LONDON (Reuters) – Banking is still in the early stages of the cultural change needed to regain public trust after a series of scandals that are already prompting customers to switch lenders, Britain’s top financial watchdog said on Tuesday.
Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) said “culturally complacent” banks should realize that customers can switch to new entrants far more easily now if they don’t like the behavior they see.
LONDON (Reuters) – British insurer Aviva agreed terms on Tuesday for a 5.6 billion pounds all-share takeover of rival Friends Life, responding to pressures caused by pension industry reform.
Pension providers are rushing to revise their product ranges after the government in March surprisingly removed obligations for people to buy an annuity, or income for life, at retirement, hurting sales.
LONDON, Dec 2 (Reuters) – British insurer Aviva
agreed terms on Tuesday for a 5.6 billion pound ($8.8 billion)
all-share takeover of rival Friends Life, responding to
pressures caused by pension industry reform.
Pension providers are rushing to revise their product ranges
after the government in March surprisingly removed obligations
for people to buy an annuity, or income for life, at retirement,
LONDON (Reuters) – Eleven European Union countries are unlikely to agree on a tax on financial transactions by the end of year, an EU document showed on Monday, dealing a political blow to the French and German governments that have pushed it.
The aim is to force banks to pay for the public aid they received in the 2007-09 financial crisis by taxing them on every trade they execute in stocks, bonds and other financial instruments.
LONDON (Reuters) – Britain’s financial regulator has imposed stricter rules on companies that help people to find a loan, saying some credit brokers were treating customers in a “blatantly unfair” way and causing serious harm.
In its first move to impose rules without public consultation, the Financial Conduct Authority (FCA) said that credit brokers will be banned from charging fees and requesting customers’ payment details unless the brokers provide clear information in advance.
LONDON, Nov 28 (Reuters) – The European Union’s 7,000 banks
must by 2020 hold a new buffer of bonds that can be written down
to avoid taxpayer bailouts in a crisis, the bloc’s banking
watchdog said on Friday.
The European Banking Authority (EBA) published draft rules
for consultation that detail the so-called minimum requirement
for own funds and eligible liabilities (MREL) that all banks
must have under a new EU law on handling bank collapses.
LONDON (Reuters) – Euro zone banks that failed or barely passed this year’s health checks will have to demonstrate they can make sustainable profits and may need to sell off loss-making units, the European Central Bank’s top supervisor said.
Daniele Nouy told Reuters on Friday that simply finding more capital to plug shortfalls uncovered by the stress test may not be enough.
LONDON (Reuters) – European firms squeezed by low interest rates are having to consider new, riskier ways to manage trillions in corporate cash as they are snubbed by banks awash in new regulation that may also spell the demise of their go-to investment funds.
In order to protect and grow their companies’ money and ensure it is easily accessible to pay wages, invoices and dividends, treasurers are being forced to look at less secure assets and deal with some of them directly.
LONDON, Nov 27 (Reuters) – Global regulators meeting next
week will not heed European calls to ease bank capital charges
to help finance the region’s flagging economy, sources close to
the situation said, a stance that could prompt the EU to take
The Basel Committee of banking supervisors from nearly 30
countries will finalise new rules for securitisation, or bonds
backed by assets like mortgages.
LONDON (Reuters) – New European Union rules to improve auditing of banks and other companies are being blunted by varied implementation from nation to nation, a top accounting official said.
The reform forces companies to switch auditor every few years so that accountants are more likely to challenge what they are told before signing off on annual reports.