BRUSSELS (Reuters) – Accounting firms will have to change how they check the books of companies in the European Union even if a British anti-trust probe of the sector finds little wrong, a senior EU lawmaker said.
EU member states and the EU Parliament are scrutinizing a draft EU law that proposes far-reaching changes to improve information for investors and increase auditor choice in a sector dominated by just four companies globally.
LONDON, Oct 17 (Reuters) – Britain’s financial regulators
sent banks mixed messages on Wednesday, saying they should trim
surplus reserves to help the struggling economy although they
need more capital as the worst may yet be to come.
British banks have been forced to build up large capital
defences since the 2007-09 financial crisis, when some like
Royal Bank of Scotland and Lloyds had to be
rescued by taxpayers – something the public does not want
LONDON (Reuters) – UK banks may no longer be allowed to trim their capital reserves if doing so fails to increase lending in the struggling economy or undermines financial stability, Britain’s top banking regulator said on Wednesday.
Andrew Bailey, head of prudential regulation at the Financial Services Authority, said regulators are trying to explain more clearly what banks can do in terms of easing back on capital holdings if they lend more, and how much of what sort of capital a bank needs to remain resilient.
LONDON (Reuters) – Britain’s new financial watchdog is in talks with crowdfunders and other innovative sources of finance to give small firms more choice in raising funds, part of government efforts to increase competition in banking.
The Financial Conduct Authority (FCA) will be launched next year and its Chief Executive Martin Wheatley told a Thomson Reuters newsmaker event it will be open to approving new business models to serve smaller firms (SMEs) and customers.
LONDON (Reuters) – Britain and other European countries have deep concerns about a banking union in the euro zone, although there are signs of a compromise to limit the powers of the European Central Bank in countries outside the euro, a UK minister told Reuters.
Financial services minister Greg Clark said in an interview on Tuesday that efforts to help the 17-nation euro zone and its banks recover from economic crisis must not come at the expense of the wider European Union market, which includes countries like Britain and Sweden that do not use the euro.
LONDON (Reuters) – The top priority of Britain’s new financial conduct watchdog must be to promote competition in banking to give consumers more choice, UK financial services minister Greg Clark said on Tuesday.
The Financial Conduct Authority (FCA), which will be formally launched in early 2013 as part of sweeping changes to Britain’s banking industry after the credit crisis, should help customers switch accounts and lift barriers for firms to enter the market.
LONDON, Oct 16 (Reuters) – Britain’s new market watchdog
will spell out on Tuesday how its sharper teeth to ban products
and challenge business models should make the 26,000 firms it
will supervise think twice about ripping off consumers again.
Martin Wheatley, the head of the Financial Conduct Authority
being launched in early 2013, will tell a Thomson Reuters event
at 0800 GMT how powers to take harmful products off the market
would work in practice.
LONDON (Reuters) – Britain must be ready to adopt more unconventional measures so that debt cutting and the euro zone crisis don’t crimp economic growth for years, Financial Services Authority Chairman Adair Turner said.
Turner, who has applied to be the next governor of the Bank of England from July 2013, strayed beyond his remit in a speech to financial leaders to show his willingness to embrace radical thinking to boost the recession-hit economy.
LONDON (Reuters) – The Financial Services Authority (FSA) said it was pressing ahead with a reform of how consumers are sold investment products from January, dashing industry hopes for last minute changes.
The FSA has faced a barrage of criticisms that its planned overhaul, known as the Retail Distribution Review (RDR), will put unfair burdens and curbs on advisory firms.
LONDON, Oct 10 (Reuters) – Britain’s financial watchdog said
it was pressing ahead with a reform of how consumers are sold
investment products from January, dashing industry hopes for
last minute changes.
The Financial Services Authority (FSA) has faced a barrage
of criticisms that its planned overhaul, known as the Retail
Distribution Review (RDR), will put unfair burdens and curbs on