Regulation Correspondent, Europe
Huw's Feed
Dec 15, 2014

UK financial watchdog bans former BlackRock employee for fare dodging

LONDON, Dec 15 (Reuters) – Britain’s financial watchdog has
banned former BlackRock senior official Jonathan Paul
Burrows from any role in the financial services sector after he
was caught evading 43,000 pounds ($67,372) in fares on his daily
train commute into London.

Burrows was a managing director at Blackrock Asset
Management Investor Services and on 19 November 2013, he was
stopped by ticket inspectors at the exit gates of London’s
Cannon Street railway station, the Financial Conduct Authority
said in a statement on Monday.

Dec 11, 2014

Global regulators set out stricter rules for pooled debt

LONDON, Dec 11 (Reuters) – Regulators published stricter
rules on Thursday on a class of securities which helped cause
the financial crisis, hoping to reduce the risks of future
market turbulence undermining the banks which own them.

The Basel Committee of banking supervisors unveiled its
finalised framework for regulating asset-backed securities
(ABS), a type of bond based on a pool of loans such as
mortgages, to come into force from January 2018.

Dec 11, 2014

EU delays decision on U.S. securities clearing rules

LONDON (Reuters) – The European Union will take another six
months to make a decision on whether European banks must hold
more capital to safeguard against a U.S. clearing house going
bust.

The Commission has to decide whether U.S. rules for clearing
houses are as strict as those in the EU. The aim is to ensure
that there will be no need to resort to taxpayer cash if things
go wrong.

Dec 11, 2014

UK watchdog tightens sales rules for annuity pensions

LONDON (Reuters) – Insurance companies will have to show how their annuity pensions compare with rival products to ensure customers get the best retirement income, Britain’s Financial Conduct Authority said on Thursday.

A pot of money saved over a working life is used to buy an annuity which pays out a regular pension until death.

Dec 11, 2014

FCA tightens sales rules for annuity pensions

LONDON (Reuters) – Insurance companies will have to show how their annuity pensions compare with rival products to ensure customers get the best retirement income, Britain’s Financial Conduct Authority said on Thursday.

A pot of money saved over a working life is used to buy an annuity which pays out a regular pension until death.

Dec 10, 2014

UK watchdog chief loses bonus after insurance briefing debacle

LONDON (Reuters) – The head of Britain’s financial watchdog
and three other executives will lose their bonuses after a
scathing report said the regulator mishandled the announcement
of a review into life insurance policies and was slow to restore
market order.

The independent inquiry, led by Simon Davis, a lawyer at
Clifford Chance, said the Financial Conduct Authority (FCA) was
wrong to brief a reporter about the review and “seriously
inadequate” in the way it dealt with the ensuing sell-off in
insurance shares.

Dec 10, 2014

UK watchdog “seriously inadequate” in insurance review -inquiry

LONDON, Dec 10 (Reuters) – Britain’s markets regulator was
wrong to brief a reporter about an insurance sector review and
“seriously inadequate” in how it reacted to the ensuing sell-off
in insurance shares, an independent inquiry said on Wednesday.

Panicking investors dumped shares in Aviva, Legal &
General, Prudential on March 28 after the
Financial Conduct Authority’s head of supervision Clive Adamson
was quoted in The Daily Telegraph as saying the regulator would
investigate if those locked in pension pots had been treated
fairly.

Dec 10, 2014

UK watchdog ‘seriously inadequate’ over insurance review: report

LONDON (Reuters) – Britain’s markets regulator was wrong to brief a reporter about an insurance sector review and “seriously inadequate” in how it reacted to an ensuing sell-off in insurance shares, an independent inquiry said on Wednesday.

Shares in Aviva, Legal & General, Prudential sank on March 28 after the Financial Conduct Authority’s head of supervision Clive Adamson was quoted in The Daily Telegraph as saying the FCA would investigate if people locked in pension pots sold by insurers have been treated fairly.

Dec 9, 2014

Regulators concerned at banks scaling back market making commitments

LONDON, Dec 9 (Reuters) – Global financial regulators worry
that banks are scaling back costly market making functions and
that this could leave investors stranded, as well as squeezing
funds to drive economic recovery, a senior official said on
Tuesday.

Some banks have already warned that tougher rules designed
to make the financial system safer since the crisis of 2008-2009
have pushed up the cost of market making, or providing
facilities for investors to buy and sell shares, bonds and
derivatives.

Dec 9, 2014

Financial watchdogs rethink plans to regulate big investment funds

LONDON, Dec 9 (Reuters) – Financial watchdogs are having to
revise plans to regulate the world’s biggest investment funds
because original proposals would have made it more difficult for
asset managers to invest in infrastructure projects that are key
to reviving growth.

Regulators have been working on rules for big funds to
ensure they can withstand a financial crisis and mass
withdrawals by customers that could destabilise the global
financial system.

    • 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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