LONDON (Reuters) – New rules being rolled out to make bankers more accountable were “entirely reasonable” given the pain Britain suffered in the financial crisis, HSBC Chairman Douglas Flint said on Tuesday.
The new “senior managers’ regime” will make top bankers directly accountable for rule breaches on their patch from 2016, but it has been criticized by some bankers and financial lawyers for going too far and hard to apply in practice.
LONDON (Reuters) – Unless investors start believing that U.S. interest rates are on the way up there could be a potentially extreme market reaction when they actually do rise, Federal Reserve policymaker James Bullard said on Tuesday.
Bullard said a first rate hike “sometime in the summer” would still leave monetary policy extremely accommodative, and that market expectations should be better aligned with those of the Fed considering the current “boom time” for the U.S. economy.
LONDON, March 24 (Reuters) – Leaving the European Union
would be disastrous for Britain and harm its economy, Standard
Life Chairman Gerry Grimstone said on Tuesday.
“It would be disastrous for London and the UK if the UK were
to leave the single market,” Grimstone told a conference on how
to maintain Britain’s competitiveness as a financial centre.
Standard Life is Britain’s fourth-biggest insurance company.
LONDON (Reuters) – Britain’s newest and most powerful financial regulator has pledged to introduce “meaningful” change this year to help new banks steal market share from the “Big Five” lenders who dominate in commercial and retail banking.
The Payment Systems Regulator (PSR) will be formally launched on April 1 and was specifically created to shake up the arcane financial plumbing that handles 75 trillion pounds ($110 trillion) of money transfers annually, from credit cards to shop payments and cash machines.
LONDON (Reuters) – The Bank of England told markets on Friday to “take heed” as the “short sharp shocks” seen in markets over recent months could happen more frequently.
Chris Salmon, the Bank’s executive director for markets, said two incidents have highlighted how volatility can suddenly increase and liquidity drop.
EDINBURGH/LONDON, March 12 (Reuters) – The European Union is
expected to make clearing of interest rate swaps mandatory from
later this year, its securities market watchdog said on
The 28-country bloc is rolling out rules to make derivatives
safer and more transparent after their opacity exacerbated the
2007-09 financial crisis.
LONDON (Reuters) – Allowing customers to take their bank account number with them would encourage more Britons to switch to a rival lender, Britain’s financial regulator said on Thursday.
Such flexibility has long been a feature of the mobile phone market where customers keep the same telephone number when they shop around between rival providers.
LONDON, March 12 (Reuters) – Allowing customers to take
their bank account number with them would encourage more Britons
to switch to a rival lender, Britain’s financial regulator said
Such flexibility has long been a feature of the mobile phone
market where customers keep the same telephone number when they
shop around between rival providers.
LONDON (Reuters) – European Union plans to lift flagging growth by raising more funds on markets will be tested in a “war game” next week to identify pitfalls and help keep Britain on board the EU train.
Brussels has outlined steps for a “capital markets union” (CMU) to tap stock, bond and other markets more effectively for plugging funding gaps left by retrenching banks.
LONDON (Reuters) – It will take another five years or more to make real inroads into the dominance of Britain’s five biggest banks, a senior Bank of England official said on Wednesday.
Two years ago the government and regulators made it easier for new entrants to set up shop in attempt to loosen the chokehold of Lloyds, Barclays, HSBC, Royal Bank of Scotland and Santander UK, which provide about 85 percent of current accounts in Britain.