This week, the Bank of England has announced in two separate papers that UK banks will have to restructure so that they are fully compliant with certain regulations.
The Prudential Regulation Authority (PRA) has explained in these papers that banks will have to keep back office operations organised and gather estimates for the amount these changes would cost, according to CityAM.
“Keeping the back office organised” could mean that IT and HR departments would cost firms up to five percent of their operating budgets at first and then three per cent each year after that.
CityAM also highlighted how the new regulations will require affected banks to hold up to £3.3 billion of extra capital. Alongside this, banks with deposits greater than £25 billion would be forced to divide retail business from other part of the organisation that is deemed riskier by 2019.
Barclays, HSBC and Lloyds are among the few that are expected to comply with the new regulations and smaller firms will only do so if deposits exceed £25 billion.
A study by relocation firm Movinga rates the Irish capital as the best alternative location to London in an index rating 15 cities.
The sector is ready to overhaul its technology infrastructure to meet tougher regulatory obligations, reports Wolters Kluwer.
A report by UK daily The Guardian suggests that at least US$20bn and possibly quadruple that figure was moved out of Russia over four years to 2014.
The two partners said they will deliver a blockchain-based digital identity network for consumers to strengthen privacy and security for consumers.