Nationwide Books Mega Virgin Gain

Nationwide Books Mega Virgin Gain

Nationwide Building Society has announced a gain of £2.3 billion in its acquisition of Virgin Money. The deal completed in October and will allow the mutual to expend into the world of business banking. Initially the two organisations will trade separately with a slow integration leading to the end of the Virgin brand in six years’ time.

“Woke Capitalism” Suit

Texas and ten other Republican US states have joined up to sue BlackRock, State Street and Vanguard. They are alleging that these investors conspired to invest in coal stocks with a view to driving up the price of coal supplies in furtherance of their Net Zero agenda. BlackRock has dismissed this anti-trust suit as baseless.

FCA Changes Whistleblowing Policy

The Financial Conduct Authority has revised its whistleblowing policy following criticism of its application by chairman Ashley Adler. He was accused of not protecting the anonymity of employees raising issues. The new policy clarifies channels that can be used, how former employees will be treated and how grievances will be processed. This new policy comes in the wake of a report by MP’s describing the FCA as “incompetent”.

New 24-Hour Stock Exchange

The Securities and Exchange Commission has approved the launch of the first round the clock stock exchange. Start Up 24 Exchange will initially start trading in normal hours but will expand to provide a round the clock service. There has been reluctance to provide this service due to investor protection and settlement concerns. This exchange will provide official market prices around the clock.