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.
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.
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.
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
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.
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.
LONDON, Dec 4 (Reuters) – Negotiations on a European Union
draft law forcing companies to switch accountants about every 10
years are on hold due to disagreements over other planned curbs
on auditors, an EU lawmaker said on Wednesday.
The measure was prompted by the 2007-09 financial crisis
during which taxpayers had to rescue banks that had been given a
clean bill of health by auditors months earlier.
LONDON (Reuters) – The proposed tax on financial transactions in 11 European Union countries complies with EU and international laws, the bloc’s executive said, hoping to revive the flagging project.
The tax on stock, bond and derivatives trades has been proposed as a way of raising about 35 billion euros a year from banks starting in 2014 to claw back the taxpayer aid they received in the financial crisis.
LONDON (Reuters) – Negotiations over sweeping changes to European Union securities market rules enter what may be the final stretch on Wednesday with several key elements already agreed.
The bloc’s Markets in Financial Instruments Directive or MiFID is being updated to reflect rapid advances in trading technology and apply lessons from the 2007-09 financial crisis to stock, bond and derivatives markets.
LONDON (Reuters) – Global banking regulators are expected to ease a new capital rule due in 2018 to rein in risky balance sheets after U.S. complaints, a European regulatory source said on Tuesday.
The Basel Committee on Banking Supervision published a proposal in June to flesh out a leverage ratio that banks will have to introduce in January 2018.