Regulation Correspondent, Europe
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Sep 9, 2013

Deloitte fined 14 million pounds over MG Rover advice

LONDON (Reuters) – Accountancy firm Deloitte has been fined a record 14 million pounds ($22 million) for failing to manage conflicts of interest in its advice to collapsed British carmaker MG Rover Group.

The Financial Reporting Council (FRC), which brought the case against Deloitte, said an independent tribunal also backed the watchdog’s call for a severe reprimand of the firm.

Sep 4, 2013

FPC ready to burst any new credit bubble

LONDON (Reuters) – The Bank of England’s risk watchdog will not shy away from playing party pooper if parts of the financial system start overheating, a senior official at the central bank said on Wednesday.

The warning comes ahead of a quarterly meeting of the BoE’s Financial Policy Committee, tasked with nipping risks in the bud. The partially government-sponsored revival in some parts of the UK housing market is a possible topic.

Sep 4, 2013

UK watchdog ready to burst any new credit bubble

LONDON, Sept 4 (Reuters) – The Bank of England’s risk
watchdog will not shy away from playing party pooper if parts of
the financial system start overheating, a senior official at the
central bank said on Wednesday.

The warning comes ahead of a quarterly meeting of the BoE’s
Financial Policy Committee, tasked with nipping risks in the
bud. The partially government-sponsored revival in some parts of
the UK housing market is a possible topic.

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.

    • 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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