LONDON, April 4 (Reuters) – The world’s $87 trillion asset
management industry is getting riskier and echoes some of the
“too big to fail” risks already being addressed at banks, Bank
of England director of financial stability Andy Haldane said on
In a speech likely to leave the funds sector bristling,
Haldane said some recent trends in activities raise the question
whether funds can also be “too big to fail”, meaning they need
curbs to avoid a failure wreaking havoc in markets and requiring
a potential bailout by taxpayers.
LONDON (Reuters) – Britain’s financial watchdog will investigate the 150 billion pound credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.
The decision by the Financial Conduct Authority comes just two days after the year-old watchdog took over supervision of Britain’s consumer credit market with its 50,000 firms.
LONDON (Reuters) – Britain’s financial watchdog will investigate the 150 billion pound ($250 billion) credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.
The decision by the Financial Conduct Authority (FCA) comes just two days after the year-old watchdog took over supervision of Britain’s consumer credit market with its 50,000 firms.
LONDON, April 3 (Reuters) – The European Union has approved
some of the world’s toughest rules for accountants in a bid to
avoid a repeat of banks being given a clean bill of health just
before taxpayers had to rescue them after the financial crisis
The 28-country bloc’s European Parliament approved a law on
Thursday designed to stop any listed company from using the same
accountantcy firm for more than 20 years, a reform the United
States has shied away from as a step too far.
LONDON (Reuters) – The Financial Conduct Authority’s (FCA) handling of information that sparked a slump in insurance company shares was not its “finest hour,” its chief executive said following criticism from an influential lawmaker.
FCA boss Martin Wheatley said on Monday he takes responsibility for what happens at the regulator after Andrew Tyrie, the chairman of parliament’s Treasury Committee, described the watchdog’s actions as an “extraordinary blunder”.
LONDON (Reuters) – Global regulators aim to crack two of the biggest barriers to ending “too big to fail” banks by the end of this year, Financial Stability Board Chairman Mark Carney said on Monday.
Regulators are putting in place a complex jigsaw of rules and mechanisms to wind down failed banks without the massive market fallout seen when Lehman Brothers went under in 2008.
LONDON, March 31 (Reuters) – The UK financial watchdog’s
handling of information about a planned review that sparked a
slump in insurance company shares on Friday was not its “finest
hour,” its chief executive said.
Martin Wheatley said on Monday he takes responsibility for
what happens at the Financial Conduct Authority (FCA), which has
come under fire from the chairman of parliament’s Treasury
LONDON, March 31 (Reuters) – Banks still need to be
persuaded that well-capitalised lenders are important to
economic growth, Bank of England Deputy Governor Andrew Bailey
said on Monday, but Britain’s regulators will keep up the
pressure to boost capital levels.
Banks say lending to businesses is hard when the regulator,
the central bank’s Prudential Regulation Authority, keeps
pushing them to beef up their capital at the same time.
LONDON, March 28 (Reuters) – When Andy Haldane starts his
new job as the Bank of England’s next chief economist in June,
he is likely to bring with him some striking new ideas about how
the central bank should help manage the British economy.
In his current BoE role overseeing risks to the economy from
the banking sector, Haldane is known for his outspoken views on
controlling the “stomach-churching highs and lows in the credit
and asset price cycle,” which chime with those of Governor Mark
LONDON, March 28 (Reuters) – Britain’s financial regulators
will examine whether computer systems used by the country’s
banks and building societies are fit for purpose, after a
succession of problems which left millions of customers unable
to get any cash.
Royal Bank of Scotland customers could not make or
receive payments in March 2013, which followed a fault nine
months earlier that cost 175 million pounds to rectify and
prompted the lender’s chief executive to waive his bonus.