LONDON (Reuters) – Britain’s markets watchdog will consider imposing a deadline on customers claiming compensation for the mis-selling of loan insurance, potentially drawing a line under the country’s costliest consumer finance scandal.
The Financial Conduct Authority (FCA) said on Friday it would collect evidence on whether consumers mis-sold payment protection insurance (PPI) were being compensated properly and use it to assess whether the current approach was working.
LONDON, Jan 30 (Reuters) – The euro zone’s three-month old
banking super-regulator won’t get everything right straight away
as it directly supervises big, complex lenders for the first
time, a senior official at Germany’s Bundesbank said on Friday.
The European Central Bank (ECB) became direct supervisor for
120 banks such as Deutsche Bank and Societe Generale
from Nov. 4 in the biggest leap in European financial
integration since the single currency was launched.
LONDON, Jan 30 (Reuters) – Britain’s markets watchdog will
collect evidence on whether consumers mis-sold loan insurance
are being compensated properly, after lenders have paid out 17.3
billion pounds ($26 billion) already in the country’s costliest
The policies, known as Payment Protection Insurance or PPI,
were meant to protect borrowers in the event of sickness or
unemployment but were often sold to those who would have been
ineligible to claim.
LONDON, Jan 29 (Reuters) – Banks in Britain may end up
hiring auditors to endorse the capital ratios they publish to
increase investor confidence, an accounting body said on
The ICAEW said it was working with the Bank of England’s
supervisory arm, the Prudential Regulation Authority, on whether
confidence in capital ratios, a core benchmark of health, would
be increased if they were formally audited.
LONDON (Reuters) – Proposals to create a U.S.-style capital market across Europe to increase companies’ financing options could give European regulators more powers at the expense of the City of London, a European Union document showed.
The plan aims to create a so-called capital markets union by 2019 from Europe’s fragmented bond and stock markets. It outlines possible reforms to allow markets, rather than banks, to become the main source of cash for the region’s companies to help to boost growth and create jobs.
LONDON, Jan 28 (Reuters) – Deloitte has retained
top spot among the world’s “Big Four” accountants, a survey
showed on Wednesday, noting those leading firms had so far
retained their grip on the audit market in the face of
regulatory changes designed to boost competition.
Deloitte, whose audit clients range from carmaker General
Motors Co to investment bank Morgan Stanley,
achieved total fees including consultancy work of $34.2 billion
last year, giving it a $248 million lead over second-placed PwC
, the annual International Accounting Bulletin World
LONDON (Reuters) – The European Union and the United States are poised to accept each other’s rules on financial derivatives trading in a bid to prevent a global market that supports economic growth from fragmenting, a senior EU official said on Tuesday.
The two sides are introducing rules to make derivatives such as credit default swaps more transparent after their opacity played a key role in exacerbating the 2007-09 financial crisis.
LONDON, Jan 27 (Reuters) – Britain’s financial markets
watchdog does not “shoot first and ask questions later”, its
head said on Tuesday, responding to questions from lawmakers
over its mishandling last March of the announcement of an
insurance market review.
Financial Conduct Authority (FCA) chief executive Martin
Wheatley said he now regretted using that phrase in 2012 to
describe the way the FCA, which was launched in April 2013,
would approach its brief.
LONDON (Reuters) – The European Union will put in place its “capital markets union” by 2019, starting with quick wins like encouraging direct investment in businesses, an EU document seen by Reuters showed.
The document, co-written by EU financial services chief Jonathan Hill, sets out a timetable for the first time on a core policy plank of the European Commission to help revive the bloc’s flagging economy.
LONDON, Jan 23 (Reuters) – Global banking supervisors are
reviewing a rule that allows banks to hold little or no capital
against risky sovereign debt held on their books.
The so-called zero-risk weighting rule was heavily
criticised during the euro zone debt crisis when several
countries in the single currency area had to be bailed out.