RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: BofA halts lending to firearm makers; US watchdog may slap record fine vs Wells Fargo

And here’s the real cost of Brexit to the UK financial services industry.

From Bloomberg: Bank of America Corp. plans to stop lending to companies that make assault-style guns used for non-military purposes. “It’s our intention not to finance these military-style firearms for civilian use,” Anne Finucane, a vice chairman at Bank of America, said Tuesday in a Bloomberg Television interview. 

From Reuters: The top U.S. watchdog for consumer finance is seeking a record fine against Wells Fargo & Co that could exceed several hundred million dollars for auto insurance and mortgage lending abuses, according to three sources with knowledge of the plans. The fine would fulfill President Donald Trump’s vow to come down hard on the country’s third-largest lender, which has been grappling with a sales practices scandal since September 2016.

From CNBC: Britain's financial watchdog said it needs to dedicate £30 million ($42m) of spending to deal with the impact of Brexit on the financial services sector next year. In its latest annual business plan, released Monday, the Financial Conduct Authority (FCA) said it would devote £14 million of spending on the U.K.'s withdrawal from the European Union by educing "non-critical" activity. That leaves £16 million which the regulator will have to raise itself. It said it will raise £5 million by targeting firms most likely to be affected by Brexit with fees, another £5 million will come from FCA reserves and the remaining £6 million will come from fees charged to firms as part of new regulations.

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