June 20, 2018 / 12:29 AM / 3 months ago

PRESS DIGEST- Financial Times - June 20

June 20 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

Time runs out for £26tn financial contracts affected by Brexit on.ft.com/2t9uZz6

MoD awards Capita new contract despite handing it highest risk rating on.ft.com/2M7OlLR

Rural communities hardest hit as banks close branches on.ft.com/2ljnkd3

Labour pledges to boost Bank of England role with productivity target on.ft.com/2K1ntjx

Overview

TheCityUK, the financial services industry lobby group, warns that banks and insurers do not now have time to rewrite all of the 26 trillion pound ($34.26 trillion) of derivatives and 36 million insurance policies that may be disrupted by Brexit.

According to an internal assessment by the UK Ministry of Defence, Capita Plc scored 10/10 risk rating before being awarded a new contract to run military fire and rescue services.

The second part of a sweeping report by the Financial Conduct Authority People finds that closure of bank branches including the Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc would hit rural communities the hardest.

The UK opposition Labour Party plans to expand the Bank of England's remit via a 3 percent productivity growth target but refused to specify when this should be achieved.

($1 = 0.7590 pounds)

Compiled by Bengaluru newsroom; Editing by Sandra Maler

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