Financial Regulatory Forum

UK’s FSA fines former Northern Rock executives

April 13, 2010

BRITAIN-BANKS/   LONDON, April 13 (Reuters) – Britain’s financial regulator has fined and banned two former executives of Northern Rock, the troubled mortgage lender taken into state ownership two years ago, for misreporting mortgage arrears numbers. (more…)

UK lifts guarantee on Northern Rock deposits

February 24, 2010

BRITAIN-BANKS/   LONDON, Feb 24 (Reuters) – Britain’s Treasury has lifted its guarantee protecting retail deposits with nationalised Northern Rock, a decision that marks a milestone in the bank’s turnaround and draws a line under its troubles as it is prepared for sale. (more…)

Britain’s top retail banks set for shake-up

November 3, 2009

  LONDON, Nov 3 (Reuters) – Britain is set to announce on Tuesday a long-awaited deal with its bailed-out banks, including a record rights issue for Lloyds Banking Group and hefty disposals for Royal Bank of Scotland to appease the EU competition regulator and boost competition.

RBS faces forced sales and 3,700 UK job cuts

November 2, 2009

A customer uses a Royal Bank of Scotland (RBS) cash machine in Edinburgh, Scotland August 7, 2009.    (BRITAIN BUSINESS BANKING)   By Clara Ferreira-Marques
LONDON, Nov 2 (Reuters) – Royal Bank of Scotland said it would be forced to sell more assets than it had expected and axe 3,700 jobs from its retail business as another radical shake-up loomed for Britain’s banks.

EU clears Northern Rock break-up plan, paves way for sale

October 28, 2009

A woman is reflected as she passes a branch of Northern Rock in London August 4, 2009. (File Photo).  REUTERS/Luke MacGregor   (BRITAIN BUSINESS)  By Foo Yun Chee and Clara Ferreira-Marques
BRUSSELS/LONDON, Oct 28 (Reuters) – European Union
regulators have approved a UK government plan to break up
state-owned mortgage bank Northern Rock, in a move that clears the way for the sale of key parts of the battered lender.

Northern Rock defers payments to bondholders, ahead of likely EU order

August 18, 2009

By Tom Freke and Clara Ferreira-Marques
LONDON, Aug 18 (Reuters) – State-owned British bank Northern Rock said on Tuesday it would defer paying interest on a range of subordinated bonds, propping up its capital position and preempting an anticipated European Commission requirement.

Expanded US financial regulation to benefit consultants

July 29, 2009

By Sweta Singh
NEW YORK, July 29 (Reuters) – Expanded regulation of the U.S. financial sector could prove a bonanza in 2010 for Navigant Consulting Inc and other firms that help companies handle investigations.
Navigant and rivals Huron Consulting Group Inc, FTI Consulting Inc and CRA International Inc provide experts, including lawyers, to help companies deal with regulatory probes. (more…)

N.Rock capital below minimum as waiver expires

July 1, 2009

Pedestrians walk past a branch of the Northern Rock bank in the City of London   LONDON, July 1 (Reuters) – UK state-owned bank Northern Rock’s capital has fallen below the regulatory minimum but it has been cleared to continue business as normal.