Financial Regulatory Forum

UBS traders dumped losses on duped rich clients

By Kirstin Ridley
LONDON, Nov 5 (Reuters) – Four former dealers at UBS plundered customer accounts to trade and dumped the resulting losses on them, Britain’s financial regulator said, further denting the battered Swiss bank’s reputation.

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Britain’s offshore havens asked to bump up taxes

By Huw Jones
LONDON, Oct 29 (Reuters) – Britain’s overseas financial havens should bump up taxes to wean their economies off credit crunch hit banking, insurance and funds services, a government-commissioned report said on Thursday.

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UK to monitor bank communication with customers to ensure fairness

LONDON, Oct 28 (Reuters) – Britain’s financial watchdog will start regulating lenders’ day-to-day contact with their customers to ensure services such as direct debits, payments, interest change notifications and savings accounts are fair.
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Crunch week for Lloyds as regulators near verdict

By Victoria Howley and Douwe Miedema
LONDON, Oct 23 (Reuters) – Lloyds Banking Group faces a crunch week over its plans to plug a 20 billion pound ($33.30 billion) hole in its capital before Christmas, with a key decision resting with UK regulators.

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Ireland taps Bermuda for financial watchdog chief

IRELAND/ DUBLIN, Oct 19 (Reuters) – Ireland has picked Matthew Elderfield, chief executive of the Bermuda Monetary Authority (BMA), as the new head of financial supervision at the Central Bank of Ireland, Governor Patrick Honohan said on Monday.
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Britain to weigh Lloyds plans this weekend – source

A pedestrian passes the head office of the Lloyds Banking Group in central London August 5, 2009. REUTERS/Stefan Wermuth (BRITAIN BUSINESS) By Douwe Miedema
LONDON, Oct 16 (Reuters) – Britain’s financial watchdogs will this weekend make up their minds about Lloyds Banking Group’s plans to raise private capital and escape further government control, a source close to the situation said.
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Major foreign investment banks in Britain agree to G20 pay rules

 A video grab image shows Britain's City minister Paul Myners speaking at a Treasury Committee in London March 17, 2009.     REUTERS/Parbul TV Via Reuters TV

By Matt Falloon and Steve Slater
LONDON, Oct 14 (Reuters) – Major foreign investment banks operating in London have agreed to obey G20 and Financial Services Authority rules on remuneration, starting with payments for performance this year, the Treasury said on Wednesday.

Morgan Stanley, Bank of America, UBS, Credit Suisse, Citigroup, Goldman Sachs and JP Morgan signed up to the commitment after a meeting with Treasury minister Paul Myners.

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British bankers dubious over plans for new supervisory body

LONDON, Oct 14 (Reuters) – Britain’s banking association cast doubt on Wednesday on plans for a new national body to spot asset bubbles and stop them from getting out of control, saying its members were not sure how it would work.
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Global enforcement body may be needed for banking sector – UK regulator

By Huw Jones
LONDON, Oct 14 (Reuters) – A global body with legal powers may be needed over time to enforce the world’s new financial rules, Britain’s Financial Services Authority (FSA) said on Wednesday.

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COLUMN – UK rulings narrows “accepted practice” loophole for traders

– John Kemp is a Reuters columnist. The views expressed are his own –
By John Kemp
LONDON, Oct 12 (Reuters) – The UK Financial Services Authority (FSA)’s decision to censure two Dresdner Kleinwort traders for trading while in possession of inside information about a forthcoming issue of floating rate notes by Barclays has implications that go far beyond the offence of trading ahead of a formal announcement.
By censuring the traders, the FSA is attempting to establish a precedent about how it will deal with the defence of “accepted market practice” in future, restricting it significantly, in a move that will force a wider re-examination of entrenched practices across the financial markets in London.

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