So after its bad start to the year, it looks like the #CBI has been seeking a 'white knight' to help it out of its self-created mess... and it looks like #MakeUK could be the lily candidate.

If the CBI & MakeUK do merge, there may be an interesting opportunity to shift the focus of business lobbying of Governments with a more coherent voice for #Manufacturing (too often drowned out by the special interest of #financialservices)...

But its early days yet & they could easily blow it anyway

Morgan Stanley is preparing to debut an innovative generative artificial intelligence chatbot later this month developed in collaboration with OpenAI, according to a report by Reuters.

#AI #AIChatbot #OpenAI #MorganStanley #FinancialServices #Technology #GenerativeAI

https://www.ganganews.com/tech/ai/morgan-stanley-to-launch-ai-chatbot-in-partnership-with-openai/

I wish the anti-fascist code Communty would shift efforts to transparent and ethical financial services 🙇🏽‍♂️. I am willing to help and volunteer my time if someone leads the way. I am sure other are just as frustrated with using square and stripe and the like as I am. #nonazis #antifascist #financialservices

Q. which sectors nominal #wages are rising fastest?

so in the three months to June this is what (annualised) rises looked like:

#Retail - 7.7%
#Hospitality - 6.5%
#Manufacturing - - 8.2%
#construction - 5.8%
#health sector - 6.8% and
#financialservices - 9.4%

none of these (even the financial services) are enough to make up for the fall(s) in real wages over the last decade!

#inflation is coming from somewhere else.... might it be the 'maintenance' of #profits do you think?

data/FT

US House Financial Services members scold Fed's Powell for stablecoin bill obstruction - The committee members suspect the Fed is trying to hold up Congre... - https://cointelegraph.com/news/us-house-financial-services-members-scold-fed-powell-stablecoin-bill-obstruction #financialservices #unitedstates #legislation #congress

@brrbrr

Well, this is always the problem with analytical terms develop a life of their own.

As I'm using it Rentier capitalism is a form of #capitalism (there are a number) in which the interests of owners of financial capital are privileged over the owners of industrial or productive capital.

The UK's pandering to the #financialservices sector, the take up of its narratives of capitalist endeavour & the tax system (to name three aspects) all suggest we are controlled by a rentier class

On the 31st of July 2023 new FCA rules, referred to as the Consumer Duty, came into force for financial services firms.

This is a seismic shift in the expectations the Financial Conduct Authority has on #fintech firms.

The #FCA has positioned Consumer Duty as a catalyst for positive change with the overall expectation that it will ‘move the needle’ in terms of #customer #trust in the #financial services sector.

#ConsumerDuty #FinancialServices

https://wonderful.co.uk/blog/consumer-duty-its-our-bedrock

So as always, the #market (by which we really mean #banks & traders in #financialservices) win against a Govt.

In the light of market signals through the day on Tuesday, last night the #Italian Govt. capped its banking #windfall #tax at around a fifth of what commentators thought it might reach when announced.

Whatever, you think about the Italian Govt., the immediacy of reactions to financial markets confirms that Govt. fear the sentiment of financial actors... not really #democracy is it?

Meanwhile in #Italy:

A #windfall tax of 40% is being imposed on #banks #interestrate spread (the net profit on returns by virtue of the difference between rates to lenders & borrowers)....

Having looked at the extra level of profits made in the first half of this year, the one-off tax will be used to cut taxes & help #mortgage holders.

Despite loud demands in the UK for something similar, the #Tories are unlikely to turn against their chum in #financialservices, at least not yet!

So, KPMG undertook some #class analysis of its workforce recently & found that
'individuals from lower socio-economic backgrounds (LSEB) took on average 19% to progress to the next grade' compared to those from higher socio-economic backgrounds.

To put it clearly: LSEB is a class marker in all but name; being lower class holds careers back at a major #financialservices firm!

The idea that class has disappeared from our political economy is a nonsense unless you think KPMG is an anomaly!

It will be no surprise to anyone that despite the reassurances, the actuality of #buynowpaylater, is that around 10% of its clients/users end up in one form of #debt problem or another.... once again the parasitic #financialservices sector has another ago at exploring the vulnerable....

Rentier #capitalism has many darks sides (perhaps is all dark sides) & this is one more of them

https://www.theguardian.com/business/2023/aug/02/buy-now-pay-later-firms-unregulated-britons-debt

How I discovered the underground world of credit card network exploitation - an interesting story of one site’s efforts to uncover the source of #CreditCard fraud and the network of fraudsters it revealed. #Banking #FinancialServices https://chargebackstop.com/blog/card-networks-exploitation/

In one sentence the disconnect between the #financialservices sector & the rest of us:

'“The economy is clearly far too hot for the Monetary Policy Committee to relax,” (Thomas Pugh, quoted in the FT this morning)>

If the #economy is 'too hot' when we are teetering on the edge of a #recession, have a #costoflivingcrisis & a major problem with #inequality, I think we can safely say we're f**ked!

We need to think about our problems differently & ignore the self-serving #bankers!

Don’t miss the unparalleled opportunity to network with the executives + individuals driving #OpenSource in #FinancialServices at Open Source in Finance Forum in NYC, Nov 1. 🌆 Register by Aug 18 + SAVE US$200: https://hubs.ly/Q01Xc0wL0 #OSFF2023 #OSinFinance

Testimony at the HFSC hearing: “Examining #Environmental and Social Policy in #FinancialRegulation” Posted by James R. Copland, Manhattan Institute, on Wednesday, July 26, 2023 https://corpgov.law.harvard.edu/2023/07/26/testimony-at-the-hfsc-hearing-examining-environmental-and-social-policy-in-financial-regulation/ #FinancialServices #Congress #corporatebehavior #SEC

Elon Musk says X will offer an 'entire financial world' in the coming months - In light of the Twitter rebranding Elon Musk posted that in the c... - https://cointelegraph.com/news/elon-musk-says-x-will-offer-an-entire-financial-world-in-the-coming-months #financialservices #elonmusk #twitter #finance

#Jura und #Compliance -Bubble, vor allem #Bank und #FinancialServices -Compliance und #Regulation: her mit den Folgeempfehlungen! ;) #jurist #recht #JuraBubble #GeldWäsche #AML #FinancialCrime #regulatorik

Gern Empfehlungen kommentieren und den Post boosten!

UK FCA shuts down 26 crypto ATMs following coordinated investigation - The FCA — along with other law enforcement agencies — investigate... - https://cointelegraph.com/news/uk-fca-shuts-down-26-illegal-crypto-atms #financialservices #cryptocurrencies #unitedkingdom #coinatmradar #ukgovernment #atm

@annelouisemerrill - Seems that even almost two years later technology forward #creditunions for #financialservices are still few and far between

After Nigel Farage's spurious claims to have been victimised by Coutts (no, he just dropped below the income/wealth threshold for holding an account with them), I see the ever opportunistic #JeremyHunt has decided to force a formal review (and potential relaxation) of the Politically Exposed Persons' regime that underpins aspects of #financialservices vetting for accounts...

Now, why would a member of a corrupt political party frequently in receipt of oligarch's cash want to do that I wonder?