Regulation Correspondent, Europe
Huw's Feed
Jul 16, 2015

UK government steps up efforts to help new banks

LONDON (Reuters) – The British government said on Thursday it would step up efforts to boost competition in banking and rejected criticism that its tax changes would leave the sector worse off.

The government surprised banks earlier this month by announcing a new 8 percent surcharge on profits from January, sending shares in new banks like Aldemore, Virgin Money and Shawbrook tumbling.

Jul 16, 2015

UK steps up efforts to help new banks, rejects tax critics

LONDON (Reuters) – The British government said on Thursday it would step up efforts to boost competition in banking and rejected criticism that its tax changes would leave the sector worse off.

The government surprised banks earlier this month by announcing a new 8 percent surcharge on profits from January, sending shares in new banks like Aldemore (ALD.L: Quote, Profile, Research, Stock Buzz), Virgin Money (VM.L: Quote, Profile, Research, Stock Buzz) and Shawbrook (SHAW.L: Quote, Profile, Research, Stock Buzz) tumbling.

Jul 15, 2015

European Union may ease bank capital rules to boost lending

LONDON (Reuters) – Tougher capital rules imposed on banks in the European Union since the financial crisis will be reviewed to see if they unnecessarily crimp lending, the bloc’s financial services chief said on Wednesday, as Europe makes growth its top priority.

Jonathan Hill said the bloc’s capital requirements law may be changed to make it easier for banks to lend to companies.

Jul 14, 2015

Carney says UK taxpayers still on the hook for bank failures

LONDON (Reuters) – Almost seven years after the collapse of Lehman Brothers sparked mayhem in markets, regulators are still years away from being able to wind down a major failed bank at no cost to taxpayers, the Bank of England said on Tuesday.

Lehman’s demise in 2008 spawned new rules to make it possible to let a bank fail without calling on taxpayers or causing widespread damage to the economy.

Jul 14, 2015

BoE’s Carney says UK taxpayers still on the hook for bank failures

LONDON, July 14 (Reuters) – Almost seven years after the
collapse of Lehman Brothers sparked mayhem in markets,
regulators are still years away from being able to wind down a
major failed bank at no cost to taxpayers, the Bank of England
said on Tuesday.

Lehman’s demise in 2008 spawned new rules to make it
possible to let a bank fail without calling on taxpayers or
causing widespread damage to the economy.

Jul 14, 2015

EU steps up pressure for rapid deal to revive asset-backed debt

By Huw Jones

(Reuters) – European Union reform of the securitized debt market to help to revive the region’s economy is likely to be binding on member countries to speed up change, a senior official from the bloc’s executive body said on Tuesday.

The European Commission is due to come up with concrete proposals in late September for a capital markets union or CMU to make it easier for companies in Europe to raise cash from financial markets.

Jul 10, 2015

UK’s BoE proposes stricter rule for banks to calculate capital

LONDON, July 10 (Reuters) – Britain’s banks could have to
use a stricter method than global peers for calculating a key
measure of capital from next year to make gaming the rules
harder, the Bank of England said on Friday.

The BoE’s Prudential Regulation Authority (PRA) published a
consultation paper setting out how lenders should compile and
publish leverage ratios, a measure of capital to balance sheets
on a non risk-weighted basis.

Jul 10, 2015

UK financial watchdog promises more clarity on punishments

LONDON, July 10 (Reuters) – Britain’s financial watchdog has
promised to be clearer about how it decides whether to punish
banks and individuals after industry criticism of inconsistency.

The Financial Conduct Authority (FCA), launched in 2013 at a
time of intense political pressure to clean up markets, has been
levying record fines on banks after a string of misconduct and
mis-selling scandals going back two decades or more.

Jul 9, 2015

UK regulator says capital levels at insurers “appropriate”

LONDON, July 9 (Reuters) – Britain will not use new EU
insurance rules to force the sector to top up on capital but
some companies will need a lengthy grace period to increase
their safety buffers, the country’s top insurance regulator said
on Thursday.

The new EU capital rules for insurers, known as Solvency II,
take effect in January.

Jul 8, 2015

UK to scale back bank levy, softens tone of sector regulation

LONDON, July 8 (Reuters) – Britain will largely replace a
levy on bank balance sheets with a surcharge on profits in a
move experts said would help quell talk among lenders of moving
elsewhere to lighten their regulatory burden.

UK Finance Minister George Osborne offered further comfort
to banks facing a welter of new rules since the financial crisis
by asking their regulator, the Bank of England, to help keep
Britain a “highly attractive” location for lenders.

    • 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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