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The Financial Conduct Authority (FCA) has announced major reforms designed to simplify fundraising rules for listed companies, aiming to reduce costs and boost the City of London's global competitiveness. The most significant change is raising the threshold for requiring a prospectus from 20% to 75% of a company's existing share capital, effective from January. This move is expected to save businesses around £40m annually. However, the change has faced pushback from some industry groups, who fear it could reduce transparency and harm investor confidence. The FCA said that during consultations, some trade bodies had argued for the threshold to be raised to only 33% and voiced concern that "a higher threshold may result in information asymmetry between issuers and investors and create legal uncertainty, eroding the stability and reputation of UK markets." The reforms are part of broader efforts to revitalise the UK stock market and support economic growth.

 

The Times

The 2025 Summer Risk and Compliance Report

Each quarter, Hyperproof takes a deep dive into market trends in the GRC space. A new report just released that compares their data against reports from Accenture, BDO, PWC, and more so that security pros have the best data available to finish the year strong. 

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Paul Thwaite, chief executive of NatWest, has made a final appeal to Chancellor Rachel Reeves ahead of her Mansion House speech this evening, emphasising the need for reforms in financial services. He said: "There is no path to growth without [financial services]," as he urged for changes in investment, financial education, and regulation. Thwaite highlighted the importance of the Treasury's Financial Services Growth & Competitiveness Strategy, calling for it to be "ambitious, forward-looking and double down on the UK's strengths." He, along with other banking leaders, has advocated for the removal of the historic ring-fencing regime, which could save NatWest £530m.

 

City AM

Andrew Bailey, the Governor of the Bank of England, has warned the world’s largest investment banks against issuing their own stablecoins, saying that doing so could threaten financial stability. Warning that digital assets do not offer users the same guarantees as traditional forms of money, Bailey said he "would much rather" see central banks and private banks offer tokenised deposits, which are digital versions of traditional money. Bailey, who is the new chair of the Financial Stability Board, also suggested that it would be "sensible" for the UK to move towards digitising deposits rather than issuing central bank digital currencies. His comments come at a time when the US is preparing to approve legislation under which commercial banks will be able to issue their own stablecoins. Citi, Bank of America and JPMorgan are among those exploring plans to issue such assets.

 

The Times

City AM

German industrial giant Thyssenkrupp and the IG Metall labour union have reached an agreement on reduced working hours, lower bonus payments and site closures as part of a push to overhaul the country's largest steelmaker and prepare it for a standalone future. The agreement comes after Thyssenkrupp's announcement that up to 11,000 jobs at the TKSE steel unit, or around 40%, had to be cut or outsourced and that annual production capacity would be lowered to 8.7-9.0 million tons from 11.5 million tons. "We went to the pain threshold and only made concessions where it was really necessary in order to secure jobs and locations," said Tekin Nasikkol, head of Thyssenkrupp's works council and member of the group's supervisory board, adding "We have now created the conditions for the company to emerge from the difficult situation out of its own strength."

 

Reuters

The Japanese parent of Indeed and Glassdoor is to cut 1,300 roles across the two job sites amid a shift toward artificial intelligence, according to a memo seen by Reuters which detailed that the cuts are mostly in the U.S. and within the research and development, growth, and people and sustainability teams. Recruit Holdings did not provide a specific reason for the layoffs, but CEO Hisayuki "Deko" Idekoba said "AI is changing the world, and we must adapt by ensuring our product delivers truly great experiences for job seekers and employers."

 

Reuters

A group of major European media organisations has announced a chatbot to counter fake news. ChatEurope has been launched by a consortium of media brands led by Agence France-Presse (AFP) and including news organisations such as France Médias Monde, Deutsche Welle, El País, and Romania’s RFI. “By combining reliability and innovation, ChatEurope will be a game-changer when it comes to information on European affairs. Through this new platform, European citizens will be able to converse in their own language with a chatbot capable of finding credible, verified answers to their questions from the news content provided by leading media organisations. Media urgently need to adapt in the face of pervasive disinformation and the advent of artificial intelligence, and that's precisely what we're doing with ChatEurope," said Christine Buhagiar, AFP's director of development and diversification

 

EIN Presswire

Computing UK

The FCA has recently introduced a "supercharged sandbox" to facilitate AI-powered financial services, enabling companies to test applications like fraud detection and credit scoring using dummy data. Alex Kirkhope from Shoosmiths says the sandbox "allows businesses, especially smaller businesses, the ones who don't have the infrastructure or the access to computing power," to look at systems they are developing or looking to deploy "and understand how they operate."

 

The Times

LVMH's high-end cashmere brand, Loro Piana, has been placed under judicial administration by an Italian court amid allegations of labour exploitation linked to subcontractors. The court's ruling, which spans 26 pages, states that Loro Piana "culpably failed" to supervise its suppliers adequately in pursuit of higher profits. Loro Piana is the fifth fashion company to face similar scrutiny from the Milan court since December 2023, following Valentino, Dior, Armani, and Alviero Martini. The administration will last for one year but may be lifted if the company aligns its practices with legal standards.

 

Financial Times

Reuters

The European Union is preparing to step up its engagement with other countries hit by US President Donald Trump’s tariffs, such as Canada and Japan, following a slew of new threats to the bloc and other US trading partners. “We need to explore how far, how deep we can go in the Pacific area with other countries," commented EU competition chief Teresa Ribera this morning. She also highlighted the EU’s continuing trade talks with India, which are expected to be completed by the end of the year.

 

Bloomberg

The European Commission is set to propose a new tax targeting companies with a net turnover exceeding €50m ($58.44m) to bolster the EU's common budget. The initiative aims to ensure that large companies contribute more, with a "bracket" system in place for higher revenues. Notably, the proposal will apply to all large firms operating within the EU, regardless of their headquarters.

 

Financial Times

Reuters

MPs say that Abby Thomas, the former chief ombudsman and chief executive of the Financial Ombudsman Service, was dismissed after a dispute with the organisation’s board that triggered a "mutual collapse in confidence." The Treasury Select Committee said Thomas was ousted amid "fundamental disagreements with the board on strategy, management and operations." The committee has also criticised FOS chair Baroness Manzoor, saying she refused to answer questions over Thomas' departure and sought to "frustrate" a review into the matter. Dame Meg Hillier, chairwoman of the committee, observed: "The handling of this situation by the senior leadership of the ombudsman has been deeply disappointing."

 

The Times

Alastair King, the City of London Lord Mayor, has expressed concerns over British companies opting for low-fee pension providers, suggesting that higher fees could lead to better investment returns.

 

Financial Times

Around 80,000 Scots have quit their jobs in the past year due to being denied flexible working, according to a Chartered Institute of Personnel and Development (CIPD) survey. The study highlights rising tensions between employees and employers over hybrid work, with many companies enforcing minimum in-office days. Nearly half of Scottish workers say they feel pressured to spend more time on-site, largely due to senior management. Around 92% of employers offer some form of flexibility, and many workers value it highly, citing improved quality of life and career prospects. CIPD warns that employers may need to expand flexible options - like job sharing or flexi-time - to retain staff. While flexibility helps many, including those with health or care responsibilities, businesses argue in-person work boosts collaboration, training, and culture, particularly for younger employees.

 

The Times

Air India CEO Campbell Wilson has stated that the investigation into last month's crash of a Boeing 787-8 Dreamliner is ongoing and cautioned against drawing premature conclusions following the release of a preliminary report. The report highlighted confusion in the cockpit and indicated that the fuel cutoff switches had flipped, leading to the loss of thrust, but did not identify a specific cause or make recommendations for immediate action.

 

Reuters