LONDON, March 11 (Reuters) – Britain’s financial watchdog is
proposing to crack down on the billion-pound market for “add on”
insurance that people often buy unknowingly when they purchase
items such as a car or a holiday.
Tuesday’s proposals from the Financial Conduct Authority
(FCA) stem from an investigation launched last July which found
poor competition, low levels of claims and consumers potentially
being overcharged by up to 200 million pounds ($332.6 million) a
year for products that they may not need or even use.
LONDON (Reuters) – Regulators should deal quickly with allegations that banks have rigged the $5.3 trillion-a-day foreign exchange market to avoid harming Britain’s reputation as a financial centre, a top industry official said on Tuesday.
Chris Cummings, chief executive of finance sector lobby group The CityUK, said the sooner the allegations are dealt with the better for London, which accounts for 40 percent of the global currency market.
LONDON (Reuters) – European Union rules to cap bankers’ bonuses were in doubt on Monday after the bloc’s lawmakers agreed to consider a revamp to stop Britain’s banks softening their impact.
The cap is one of the most high-profile rules from the 28-country bloc after public anger over high pay at banks, many of which were propped up by taxpayers in the 2007-09 financial crisis.
LONDON, March 7 (Reuters) – European Union lawmakers will
consider toughening up the bloc’s cap on bankers’ bonuses after
lenders have begun softening its impact by awarding extra
“allowances” to top up fixed pay.
The cap is one of the most high-profile rules from the
28-country bloc after public anger over high pay at banks, many
of which were propped up by taxpayers in the 2007-09 financial
LONDON, March 6 (Reuters) – The world’s top banks have
already added most of the capital they need to meet new solvency
rules in full, five years ahead of a 2019 deadline set by
regulators, global banking supervisors said on Thursday.
Market and regulatory pressure has meant banks moved early
to build up their capital buffers to dispel doubts about their
health, with European banks in particular topping up on capital
to ensure they pass a review of their assets and a stress test
MANCHESTER, England (Reuters) – The International Monetary Fund needs more money to become a better bulwark against financial crises spreading, a senior Bank of England official said on Wednesday.
Andy Haldane, the central bank’s executive director for financial stability, said the Group of 20 leading economies (G20) lamented when they met in Sydney last month that U.S. Congress had still not approved an increase for IMF funds.
LONDON (Reuters) – Changes to how banks add up risks on their books to determine capital levels are inevitable and lenders must acknowledge there is a problem to be fixed, a global banking supervisor said on Tuesday.
Stefan Ingves, chairman of the Basel Committee of banking supervisors from nearly 30 countries, said variations in how banks add up risks were “uncomfortably wide” but not all lenders accept there is a problem in the first place.
LONDON, March 4 (Reuters) – European Union stress tests of
more than 100 top banks must be credible and transparent enough
to draw a line under past failures, Bank of England Deputy
Governor Jon Cunliffe said on Tuesday.
As part of efforts to ensure there can be no repeat of the
region’s debt crisis, the EU’s banking watchdog, helped by the
European Central Bank, will test 124 leading banks to make sure
they hold enough capital to withstand rocky markets.
LONDON, March 4 (Reuters) – Some of Britain’s banks are
still offering their staff pay incentives that could trigger
more mis-selling of financial products, the country’s markets
watchdog said on Tuesday.
The Financial Conduct Authority (FCA) said significant
progress had been made in stamping out poor selling practices,
but found around one in 10 of the companies it examined still
had risky sales practices.
LONDON, Feb 26 (Reuters) – An independent Scotland’s use of
the British pound without the permission of the rest of the UK
could endanger the stability of the nation’s financial sector,
Scotland’s financial services industry head warned on Wednesday.
Owen Kelly, chief executive of the Scottish Financial
Enterprise, said adopting sterling informally would mean losing
the services of the Bank of England as a backstop and having to
shoulder the cost of setting up a new Scottish regulator.