Regulation Correspondent, Europe
Huw's Feed
Apr 1, 2014

FCA’s handling of insurance review ‘not finest hour’

LONDON (Reuters) – The Financial Conduct Authority’s (FCA) handling of information that sparked a slump in insurance company shares was not its “finest hour,” its chief executive said following criticism from an influential lawmaker.

FCA boss Martin Wheatley said on Monday he takes responsibility for what happens at the regulator after Andrew Tyrie, the chairman of parliament’s Treasury Committee, described the watchdog’s actions as an “extraordinary blunder”.

Mar 31, 2014

FSB’s Carney says to crack too-big-to-fail bank barriers by December

LONDON (Reuters) – Global regulators aim to crack two of the biggest barriers to ending “too big to fail” banks by the end of this year, Financial Stability Board Chairman Mark Carney said on Monday.

Regulators are putting in place a complex jigsaw of rules and mechanisms to wind down failed banks without the massive market fallout seen when Lehman Brothers went under in 2008.

Mar 31, 2014

UK watchdog’s handling of insurance review “not finest hour”

LONDON, March 31 (Reuters) – The UK financial watchdog’s
handling of information about a planned review that sparked a
slump in insurance company shares on Friday was not its “finest
hour,” its chief executive said.

Martin Wheatley said on Monday he takes responsibility for
what happens at the Financial Conduct Authority (FCA), which has
come under fire from the chairman of parliament’s Treasury
Committee.

Mar 31, 2014

BoE’s Bailey says no let-up over bank capital levels

LONDON, March 31 (Reuters) – Banks still need to be
persuaded that well-capitalised lenders are important to
economic growth, Bank of England Deputy Governor Andrew Bailey
said on Monday, but Britain’s regulators will keep up the
pressure to boost capital levels.

Banks say lending to businesses is hard when the regulator,
the central bank’s Prudential Regulation Authority, keeps
pushing them to beef up their capital at the same time.

Mar 28, 2014

Andy Haldane to refresh Bank of England thinking on economy

LONDON, March 28 (Reuters) – When Andy Haldane starts his
new job as the Bank of England’s next chief economist in June,
he is likely to bring with him some striking new ideas about how
the central bank should help manage the British economy.

In his current BoE role overseeing risks to the economy from
the banking sector, Haldane is known for his outspoken views on
controlling the “stomach-churching highs and lows in the credit
and asset price cycle,” which chime with those of Governor Mark
Carney.

Mar 28, 2014

UK regulators to review banks’ IT systems after network crashes

LONDON, March 28 (Reuters) – Britain’s financial regulators
will examine whether computer systems used by the country’s
banks and building societies are fit for purpose, after a
succession of problems which left millions of customers unable
to get any cash.

Royal Bank of Scotland customers could not make or
receive payments in March 2013, which followed a fault nine
months earlier that cost 175 million pounds to rectify and
prompted the lender’s chief executive to waive his bonus.

Mar 28, 2014

Bank of England says may revive securitisation to aid recovery

LONDON, March 28 (Reuters) – The Bank of England may try to
revive the securitised debt market to support the economic
recovery, a policymaker said on Friday, in the latest sign that
products that triggered the financial crisis are being brought
in out of the cold.

Clara Furse, a member of the British central bank’s
Financial Policy Committee, said small firms are finding it hard
to get loans from banks focused on meeting tougher capital
requirements following the 2007-09 financial crisis.

Mar 28, 2014

Regulator to probe fairness of ‘zombie’ savings pots

LONDON (Reuters) – Britain’s financial watchdog is to investigate whether people locked into some 30 million pension and other types of savings plans sold by insurance firms in the 30 years after 1970 are treated fairly compared with new clients, a source familiar with the matter said on Friday.

These savings policies are sometimes described as “zombie funds”, which are closed to new investors and are typically owned by elderly people who might have forgotten about them.

Mar 28, 2014

UK regulator to probe fairness of “zombie” savings pots

LONDON, March 28 (Reuters) – Britain’s financial watchdog is
to investigate whether people locked into some 30 million
pension and other types of savings plans sold by insurance firms
in the 30 years after 1970 are treated fairly compared with new
clients, a source familiar with the matter said on Friday.

These savings policies are sometimes described as “zombie
funds”, which are closed to new investors and are typically
owned by elderly people who might have forgotten about them.

Mar 27, 2014

Did Osborne apply pressure in Lloyds branches sale, MPs ask

LONDON (Reuters) – Britain’s parliamentary treasury committee has asked Chancellor George Osborne whether he or colleagues put undue pressure on Co-operative Group or Lloyds Banking Group over the sale of more than 600 Lloyds branches.

Paul Flowers, the former chairman of Co-op Bank, which nearly collapsed under massive debts last year, said this week that Osborne had pressured it to buy the branches from partially state-owned Lloyds, while Peter Levene, chair of rival bidder NBNK, has repeatedly alleged that political interference resulted in the Co-op Bank being named as the preferred bidder.

    • 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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