Regulation Correspondent, Europe
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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.

Dec 4, 2013

Talks on EU law making companies switch auditors put on hold

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.

Dec 4, 2013

EU executive document says transaction tax plan legal

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.

Dec 4, 2013

EU to hold marathon talks on new securities law

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.

    • 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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