Sir Keir Starmer, Deputy Prime Minister Angela Rayner and Chancellor Rachel Reeves will not accept any further donations for clothing after a row over donations, a Downing Street source has said.

The prime minster has been embroiled in a growing controversy after it emerged he had repeatedly accepted gifts including sunglasses, tailoring and personal shopping for his wife from Labour peer Waheed Alli.

The Financial Times has reported that Ms Rayner and Ms Reeves declared thousands of pounds in work clothing from wealthy donors as general office support.

The investment sector has welcomed the news that that cost disclosure requirements for investment trusts will be temporarily banned.

The announcement, by the Treasury and the Financial Conduct Authority yesterday (20 September), comes following years of investment companies calling for change.

These rules were inherited by the European Union (EU) and made it appear that investment trusts were more costly to put money into than they were.

This is because the disclosure rule requires trusts to publish the costs of financing, operating and maintaining real assets.

However, many of these costs are already published in regular company updates and reflected in the value of the share price for all investment companies.

This created a “double counting of costs”, which investment trusts have long been saying has put investors off.

Although £15bn of new money went into investment trusts in 2021 alone, it is estimated the double counting rule was seeing £7bn a year in income being lost.

The Treasury said it will lay out legislation to provide the FCA with the appropriate powers to deliver reform – the new Consumer Composite Investments (CCI) regime.

It said the new CCI regime will deliver more tailored and flexible rules to “address concerns across industry with current disclosure requirements, including for costs.”

The UK’s new retail disclosure regime is expected to be in place in the first half of 2025, subject to Parliamentary approval and following a consultation from the FCA.

The FCA intends to consult on proposed rules for the CCI regime this Autumn.

The Association of Investment Companies (AIC) chief executive Richard Stone described it as “great news”.

He said the AIC has lobbied tirelessly on the issue and praised the Labour government for “acting so swiftly”.

Stone added: “Investment companies are a great UK success story and have a vital role in bridging the gap between private assets and public markets.

“Ending misleading cost disclosures will enable us to continue delivering for investors and make a critical contribution to the economy as the government drives forward its ambitions for growth, investment and wealth creation.”

Abrdn head of closed-end funds Christian Pittard said: “We welcome this move by government and the FCA to address unfair and distortive rules that have crippled investment trusts.

“With the FCA confirming that it will not take supervisory or enforcement action if a fund chooses not to follow the cost disclosure requirements, all eyes will now be on data publishers at a time when what the industry and investors really need is consistency.”

Pittard also labelled the UK investment trust sector “one of the jewels in the crown of the financial services industry.

This announcement came following research from Abrdn that revealed London listed closed-end infrastructure investment companies are on track for their first ever three-year gap with no primary capital raised.

Abrdn blamed this on a higher interest rate environment and the cost disclosure rules, with 2023 and 2022 both being fallow years for primary fundraising.

AJ Bell interim investments managing director Ryan Hughes agreed that this news will be “warmly welcomed by both the investment trust industry and broader market participants”.

Hughes added: “Investment trusts play a hugely important role both in the financial services sector and the wider economy as a provider of capital and the unintended consequences of the current legislation created an unequal playing field that put investment trusts at a disadvantage and threatened, in some cases, their very existence.

“The removal of this unnecessary barrier will help the investment trusts sector regain its footing and allow them to compete equally against other investment structures, which will put them back on the radar for investors who have been reluctant to use them given the cost disclosure requirements.”

In the week before the Treasury and the FCA made this announcement,

Mohamed Al Fayed, the former owner of Harrods, “was a monster” enabled by a system that “pervaded” the London store, a lawyer for his accusers has said.

The late Harrods owner was described as a “sexual predator” who assaulted staff and threatened them over a 25-year-period, barristers representing dozens of women told a press conference in London on Friday.

Dean Armstrong KC said it was time Harrods “took responsibility” after allegations against Fayed – including rape – were made in a BBC investigation this week.

Harrods has said it is “utterly appalled” by the allegations and has condemned his actions “in the strongest terms”.

At the press conference around 20 survivors sat at the front, at times nodding in agreement, and often shaking their heads as they listened intently to what was at times grim and disturbing details of allegations against Fayed.

Some women were too afraid to come to the event.

But Natacha spoke out about her time working for Fayed when she was 19. She said she was speaking out now for the sake of her own daughters and nieces.

She described Fayed as “clever and manipulative” and someone who “preyed on the most vulnerable”.

Natacha said Fayed subjected her to a forced kiss, made her sit on his lap so he could “explore” her body, and on one occasion forced himself on her in his private apartment.

He threatened her, saying he knew where she and her family lived and that she would “never work in London again” if she spoke out about what had happened to her.

The press conference heard how many women who worked for him were subjected to intrusive medical tests, including full cervical smears and having their ovaries checked.

They were either not told the results of those tests or suffered what was described as “degrading and humiliating comments” by Fayed about the test results.

Natacha told reporters she believed the medical examinations were used to evaluate their sexual “purity”.

The news conference was told about claims of extensive surveillance within Harrods and of phone lines being bugged.

Mr Armstrong characterised Fayed’s behaviour as “systematic abuse”.

On Harrods he said: “They have full culpability for the abuse these women suffered.”

He added: “It is time that they took responsibility, and it is time that they set matters right.”

Victims still suffer nightmares, depression and anxiety, reporters were told.

In response to the BBC investigation, Harrods acknowledged that while it was owned by Fayed, “as a business we failed our employees who were his victims and for this we sincerely apologise”.

“The Harrods of today is a very different organisation to the one owned and controlled by Al Fayed between 1985 and 2010, it is one that seeks to put the welfare of our employees at the heart of everything we do.”

