LONDON (Reuters) – The full bill Britain’s banks must pay for mis-selling interest rate swaps won’t be known for some time, with lenders still not handling claims fast enough, a top regulator said.
Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), said the bulk of the 3 billion pounds ($4.8 billion) banks have set aside so far for compensation is for redress for the amounts actually paid for the products.
LONDON (Reuters) – After years of delay, the European Union on Wednesday agreed new rules which will from 2016 force insurers to hold enough capital to keep policyholders safe.
Lawmakers from the European Parliament and officials from member states met in Brussels on Wednesday.
LONDON, Nov 13 (Reuters) – The European Union is close to
agreeing new rules which will force insurers to hold enough
capital to keep policyholders safe, after years of delay.
Lawmakers from the European Parliament and officials from
member states have set aside six hours from 1430 GMT on
Wednesday to nail down a deal. The bloc’s financial services
chief Michel Barnier was due to attend in person to nudge them
over the finishing line.
LONDON, Nov 12 (Reuters) – The European Union is seeking to
increase its influence over global accounting standards by
beefing up the agency that scrutinises new rules and in certain
cases tweaking how they are applied in the bloc.
The book-keeping standards, the bedrock of markets, are
written by the International Accounting Standards Board (IASB).
They apply in over 100 countries, including the EU, but not the
LONDON (Reuters) – JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz) and HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) topped the list of the world’s top 29 banks that must hold extra capital from 2016 because of their size and reach, the Financial Stability Board (FSB) said on Monday.
The FSB is the regulatory taskforce for the 20 biggest economies, whose leaders agreed in 2011 on extra capital requirements to keep top lenders stable in rocky markets.
LONDON (Reuters) – Thousands of staff across dozens of London financial firms will be put through a “war games” scenario on Tuesday to test how well they can handle a major cyber attack, people familiar with the matter said.
In one of the largest exercises of its kind in the world, the test dubbed “Waking Shark II” will bombard firms with a series of announcements and scenarios, such as how a major attack on computer systems might hit stock exchanges and unfold on social media.
LONDON, Nov 7 (Reuters) – Users of financial derivatives in
the European Union will have to report their trades from early
next year after the bloc’s executive vetoed a request from
regulators for a delay.
A delay would hinder the ability of regulators to spot
potentially destabilising risks building up in markets, the EU’s
executive European Commission said.
LONDON, Nov 6 (Reuters) – Britain’s listed companies may
have to publish details of risks that could put them out of
business and auditors will have to verify all the risks have
been properly disclosed, in reforms proposed by the accounting
The Financial Reporting Council (FRC) wants a cultural
change to end box-ticking exercises of the past. Its proposed
reforms follow the 2007-09 financial crisis which saw banks
being rescued by taxpayers despite accountants giving them a
clean bill of health just months before.
LONDON, Nov 5 (Reuters) – Central bankers and regulators
have increased the pressure on the $630 trillion derivatives
industry to alter how it operates to avoid a repeat of the
mayhem seen after Lehman Brothers collapsed.
Markets went into meltdown in Sept. 2008 as it was unclear
who was exposed to the stricken U.S. lender’s derivatives
LONDON (Reuters) – A new global watchdog with binding powers is needed to resolve disputes like the current clash over derivatives rules that threatens to undermine financial stability, top market officials said.
The European Union and United States are trying to iron out differences between each other’s rules to regulate the $630 trillion market for off-exchange traded derivatives like credit default swaps and interest rate swaps.