LONDON (Reuters) – The Bank of England would have the power to fine or ban accounting firms from working in financial services under proposals setting out how the UK central bank’s regulation arm will monitor the accounting industry.
The proposals from the Prudential Regulation Authority (PRA), which supervises Britain’s banks, were published on Friday and show how the watchdog plans to oversee the accountants and actuaries hired by banks and use new powers to sanction them.
LONDON, Feb 27 (Reuters) – The Bank of England (BoE) has
turned up the heat on accounting firms used by banks, saying
they must provide the central bank with written reports from
November 2016 on their audits of Britain’s main lenders.
Policymakers questioned the accuracy of external audits
after banks had to be rescued by taxpayers in the 2007-09
financial crisis just months after accounting firms gave them a
clean bill of health.
LONDON, Feb 26 (Reuters) – Europe’s money market funds will
not have to hold costly capital to shield them from financial
shocks following a vote by European Union lawmakers to soften
proposed new rules for the trillion-euro industry.
The new regulations are designed to ensure stability in
money market funds, which are used by companies and investors to
park cash for short periods. The funds experienced mass
withdrawals when U.S. bank Lehman Brothers collapsed in 2008,
which contributed to the chaos across financial markets.
LONDON (Reuters) – Transatlantic spats over regulating banks and markets could be avoided under a treaty-based system of cooperation, the European Union’s financial services chief said on Wednesday.
The EU and United States are locked in talks over the finer details of recognizing each other’s rules on clearing houses for derivatives, part of global efforts to make markets safer after the 2007-09 financial crisis.
LONDON, Feb 25 (Reuters) – Europe’s trillion euro money
market funds industry faces major reform on Thursday when
European Union lawmakers vote on new rules aimed at avoiding
investor runs in a crisis.
However, according to parliamentary compromises seen by
Reuters, one type of money market fund (MMF) looks set to escape
a requirement that industry said would spell its demise.
LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research) bosses rejected calls from British lawmakers for them to quit over the bank’s Swiss tax scandal, but said they were having to clean up after a “terrible list” of control and compliance failings.
HSBC Chairman Douglas Flint and Chief Executive Stuart Gulliver told a panel of UK lawmakers they shared collective responsibility for failings at HSBC’s Swiss bank that allowed clients to dodge taxes.
LONDON (Reuters) – HSBC is more than halfway through a series of major reforms and still has more to do to guarantee the bank does not add to a “terrible list” of failures, its chairman said on Wednesday.
Europe’s biggest bank has admitted failings in compliance and controls in its Swiss private bank after media reports said it helped wealthy customers conceal millions of dollars of assets in a period up to 2007.
LONDON/FRANKFURT (Reuters) – As the banking crisis fades in memory, only to be replaced by a lingering economic slowdown, governments are losing interest in financial reform despite warnings that dangers still lurk.
The shift could mark the beginning of an era reminiscent of the more hands-off approach to regulation preceding the 2008 financial crash, albeit one that follows a raft of reforms – from capping bonuses to boosting capital – that have curbed banks’ freedom to take risks.
LONDON (Reuters) – Trading practices in currency markets must change and good cooperation seen from the industry bodes well for a “sensible” set of reforms, Britain’s Financial Conduct Authority (FCA) said on Wednesday.
Last November the watchdog fined banks $1.7 billion (1.09 billion pounds) for seeking to manipulate foreign currency benchmarks.
LONDON, Feb 25 (Reuters) – Trading practices in currency
markets must change and good cooperation seen from the industry
bodes well for a “sensible” set of reforms, Britain’s Financial
Conduct Authority (FCA) said on Wednesday.
Last November the watchdog fined banks $1.7 billion for
seeking to manipulate foreign currency benchmarks.