LONDON (Reuters) – A part of Britain’s pensions market is disorderly with insurers maximizing profits and failing to give the best deal, according to a watchdog review that drew criticism for ruling out immediate reforms.
The Financial Conduct Authority’s review of annuities, where a pot of money saved over a working life is swapped for an annual income until death, found too little competition.
LONDON (Reuters) – The savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says.
The EU is looking for ways to wean the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment.
LONDON, Feb 12 (Reuters) – The savings of the European
Union’s 500 million citizens could be used to fund long-term
investments to boost the economy and help plug the gap left by
banks since the financial crisis, an EU document says.
The EU is looking for ways to wean the 28-country bloc from
its heavy reliance on bank financing and find other means of
funding small companies, infrastructure projects and other
LONDON, Feb 12 (Reuters) – The European Commission and the
U.S. Commodity Futures Trading Commission said they have agreed
a common approach for swaps contracts so they can be traded on
electronic platforms to aid transparency and reduce risk.
World leaders called for the rules to shine a light on the
$700 trillion market for credit default swaps and interest swaps
found at the heart of the 2007-09 financial crisis.
LONDON (Reuters) – The Bank of England has seen no evidence to back media allegations that it condoned or was aware of manipulation of reference rates in the foreign exchange market, it said on Tuesday.
The central bank discussed with top London currency dealers their process for setting foreign exchange benchmark rates at a meeting in April 2012, more than a year before a global investigation into alleged manipulation.
LONDON, Feb 10 (Reuters) – Managers of the European Union’s
trillion-euro money market funds, which give access to
short-term finance at low interest rates, will need to show
their pay packets do not encourage too much risk-taking under a
proposal from the bloc’s lawmakers.
It marks the latest EU attempt to extend pay rules for
bankers to other parts of the financial sector in a bid to avoid
the lure of a big bonus encouraging people to take on more risk.
LONDON, Feb 10 (Reuters) – New rules coming into force in
Europe this week to shine more light on the $700 trillion
derivatives markets will take years to produce a clearer picture
of these complex products which were at the heart of the
When Lehman Brothers collapsed in 2008 markets were in the
dark over a tangle of derivatives on the U.S. investment bank’s
books. Financial markets froze because of uncertainty about who
was exposed to Lehman’s derivatives, such as credit default
swaps or interest rate swaps. U.S. insurer AIG also ran
up big losses linked to derivatives.
LONDON/PARIS, Feb 7 (Reuters) – European Union antitrust
chief Joaquin Almunia said on Friday Britain must clarify why
state aid is needed to build a 19 billion euro ($26 billion)
nuclear plant with French state-controlled utility EDF.
“We need the UK authorities’ cooperation. My intention is to
be able to adopt a final decision on this before the end of the
year,” he told reporters in London.
LONDON, Feb 7 (Reuters) – Gazprom has not yet satisfied the
European Commission’s concerns over pricing and the European
Union’s executive body may still charge the state-controlled
Russian gas monopoly with antitrust abuses, the EU competition
chief said on Friday.
The world’s top gas producer and the supplier of a quarter
of Europe’s gas needs, has been under EU investigation since
September 2013 for suspected anti-competitive behaviour,
including overcharging customers and blocking rival suppliers.
LONDON/BRUSSELS (Reuters) – The European Commission has asked the Bank of England to explain how new allowances in British bankers’ pay comply with an EU bonus cap, an official at the bloc’s executive said, a new flashpoint of friction over the reach of financial control.
Under EU rules, from 2015 bonuses cannot be more than fixed salary, or double this amount with shareholder approval, and most of the bankers affected are based in London.