Regulation Correspondent, Europe
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Dec 11, 2013

Eleven EU states to consider narrower transaction tax

LONDON (Reuters) – The 11 European Union countries that have pledged to tax financial transactions will consider narrowing the levy’s scope to shield pensions, government debt and markets that help to grease the economy, an EU document shows.

The aim of the tax is to make banks pay for some of the taxpayer money they received during the 2007/09 financial crisis, but worries over unintended consequences have mounted among some of the countries taking part.

Dec 11, 2013

Watchdog fines Lloyds record 28 million pounds for pushing sales

LONDON (Reuters) – Britain’s financial watchdog imposed a record 28 million pound fine on Lloyds Banking Group for the way it encouraged staff to sell 2 billion pounds of products that customers did not need.

The probe covered the sale of products such as critical illness or income protection between January 2010 and March last year. During this time over a million products were sold to about 700,000 people.

Dec 11, 2013

FCA fines Lloyds record 28 million pounds for pushing sales

LONDON (Reuters) – Britain’s financial watchdog imposed a record 28 million pound fine on Lloyds Banking Group for the way it encouraged staff to sell 2 billion pounds of products that customers did not need.

The probe covered the sale of products such as critical illness or income protection between January 2010 and March last year. During this time over a million products were sold to about 700,000 people.

Dec 11, 2013

UK watchdog fines Lloyds record $46 million for pushing sales

LONDON (Reuters) – Britain’s financial watchdog imposed a record 28 million pound ($46 million) fine on Lloyds Banking Group for the way it encouraged staff to sell 2 billion pounds of products that customers did not need.

The probe covered the sale of products such as critical illness or income protection between January 2010 and March last year. During this time over a million products were sold to about 700,000 people.

Dec 11, 2013

UK watchdog fines Lloyds record 28 mln stg for pushing sales

LONDON, Dec 11 (Reuters) – Britain’s financial watchdog
imposed a record 28 million pound ($46 million) fine on Lloyds
Banking Group for the way it encouraged staff to sell 2
billion pounds of products that customers did not need.

The probe covered the sale of products such as critical
illness or income protection between January 2010 and March last
year. During this time over a million products were sold to
about 700,000 people.

Dec 10, 2013

EU executive cautious on shadow banking controls

LONDON (Reuters) – The European Union’s executive has ruled out hasty curbs on “shadow banking”, or simplistic trading restrictions on mainstream lenders, in case it ends up crimping finance for the economy.

Testimony to Britain’s parliament from Patrick Pearson, a senior official at the bloc’s European Commission, signaled the latest softening in tone among regulators, fearful of unintended consequences of new rules for the flow of credit to companies.

Dec 10, 2013

MPs urge Britain to shape EU transaction tax debate

LONDON (Reuters) – Britain should cultivate allies and use its clout to stop a tax on financial transactions in 11 European Union countries from harming the City of London, a panel of UK lawmakers said.

The committee from the House of Lords (upper house) also said in a report on Tuesday the planned tax on derivative, bond and share trades was flawed and would undermine the EU single market.

Dec 10, 2013

UK lawmakers urge Britain to shape EU transaction tax debate

LONDON, Dec 10 (Reuters) – Britain should cultivate allies
and use its clout to stop a tax on financial transactions in 11
European Union countries from harming the City of London, a
panel of UK lawmakers said.

The committee from the House of Lords (upper house) also
said in a report on Tuesday the planned tax on derivative, bond
and share trades was flawed and would undermine the EU single
market.

Dec 9, 2013

Watchdog warns of chaos in competing derivatives rules

LONDON (Reuters) – Failure to thrash out a common supervision of the $640 trillion global financial derivatives industry will split markets and bump up costs for end users, a top regulator said on Monday.

Banks who trade interest rate swaps, credit default swaps and other derivatives are looking to the United States and the European Union to harmonize their approach to new rules aimed at making markets more transparent.

Dec 5, 2013

Bank of England seeks to opt out from EU bank stress tests

LONDON (Reuters) – The Bank of England wants Britain’s banks to be exempted from a European Union health check next year on the grounds that it will be conducting its own rigorous exam.

The so-called stress tests are carried out by the EU’s banking watchdog the European Banking Authority (EBA) every year, as an ongoing measure to restore market confidence in EU banks after the 2007-09 financial crisis and subsequent euro zone debt crisis.

    • 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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