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Sam Woods, chief executive of the Bank of England's Prudential Regulation Authority (PRA), has cautioned that excessive regulation could turn the City of London into a "graveyard." In a speech at the annual Mansion House banquet, he stressed that "risk is the lifeblood of a thriving capitalist economy," and essential for growth and innovation. Woods highlighted the need for regulators to manage risks rather than eliminate them, stating that "it is implausible" for businesses to thrive amid increasing regulation. The PRA's recent decision to abolish the bankers' bonus cap was presented as a move towards enhancing competitiveness. However, Woods pointed out that the deferral time for bonuses under the senior managers regime was probably over-long and harming competitiveness, and suggested it should be reduced from eight years to five. Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), echoed this sentiment, noting that the new growth objective has led to a more open discussion about risk appetite. David Postings from UK Finance also stressed the importance of balancing risk and consumer protection to support economic growth.

 

The Times

The Daily Telegraph

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Ofcom has issued a stern warning to social media companies, saying that the "time for talk is over." From December, firms including Facebook, Instagram, and WhatsApp will be legally required to implement measures to protect children from online harms, including suicide and pornography. Failure to comply could result in fines of up to 10% of global turnover, and persistent non-compliance may lead to jail sentences for executives. Dame Melanie Dawes, Ofcom's chief executive, stressed the importance of risk assessments, saying: "It's definitely not just a paper exercise." The regulator plans to publish guidance on the new Online Safety Act in December, with companies given three months to comply. Ofcom has already seen some positive changes from platforms, but it warns that expectations will be high moving forward.

 

Daily Telegraph

Instagram has introduced new safety features aimed at protecting teenagers from sextortion scams. The platform is leveraging technology to identify scam accounts, preventing them from accessing the “Following” and “Follower” lists of potential victims. This move is designed to hinder scammers who often exploit these lists for blackmail. Additionally, Instagram will restrict users from screenshotting or screen recording ephemeral images sent via direct messages, ensuring that intimate content remains private. Meta explained: “This means that if someone sends a photo or video in Instagram DM or Messenger using our ‘View once' or ‘Allow replay' feature, they don't need to worry about it being screenshotted or recorded in-app without their consent.” Furthermore, nudity protection filters will be automatically activated for users under 18, blurring images that may contain nudity and warning users about the risks of sharing sensitive content.

 

London Evening Standard

New figures from UK Finance reveal that fraudsters stole £571.7m in the first half of 2024, down 1.5% on the same period last year. The figure was driven down by a fall in Authorised Push Payments (APP) fraud, aided by banks cracking down on that type of scam. The industry body pointed out, however, that 72% of APP scams originated on social media sites, with telecommunications networks accounting for 16%, prompting the body to reiterate its call for social media, technology, and telecommunications companies to do more to protect the public and society from fraud.

 

Financial Times

The Times

This is Money

The National Cyber Security Centre (NCSC) is urging all UK schools to enrol in its free Protective Domain Name System (PDNS) service to bolster their cybersecurity against online threats. A recent Ofqual poll revealed that 34% of teachers reported experiencing cyber incidents in the past academic year. Sarah Lyons, deputy director at the NCSC, emphasised the importance of safeguarding educational environments, saying: “With a growing range of cyber threats, it has never been more important to protect our educational environments from online threats.” The initiative aims to help schools defend against malware, ransomware, and phishing attacks, ensuring a safer digital future for students and staff. Stephen Morgan, minister for early education, and Pepe Di'Iasio, general secretary of the Association of School and College Leaders, also highlighted the necessity of enhanced cybersecurity measures in educational settings.

 

Tes

Two Sudanese brothers have been charged with running one of the most prolific cyberattack-for-hire gangs, allegedly behind tens of thousands of attacks.  Federal prosecutors accused Ahmed Salah Yousif Omer and Alaa Salah Yusuuf Omer of carrying out 35,000 denial-of-service attacks against hundreds of organisations in just one year, taking down websites and other networks as part of an ideologically motivated extortion scheme affecting thousands of customers.  The pair targeted high-profile victims worldwide and across the US, including Microsoft, ChatGPT, PayPal, X, and Yahoo, according to prosecutors.

