Our biggest stories of the past week are …
We had our usual first footing for the Financial Services Club this week, with an illuminating update from David Doyle, Policy Adviser on all things related to EU Financial Legislation. The meeting usually delves deep into the drafting of the Payment Services Regulation II (PSD II) and the implementation of MiFID II (agreed this week). This time, that was not the case.
In just a few weeks, payment providers and users have to be "SEPA-ready", and will have to follow new rules and standards when making and receiving euro payments throughout Europe. The so-called Single Euro Payments Area (SEPA) end-date of February, 1 2014 has been mandated for the euro zone countries by the EU authorities. The deadline is looming and cannot be ignored.
In this guest blog post Nick Senechal, Strategy Leader at VocaLink, looks at the trends in payments processors and clearing operations, with a view that there will be further consolidation in the sector over the next few years.
In a discussion of the future bank, it appears that we all talk about digital being the focal point. Even though my new book is called that, it’s the wrong focal point however. Customer is the focus. It’s too easy to get wrapped up in the technology and forget about the customer.
It's tough at the top, with one in ten households in the UK sitting on assets worth over £1 million. You would think they would be happy, but no! Most millionaires do not consider themselves wealthy until they have at least £3.2 million ($5 million), so here's a nice chart from our friends over at Wish.co.uk to give you a good view of how millionaires are doing this year.
Investment banking as a sector looks to have a much more positive outlook this year than in previous years. The year will see the implementation of a lot of the regulatory changes formulated since the crisis hit, and a marketplace that is starting to settle into the new normal, whatever that is.
The major general news stories of the past week include …
JP Morgan bankers raised concerns about Bernard Madoff 10 years before the fraudster was arrested over a $65bn Ponzi scheme
Which are the four 'Mint' countries and what makes them special?
Big retailers back cap on card fees- Financial Times
Fees on payments via credit or debit cards cost British retailers £850m per year with almost 70 per cent of retail sales now put on plastic
An animal rights group is calling for a boycott of Martin Scorsese's upcoming film, The Wolf of Wall Street , because it features a chimpanzee in a suit roller-skating through an office.
JP Morgan to ban staff from instant messaging services- The Telegraph
Clampdown on chats used in Libor rigging could be enforced as early as this week
US bank JP Morgan Chase files for a US patent to develop a payment system using "virtual cash", similar to emerging currency Bitcoin.
Bob Diamond to return to London with African venture- The Telegraph
The former Barclays chief executive is to float a cash shell on the London stock market
Revealed: Goldman Sachs clients’ £12m Royal Mail coup- The Independent
Goldman Sachs may have provided the Government with a “knockdown” valuation of the Royal Mail – losing the taxpayer more than £1bn when it was privatised last month, according to critics.
Co-op bankers shared £1m payoff as capital hole loomed- The Telegraph
Lender handed 'loss of office' payments worth more than £1m to two key executives in charge of Co-op Bank units blamed in part for the £1.5bn capital hole.
The Financial Conduct Authority has begun an investigation into the role of former senior directors at the Co-operative Bank .
If you like the Finanser, buy Chris Skinner's latest book: Digital Bank
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