Regulation Correspondent, Europe
Huw's Feed
Sep 4, 2013

UK banks “slow” to pay out on swaps mis-selling claims

LONDON, Sept 4 (Reuters) – Britain’s banks have paid out
500,000 pounds ($780,000) of the 3 billion pounds they have set
aside to compensate small firms mis-sold complex interest rate
hedging products, the Financial Conduct Authority (FCA) said on
Wednesday.

The bill is the latest faced by banks, which are also
compensating customers for mis-sold payment protection insurance
(PPI). Two British banks have also been fined for manipulating
the London Interbank Offered Rate, or Libor market benchmark.

Sep 4, 2013

European Union launches clampdown on shadow banking

BRUSSELS/LONDON, Sept 4 (Reuters) – Special funds used by
big companies to park billions of euros of cash face stricter
rules to make them safer, the European Commission said on
Wednesday, taking a first step to reform unregulated finance
known as shadow banking.

The draft law will regulate money market funds, demanding
some set aside cash buffers to avoid a panic should many
investors withdraw their money at once.

Sep 3, 2013

FCA fines Aberdeen Asset Management 7 million pounds

LONDON (Reuters) – Britain’s markets watchdog has fined Aberdeen Asset Management 7.2 million pounds for failing to segregate clients’ money from its own over three years to 2011.

Regulators have been on alert since the collapse of Lehman Brothers bank in 2008 highlighted the difficulties customers can face in getting their money back if it is not kept separate.

Sep 3, 2013

UK watchdog fines Aberdeen Asset Management £7million

LONDON (Reuters) – Britain’s markets watchdog has fined Aberdeen Asset Management 7.2 million pounds ($11.2 million) for failing to segregate clients’ money from its own over three years to 2011.

Regulators have been on alert since the collapse of Lehman Brothers bank in 2008 highlighted the difficulties customers can face in getting their money back if it is not kept separate.

Sep 3, 2013

UK watchdog fines Aberdeen Asset Management 7 million pounds

LONDON (Reuters) – Britain’s markets watchdog has fined Aberdeen Asset Management 7.2 million pounds ($11.2 million) for failing to segregate clients’ money from its own over three years to 2011.

Regulators have been on alert since the collapse of Lehman Brothers bank in 2008 highlighted the difficulties customers can face in getting their money back if it is not kept separate.

Sep 2, 2013

FSB’s Carney warns G20 of risk of fragmented banking rules

LONDON, Sept 2 (Reuters) – The world’s banking system risks
fragmentation that could hurt growth if countries cannot settle
their differences over how to handle big banks that run into
trouble, a top policymaker said on Monday.

Mark Carney, chairman of the Financial Stability Board
(FSB), is due to report to leaders of the G20 group of economies
this week on the slow progress so far in tackling the last of
the big post-crisis reforms: making sure banks are not too big
to fail.

Sep 2, 2013

Regulators ease derivatives rule to avoid harming economy

LONDON (Reuters) – Global regulators have eased the impact of new rules designed to make the $630 trillion derivatives market safer as they seek to avoid too-tight controls on the sector that some banks argue could harm economic recovery.

The Basel Committee of regulators and central bankers published their final rule for requiring banks and brokerages to post an initial margin on trades in derivatives known as swaps, if those trades don’t pass through a “clearing house” which in itself generates a backup if one party to the trade goes bust.

Aug 29, 2013

Shadow banks face 2015 deadline to comply with first global rules

LONDON, Aug 29 (Reuters) – The $60 trillion “shadow banking”
sector has been given until 2015 to comply fully with its first
set of global rules after an international regulatory task force
unveiled plans to curb risk without strangling economic
recovery.

Leaders of the group of 20 economies (G20) meet in Russia
next week to endorse the rules written by their Financial
Stability Board (FSB), setting out requirements for the sector
and how it must be supervised. Checks on compliance will start
in two years’ time.

Aug 29, 2013

EU to consider capital charges on shadow banks: document

LONDON (Reuters) – The European Union may apply its mandatory capital rules for banks to a wider set of institutions to cover risks in “dark corners” of the financial system, an EU draft document said.

The document has been written by the bloc’s European Commission and is due to be published next Wednesday.

Aug 28, 2013

UK banks allowed to cut their cash holdings

LONDON, Aug 28 (Reuters) – Britain’s eight top lenders can
cut their cash reserves by a collective 90 billion pounds ($140
billion) and use the funds to support economic growth, the Bank
of England’s new governor Mark Carney said on Wednesday.

Britain’s lenders were forced to build up buffers of cash
and UK government bonds far earlier than required under a
globally-agreed timetable.

    • 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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