadly unchanged since the last report in June, the FPC found.
New Audi Q5 retains diesel engine and goes on sale priced from £49,950
The new Audi Q5 has gone on sale in the UK, bringing with it the option of petrol and diesel engines – while a plug-in hybrid model is in the works too.
Priced from £49,950 for the petrol-powered Q5 TFSI and £51,600 for the diesel-driven Q5 TDI, the standard Q5 models are joined by a range-topping SQ5 which receives a turbocharged 3.0-litre V6 petrol engine and starts from £74,400.
Both petrol and diesel engines receive emissions-reducing mild-hybrid assistance, too, driving power through a seven-speed automatic gearbox to all four wheels via Audi’s quattro system.
Wednesday on Car Dealer
Ford boss rules out restricting supply of petrol and diesel cars to dealers to meet eco targets
Ford’s UK boss, Lisa Brankin, has assured that the company will not limit the supply of petrol and diesel cars to its dealers, despite government eco-targets mandating an increase in EV sales. Brankin emphasised that many customers still want internal combustion engine (ICE) vehicles, and government-backed incentives are needed to boost EV adoption. The ZEV mandate requires that 22% of sales be electric in 2024, increasing to 80% by 2030, with financial penalties for non-compliance.
His Royal Tyre-ness Prince William gets his hands dirty at GWR Kia car dealership
Prince William recently visited Norton Way’s GWR Kia dealership in Brentford to showcase eco-friendly tyre technology from ENSO, a finalist in the Earthshot Prize. He helped fit a tyre onto an electric Kia Niro, which was developed by ENSO for cleaner air solutions. ENSO has partnered with Uber to provide discounted eco tyres to drivers in the UK and US, with plans to expand production in the US after securing funding through Earthshot’s initiatives.
Glyn Hopkin sees profits slump in ‘challenging’ 30th anniversary year for the dealer group
Glyn Hopkin reported a 66% drop in pre-tax profit for 2023, down to £1.83m from £5.45m in 2022, despite a 7.5% rise in turnover to £560.56m. Directors attributed this decline to inflation, rising interest rates, and weaker consumer confidence. The company has seen strong performances from brands like Nissan, Kia, and MG but ended partnerships with Fiat, Alfa Romeo, and Jeep due to declining profitability. Despite the challenges, Glyn Hopkin’s turnover has steadily grown over recent years.
Accountancy firm Cooper Parry completes takeover of UHY Hacker Young Manchester
Cooper Parry has taken over UHY Hacker Young Manchester, an accountancy firm specializing in financial services for the automotive industry. This acquisition will bring UHY’s entire team under Cooper Parry, growing the firm’s headcount to over 1,400 and boosting turnover to £180m for the current financial year. The automotive advisory team led by Dave Kendrick, Paul Daly, and Ian McMahon will now operate under Cooper Parry, strengthening its audit, tax, and outsourcing capabilities while expanding its presence in the UK’s northwest region.
Peugeot completes its electrified line-up with the new E-408
Peugeot has revealed the final jigsaw piece in the firm’s EV puzzle with its new E-408.
The standard car comes with a choice of hybrid and plug-in hybrid powertrains, but the electric version will complete the set, offering a wider choice of engine and motor setups to buyers.
The E-408 sits on the firm’s EMP2 platform which is the same as on the smaller 308 and Vauxhall Astra.
The markets
The FTSE 100 ticked higher again as London’s oil majors and weapons manufacturers made gains because of further attacks in the Middle East.
London’s top stock index finished 14.21 points, or 0.17%, higher to end the day at 8,290.86.
Elsewhere in Europe, the German Cac 40 ended 0.04% higher for the day and the French Dax index was down 0.33% at the close.
Starmer pays back more than £6,000 in gifts after donations row
Sir Keir Starmer has paid back more than £6,000 worth of gifts and hospitality he received since entering Number 10 after a row over ministerial donations.
The Prime Minister is covering the cost of six Taylor Swift tickets, four to the races and a clothing rental agreement with a high-end designer favoured by his wife, Lady Victoria Starmer.
It comes after Sir Keir and other Cabinet members – who vowed to ‘clean up’ British politics – faced weeks of criticism for accepting tens of thousands of pounds worth of freebies from wealthy donors.
Weather outlook…
The weather today is expected to be mild, with temperatures ranging between 15°C and 11°C.
Patchy rain is possible throughout the day, though rainfall will likely be light, measuring around 0.2 mm.
The UV index is forecast to remain low, indicating mostly cloudy skies with occasional breaks.