 

Washingtonpost.com

A Treasury consultation on new rules for buy-now pay-later (BNPL) firms is set to close at the end of next month, with the government expected to pass legislation early next year to allow the Financial Conduct Authority (FCA) to create a bespoke regime for the sector. City AM reports that the regulator is expected to fully implement the new rules in early 2026, with the changes likely to build on the FCA’s consumer duty with some elements of the Consumer Credit Act, including payment protection and access to the Financial Ombudsman Service.

 

City AM

The Financial Conduct Authority (FCA) is attempting to assuage concerns about its name and shame plans by saying the changes will affect “relatively few cases” given so many are already disclosed.

 

Financial Times

Former Post Office directors could be sued for allegedly failing in their duties, says former sub-postmaster Alan Bates, who is urging ministers to consider litigation over the Horizon IT scandal.

 

Financial Times

Rachel Reeves, the Chancellor, is set to consult with City experts to ensure her multibillion-pound infrastructure projects provide value for money and maintain market confidence. Ahead of her tax and spending event on 30 October, she will convene the inaugural meeting of the British Infrastructure Taskforce, which includes major City institutions including HSBC and Lloyds. This initiative follows the establishment of the National Infrastructure and Service Transformation Authority (Nista) to oversee significant public works. Darren Jones, Chief Secretary to the Treasury, stressed the need for “guardrails” to ensure taxpayer money is well spent. He stated: “You need expert, institutional and some independent guardrails to make sure that everybody has confidence in the way that government is spending taxpayer money.” The government plans to announce a 10-year infrastructure strategy, focusing on key projects such as roads, railways, and public facilities.

 

Financial Times

The Guardian

Hargreaves Lansdown has warned that an increase in capital gains tax (CGT) could deter ordinary investors, potentially leading to a decline in investment activity. Sarah Coles from Hargreaves Lansdown said: “We don't want to see an arbitrary upping of the headline capital gains tax rate, which could simply put people off investment.” The government is reportedly considering raising CGT rates as part of a £40bn plan to improve public finances, with property investors likely exempt. The current CGT rates are 10% for basic rate taxpayers and 20% for higher earners, with potential increases leading to significant tax bills for investors. Alastair Black from Abrdn echoed these concerns, suggesting that higher rates could discourage gifting and lead to a stockpiling of assets. Both firms stressed the need for reforms that encourage investment rather than deter it.

 

The Daily Telegraph

Workers at the Tax and Customs Authority (AT) in Portugal are set to strike for two days on December 19 and 20, advocating for career advancement, improved working conditions, and a salary scale review. Gonçalo Rodrigues, president of the Tax Workers Union (STI), said: “if nothing happens in the meantime”, then further strikes could occur indefinitely throughout 2025. He expressed hope that the government would act to prevent escalation, warning that otherwise “the forms of struggle will harden for next year.”

 

The Portugal News Online

The construction supply chain is increasingly vulnerable to modern slavery and labour exploitation, exacerbated by low profit margins and tight deadlines. The "Slavery in Construction Toolkit," developed by Action Sustainability, aims to address these risks by providing practical guidance for businesses. Anna Slatcher, Senior Sustainability Manager at Barratt Redrow, said: “This guidance will be a valuable resource for us and our industry partners.” The toolkit outlines six key risks and actionable insights to empower site management in combating exploitation, reinforcing the need for ethical practices in the construction sector.

 

Construction Global

The US Federal Trade Commission (FTC) is addressing the complexities of cancelling online subscriptions with a new rule called Click to Cancel. FTC Commissioner Lina Khan announced that the rule will allow consumers to cancel subscriptions in the same manner and number of steps as they signed up. Khan said: “Over recent years, we've seen increasingly that some firms make it extraordinarily easy to sign up but absurdly difficult to cancel.” The initiative is part of the FTC's Time Is Money campaign, aimed at protecting consumers from time-wasting practices. However, the US Chamber of Commerce has expressed concerns, claiming the rule could “cost the American people more time and money.” Despite the pushback, the FTC aims to eliminate deceptive practices that have plagued consumers, particularly during the COVID pandemic.

 

The Hill

Fast Company

Los Angeles Times

NPR