Regulation Correspondent, Europe
Huw's Feed
Apr 7, 2014

Top mutual funds try to limit growing regulatory scrutiny

LONDON, April 4 (Reuters) – Top mutual funds face extra
scrutiny in the United States and Britain, regardless of whether
global regulators push ahead with new rules based on a
consultation that closed on Monday.

The consultation by the Financial Stability Board (FSB), the
regulatory arm of the world’s leading economies (G20), raised
hackles by proposing that funds with more than $100 billion in
assets are systemically important. That would mean they face
extra supervisory requirements that have yet to be spelt out.

Apr 4, 2014

Bank of England Haldane says big funds can be ‘too big to fail’

LONDON (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 Friday.

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.

Apr 4, 2014

BoE’s Haldane says big funds can be “too big to fail”

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
Friday.

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.

Apr 4, 2014

FCA to probe credit card market

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.

Apr 3, 2014

Britain to probe $250 billion credit card market

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.

Apr 3, 2014

EU approves rules to shake up company book-keeping

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
of 2007-2009.

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.

Apr 1, 2014

FCA’s handling of insurance review ‘not finest hour’

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”.

Mar 31, 2014

FSB’s Carney says to crack too-big-to-fail bank barriers by December

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.

Mar 31, 2014

UK watchdog’s handling of insurance review “not finest hour”

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
Committee.

Mar 31, 2014

BoE’s Bailey says no let-up over bank capital levels

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.

    • About Huw

      "Huw is based in London and covers European regulatory issues and global rulemaking bodies such as the G20, Financial Stability Board, IOSCO, IASB and the Basel Committee. He has covered EU regulation in Brussels, the emergence pan-European stock markets, and has also been a Wall Street reporter in New York."
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