LONDON, March 4 (Reuters) – HSBC’s top two bosses
will be held responsible for transforming it into a simpler
institution, Bank of England Deputy Governor Andrew Bailey said
on Wednesday, as Europe’s biggest bank tries to clean up after a
Swiss tax scandal.
HSBC has admitted failings in compliance and controls in its
Swiss private bank after media reports said it helped wealthy
customers conceal millions of dollars of assets in a period up
to 2007. It adds to a long list of banking scandals that have
emerged since the financial crisis, including several at HSBC.
LONDON (Reuters) – Global regulators published revised proposals on Wednesday for supervising the world’s biggest mutual funds following fierce industry pushback in the United States and elsewhere.
The Group of 20 economies’ (G20) regulatory task force, the Financial Stability Board (FSB), said the industry had called for a more detailed analysis of systemic risks for determining which institutions should come under the new rules.
LONDON (Reuters) – Britain could face legal action if it fails to implement the European Union’s new rules on capping banker bonuses as set out in new draft guidelines published on Wednesday.
The European Banking Authority (EBA), the bloc’s watchdog, published revisions on Wednesday to its existing guidelines which were overtaken by the EU law on capping banker bonuses.
LONDON (Reuters) – The European Union’s second-highest court has ruled the European Central Bank (ECB) was wrong to insist that euro clearing houses should be based in the single currency area, a policy Britain had challenged to defend its financial sector.
Lawyers had said a failure of Britain’s challenge could force the London Stock Exchange’s LCH.Clearnet clearing house to shift large chunks of its euro-denominated operations to continental Europe.
LONDON, March 3 (Reuters) – European Union regulators should
ease capital charges on insurers to help them support the
region’s plan to boost growth through infrastructure projects, a
senior executive at Italian insurer Generali said on
European Commission president Jean-Claude Juncker has
presented a 300 billion euro ($336 billion) plan to create more
jobs, which requires private sector money to help fund projects.
LONDON (Reuters) – Britain’s new rules for vetting and making senior bankers directly accountable for their actions will take effect from March next year, financial services minister Andrea Leadsom said on Tuesday.
The new rules, that aim to make it easier for regulators to punish bankers for irresponsible decisions, were called for by lawmakers after few bankers were brought to book despite the fact that several banks had to be bailed out by taxpayers in the 2007-09 financial crisis.
LONDON (Reuters) – A top European court hands down a ruling on Wednesday that could have implications way beyond the obscure financial activities to which it directly relates, potentially ushering in a two-track EU with Britain and other non-euro zone countries out on a limb.
Britain has challenged a European Central Bank policy of requiring the “clearing houses” which help process trades in billions of euros worth of euro-denominated assets to be based within the single currency area.
LONDON, March 3 (Reuters) – Insurers may face a “huge hit”
if they end up being wrongfooted by rule changes linked to
climate change, the Bank of England (BoE) said on Tuesday.
Paul Fisher, deputy head of the BoE’s Prudential Regulation
Authority (PRA), which supervises banks and insurers, said
insurers investing in fossil fuel assets could be left
“stranded” by policy changes which limit their use.
LONDON (Reuters) – The Bank of England would have the power to fine or ban accounting firms from working in financial services under proposals setting out how the UK central bank’s regulation arm will monitor the accounting industry.
The proposals from the Prudential Regulation Authority (PRA), which supervises Britain’s banks, were published on Friday and show how the watchdog plans to oversee the accountants and actuaries hired by banks and use new powers to sanction them.
LONDON, Feb 27 (Reuters) – The Bank of England (BoE) has
turned up the heat on accounting firms used by banks, saying
they must provide the central bank with written reports from
November 2016 on their audits of Britain’s main lenders.
Policymakers questioned the accuracy of external audits
after banks had to be rescued by taxpayers in the 2007-09
financial crisis just months after accounting firms gave them a
clean bill of health.