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The Bank of England’s Andrew Bailey is a leading candidate to become the next chair of the Financial Stability Board, a move that would upend how the watchdog traditionally rotates its leadership at a fraught time for global policy making, Bloomberg News reported. While Bailey is considered a frontrunner for the role, the group remains in discussions about who should take over for the Dutch National Bank’s Klaas Knot when his chair term expires in July, according to people familiar with the matter, who asked not to be identified discussing non-public deliberations.
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Britain's financial watchdog said on Friday a four-year prison sentence has been issued in the UK's first case involving unregistered cryptoasset activity, Reuters reported. London-based Olumide Osunkoya was found guilty of operating unregistered crypto ATMs for transactions worth 2.5 million pounds ($3.2 million) across several locations within the UK between December 2021 and March 2022, the Financial Conduct Authority (FCA) said in a statement. Osunkoya was also convicted and sentenced for forgery, using false identity documents, and possessing criminal property at the court hearing.
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Almost half of councils in England risk falling into bankruptcy without action to address a £4.6bn deficit amassed under a Conservative-era policy, the government’s spending watchdog has warned, The Guardian reported. In a damning report, the National Audit Office said that rising pressure on public services and repeated delays to reform the funding of local government meant town halls were in an “unsustainable” financial position.
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Castle Water Ltd. and KKR & Co. have been invited to provide more detail on their bids as the process for owning the debt-laden utility Thames Water progresses, Bloomberg News reported. The US alternative asset manager and water firm Castle have been asked to submit revised bids this week. Both have previously put forward non-binding offers to inject around £4 billion ($5.1 billion) into Thames Water to help turn around the utility. The offer from infrastructure investor Covalis Capital, who is also a junior creditor of Thames, is currently less favored by Thames Water.
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