LONDON (Reuters) – The world’s top banks have backed the bulk of recommendations from regulators to reform the setting of the leading global currency benchmark following allegations of market rigging, making changes inevitable.
The $5.3 trillion-a-day foreign exchange market is the world’s largest and least regulated financial market and is being investigated for collusion.
LONDON, Aug 12 (Reuters) – Win Bischoff, chairman of
Britain’s accounting watchdog the Financial Reporting Council,
will also become chairman of JPMorgan Chase’s European
arm from January, the investment bank said on Tuesday.
His appointment to JPMorgan comes at a time when British
lawmakers are keen for the FRC to scrutinise the accounts of
banks more closely.
LONDON (Reuters) – Asset managers will agree to pay more for currency “fixing” services when they respond later this month to proposals by global regulators for reforms of foreign exchange benchmarks, industry sources said on Friday.
Almost two years after some fund managers raised concern over how banks dealt with their orders to exchange currency at daily fixings, regulators have identified a key source of tension in the system: the zero fee banks charge their biggest clients for such orders.
LONDON, Aug 8 (Reuters) – The European Union’s trio of new
financial watchdogs should have more powers over banks, insurers
and markets to ensure national regulators apply EU rules, the
bloc’s executive body said on Friday in a review that may raise
hackles in Britain.
The European Commission’s review looked at the three
European Supervisory Authorities (ESAs) set up in 2011 to
improve oversight of the 28-country bloc’s markets and banks
after the 2007-09 financial crisis uncovered failings.
LONDON (Reuters) – Britain’s financial watchdog has fined Stonebridge International Insurance 8.3 million pounds for failing to treat up to half a million customers across Europe fairly over sales of accident insurance.
Stonebridge, part of international insurer Aegon Group (AEGN.AS: Quote, Profile, Research), tried to maximise sales by using tactics such as making it hard for customers to cancel policies despite attempts over several years by some, the Financial Conduct Authority (FCA) said on Thursday.
LONDON, Aug 7 (Reuters) – Britain’s financial watchdog has
fined Stonebridge International Insurance 8.3 million pounds
($14 million) for failing to treat up to half a million
customers across Europe fairly over sales of accident insurance.
Stonebridge, part of international insurer Aegon Group
, tried to maximise sales by using tactics such as
making it hard for customers to cancel policies despite attempts
over several years by some, the Financial Conduct Authority
(FCA) said on Thursday.
LONDON, Aug 6 (Reuters) – Interdealer broker ICAP
and fixed income electronic trading platform MTS have introduced
a daily benchmark index to track borrowing costs in the euro
zone repo market, a major source of secured short-term funding
in the region.
The move is part of ICAP’s broader push into benchmarks by
tapping its pool of market data as the world’s biggest broker of
transactions between banks.
LONDON, Aug 6 (Reuters) – Companies are failing to include
risk warnings in financial promotions sent to millions of
customers on social media like Twitter, Britain’s markets
watchdog said as it proposed rules to clamp down on this
The Financial Conduct Authority (FCA) on Wednesday launched
a public consultation on its approach to supervising financial
promotions on social media, which it said was in response to
calls for guidance from the industry.
LONDON, Aug 5 (Reuters) – Britain’s banks are banned from
offering risky and complex hybrid debt known as contingent
convertible bonds or CoCos to the mass market from October, the
country’s Financial Conduct Authority (FCA) said on Tuesday.
Faced with pressure from regulators to bolster their capital
cushions, banks are set to issue CoCo bonds in ever larger
amounts to shield taxpayers from having to rescue failing
lenders like in the 2007-09 financial crisis.
LONDON, July 31 (Reuters) – Banks and brokers are failing to
give the best trading deals to customers and could face
enforcement action, Britain’s Financial Conduct Authority (FCA)
said in a review on Thursday.
The FCA checked whether 32 banks, brokers, wealth managers
and interdealer brokers had complied with a European Union law
that requires them to take all reasonable steps to get the best
possible deal when executing orders on behalf of customers.