LONDON, June 2 (Reuters) – The Bank of England (BoE) will
scrutinise whether insurers are taking on too much risk by
investing in infrastructure projects which may not be suitable
for traditional portfolio management, it said on Tuesday.
Insurers have been coming under pressure from policymakers
to invest in economic growth through building new roads, bridges
and telecoms networks, projects that can offer higher yields
than government bonds.
LONDON (Reuters) – Banks should not depend on internal models for assessing the size of their capital buffers, a trio of global regulators said on Tuesday.
“Supervisors should be cautious against over-reliance on internal models for credit risk management and regulatory capital,” the Joint Forum said in a statement.
LONDON, May 31 (Reuters) – The world’s multi-trillion dollar
asset management industry has presented a united front to reject
proposals aimed at mitigating risks in the sector, even after
they were revised by regulators.
The Group of 20 economies’ (G20) task force, the Financial
Stability Board (FSB), wants funds above a certain size to face
closer, yet-to-be-detailed, scrutiny.
LONDON, May 29 (Reuters) – The European Union may need to be
less rigid in its approach to dealing with financial rules from
outside the bloc to avoid disputes with other countries, the
EU’s top markets regulator said on Friday.
The EU’s executive European Commission and U.S. Commodity
Futures Trading Commission (CFTC) have been at loggerheads for
months over whether to recognise each others’ rules for making
markets for financial derivatives safer in the wake of the
2007-2009 financial crisis.
LONDON, May 29 (Reuters) – Tesco’s book-keeping
scandal has prompted Britain’s accounting policeman to turn a
spotlight on annual reports in the retail sector to check for
The Financial Reporting Council (FRC) has already opened a
probe into Tesco’s accounts, and it said on Friday that scrutiny
of sample audits in the coming year will focus in particular on
the food, drinks and retail sector.
LONDON (Reuters) – Bankers in Britain must use common sense when applying new rules on being held personally responsible for wrongdoing in their business as there won’t be detailed guidance that lawyers can use in their defence, a top watchdog said on Thursday.
The new Senior Manager Regime (SMR) comes into effect in March 2016 to make it easier for regulators to punish individuals for wrongdoing.
LONDON, May 28 (Reuters) – Bankers in Britain must use
common sense when applying new rules on being held personally
responsible for wrongdoing in their business as there won’t be
detailed guidance that lawyers can use in their defence, a top
watchdog said on Thursday.
The new Senior Manager Regime (SMR) comes into effect in
March 2016 to make it easier for regulators to punish
individuals for wrongdoing.
LONDON (Reuters) – A panel of European Union lawmakers narrowly rejected a draft law aimed at curbing trading risks at banks after they failed to bridge a deep divide between the main parties.
The European Parliament’s economic affairs committee voted to reject the draft law on bank structural reform by 30 votes to 29 in a relatively rare move.
LONDON, May 26 (Reuters) – Britain’s top banks will be
tested this year for their ability to cope with the type of
market mayhem that followed the collapse of U.S. bank Lehman
Brothers in 2008, the Bank of England said on Tuesday.
The specific test for risks from trading books will be
applied to seven banks and will supplement the broader annual
stress tests announced in March.
LONDON (Reuters) – Global regulators meet in London next month to try to tighten their grip on markets after banks were fined billions of dollars for manipulating interest rates and currencies, Britain’s top financial supervisor said.
The hefty penalties on British, American and Swiss banks have forced authorities to rethink regulation for a chunk of the market hitherto left to discipline itself, said Martin Wheatley, chief executive of the Financial Conduct Authority (FCA).