Financial Regulatory Forum

COLUMN-Brown jumps on bank bonus bandwagon

September 4, 2009

BRITAIN-JOBS/   By Paul Taylor
   PARIS, Sept 3 (Reuters) – By jumping on the Franco-German bandwagon to curb bankers’ bonuses, British Prime Minister Gordon Brown is playing a political game.
   Many regulators don’t believe that regulating pay will make the financial system more stable. Rather, as Adair Turner, the chairman of Britain’s FSA has observed, the problem lies in the excessive profitability of banks — a function of regulatory arbitrage and inadequate competition. (more…)

UK FSA chief wants banks to draft “living will”-FT

September 3, 2009

BANKS-REGULATION/   LONDON, Sept 3 (Reuters) – UK financial regulator Chairman Lord Adair Turner backed plans to make systemically important banks draw up “living wills” or wind-down plans in case they fail, the FT reported on Thursday.

UK’s FSA warns on stock price/liquidity misleading

September 2, 2009

fsa_logo   LONDON, Sept 1 (Reuters) – The UK market regulator, FSA, said on Tuesday it will fine or suspend market operators involved in  manipulation practices known as “spoofing” and “layering.”
   The warning follows a 35,000 pound ($57,130) fine imposed last year by the London Stock Exchange on an unidentified firm.

UK Treasury warns regulator off financial tax talk

August 27, 2009

BANKS-REGULATION/   By Kate Kelland and Huw Jones
   LONDON, Aug 27 (Reuters) – The UK Treasury and industry groups on Thursday poured cold water on support from the country’s top market regulator for a global tax to curb excessive bank bonuses.
   Financial Services Authority Chairman, Adair Turner, sparked industry ire after saying a “Tobin” style tax may be needed.

UK financial watchdog says may levy higher City tax

August 27, 2009

BANKS-REGULATION/    LONDON, Aug 26 (Reuters) – The chairman of Britain’s Financial Services Authority (FSA) said he would back higher taxes on the country’s financial sector to prevent institutions making excessive profits and to curb excessive pay.

Bankers’ pay to be discussed at G20 – UK’s Darling

August 20, 2009

BRITAIN/   LONDON, Aug 20 (Reuters) – British finance minister Alistair Darling said on Thursday the issue of bankers’ pay needed to be looked at on an international basis and would be discussed by G20 finance ministers in September.

UK regulator reviews RBS purchase of ABN Amro

August 17, 2009

RBS/    LONDON, Aug 16 (Reuters) – Britain’s financial regulator has launched a supervisory review of Royal Bank of Scotland’s <RBS.L> takeover of ABN Amro, the Scottish bank said on Sunday.

Britain may tighten laws on bankers’ pay -Darling

August 16, 2009

BRITAIN/    By Peter Griffiths
   LONDON, Aug 16 (Reuters) – The British government is prepared to tighten the laws on bankers’ pay and bonuses if companies continue to reward excessive risk-taking, finance minister Alistair Darling told the Sunday Times newspaper.

Britain mulling new laws to curb bank bonuses-FT

August 14, 2009

Mandelson: worried    LONDON, Aug 13 (Reuters) – British government ministers are so unhappy with watered-down plans by the financial regulator to curb bankers pay and bonuses, that they are considering new laws to keep them in check, the Financial Times reported on Friday.

UK regulator bans long-term guaranteed bonuses

August 12, 2009

fsa_logo1   LONDON, Aug 12 (Reuters) – Britain’s financial regulator on Wednesday banned guaranteed banker bonuses for more than one year as part of a global crackdown on a culture of excessive risk-taking that has destabilised economies.