The department store’s new owners have a compensation scheme for ex-employees who say they were attacked by Fayed, which is separate to the legal action being taken by some accusers.

Harrods has already reached financial settlements with the majority of people who have approached them since 2023, and has had new inquiries this week.

Harrods is accepting vicarious liability for the actions of Fayed, and there are no non-disclosure agreements attached to the settlements.

It said: “Since new information came to light in 2023 about historic allegations of sexual abuse by Al Fayed, it has been our priority to settle claims in the quickest way possible, avoiding lengthy legal proceedings for the women involved.”

It said that while it could not undo the past it wanted to ensure such behaviour never happened again.

However, during the news conference, Mr Armstrong said it was “simply not true” for Harrods to say that it was unaware of the allegations until 2023.

US lawyer Gloria Allred, who has acted in several high-profile sexual abuse cases, said: “Underneath Harrods’ glitz and glamour was a toxic, unsafe and abusive environment.”

“Something was rotten at the core of Harrods,” she added. “It is not enough for Harrods to say that they are sorry.”

Speaking to BBC News after the conference, Ms Allred said it is “overdue” for Harrods to “step up”.

“Now we want deeds, not just words,” she said.

At the press conference, the lawyers were also asked if they were aware of any allegations against Fayed in relation to his other business interests at Fulham FC and the Ritz Paris hotel.

Barrister Maria Mulla said they are representing women who were employed at the Ritz but not anyone related to Fulham.

Fulham FC said in a statement: “We are deeply troubled and concerned to learn of the disturbing reports following yesterday’s documentary. We have sincere empathy for the women who have shared their experiences.

“We are in the process of establishing whether anyone at the club is, or has been, affected.”

The BBC has asked the Ritz Paris hotel – which Fayed bought in 1979 – if it has ever paid any compensation to employees or former employees over sexual assault or rape allegations.

The hotel did not answer whether or not it had paid any compensation, but issued a statement which says it “strongly condemns any form of behaviour that does not align with the values of the establishment”.

During the news conference, when the legal team representing some accusers were asked why they were not launching proceedings against Fayed’s estate, they said they were not ruling anything out.

Mr Armstrong said they were in the process of taking on “many more” clients than the 37 they are already representing.

Since the BBC investigation was published, more women have come forward to accuse Fayed of assaulting them.

Speaking after the press conference, Mr Armstrong said around 100 women have contacted his team since the BBC documentary aired.

That includes a woman the BBC is calling Melanie, who said she was sexually assaulted by Fayed at his Park Lane flat.

There, she said he pressured her into agreeing to visit again, before “he put his hands on my breast and said some pretty disgusting things”.

Former staff have told the BBC that he would regularly tour the sales floors looking for young female assistants to promote to working in his office.

What is Fintech?

Fintech is short for Financial Technology, a term which describes the technology used to simplify and improve financial services. This includes mobile banking, investing apps, cryptocurrency and more. Fintech was created to bring convenience to your everyday financial processes for businesses and consumers. Without knowing it, you have and are using fintech in your everyday finance management.

What does Fintech do?

Fintech is useful for businesses and consumers alike.

From payment solutions to investment platforms, fintech also makes financial services more inclusive by lowering barriers to access. For instance, many fintech applications offer no-fee bank accounts, fractional share investing, and peer-to-peer lending platforms, giving consumers more opportunities to grow their wealth.

For businesses

fintech tools can improve operational efficiency by automating payroll, invoicing, tax filing, and even financial forecasting. It enables companies to streamline their financial workflows, reduce administrative costs, and free up time for more strategic tasks.

For Consumers

Consumers benefit from fintech by having more control over their financial lives. With the rise of personal finance apps, users can track spending, set savings goals, and monitor investments in real-time. The tools provide a complete view of personal finances, helping individuals make informed decisions based on data-driven insights.

What is Fintech used for?

Fintech operates through apps on computers and phones, bringing financial services to us. This is used in various ways including…

Robo-Advisors – Helping people create investment portfolios based on their personal goals and risk tolerance. This offers affordable and simple wealth management solutions for consumers

Payment apps – Such as, PayPal, Venmo and Apple pay make it possible and easy for every to send, receive and manage money from our phones. There are various advantages of using PayPal. They eliminate the need for cash and checks for any payments including international.

Peer-to-peer lending – Platforms such as, LendingClub allow consumers to lend money to others without using banks as intermediaries. This can often provide both parties more favourable rates.

Investment apps – These platforms make is accessible for more people to start investing. They offer resources and advice for novice investors so that more people can grow their wealth. Find trading platforms you can use to start.

Cryptocurrency Apps – Blockchain, the primary technology for most cryptocurrencies, is a significant aspect of fintech, representing a reorganised way to conduct financial transactions outside traditional banking systems.

Examples of Fintech in Everyday life

Fintech has become a part of daily life for many consumers, even if they’re not aware of it. Here are a few common ways consumers interact with fintech:

• Mobile Banking – This convenience has transformed the way people interact with their banks, minimising the need for physical branches. These apps allow us to send, receive and manage our money instantly from our phones.
• Budgeting –. Budgeting apps have become a popular way to track your money and set saving goals you can stick to setting your priorities in place. These apps sync with your bank accounts and credit cards, offering a broad view of your financial health in one place. You can find free budgeting apps to help.
• Credit monitoring – Tools like Experian allow users to monitor their credit scores and reports so that they can keep on top of their records and know where they need to improve. With this you can find out the average score and where you fall within it.

Impact of Fintech on personal finances

Whether you’re using a simple payment app or diving into cryptocurrency trading, fintech brings the tools for managing your finances right to your device. Consumers now have access to tools that explain investment options, track spending habits, and create budgeting plans.