LONDON (Reuters) – The United States may refuse to apply new global capital rules in the world’s biggest insurance market because of the “breakneck speed” they are being pushed through, American regulators said on Monday.
The National Association of Insurance Commissioners (NAIC), made up of state insurance regulators, said there was no proven need to bring in the world’s first insurance capital rules.
LONDON, June 19 (Reuters) – The Bank of England (BoE) is
determined to improve business standards at banks, and has
already forced an unidentified firm to limit its lending and
deposit-taking until it met regulatory requirements, it said on
Policymakers and regulators see changing the business
culture at banks as essential to lasting reform in an industry
that had to be bailed out by taxpayers during the 2007-09
LONDON (Reuters) – The Bank of England will step up efforts to ensure bank customers and insurance policyholders suffer no loss of service if their lender or broker goes bust, its regulatory arm said.
Such efforts are seen as crucial by policymakers to avoid taxpayers having no choice but to bail out a failing bank or insurer in order to avoid huge disruption to customers.
LONDON, June 16 (Reuters) – - Exempting Britain’s banks from
planned European Union rules to curb risky trading would be
illegal, the bloc’s lawyers said on Monday in a legal opinion
that marks another setback for UK attempts to limit Brussels’
influence on the City.
EU financial services commissioner Michel Barnier has
proposed a law that would slap curbs on so-called proprietary
trading or banks taking bets on the market. It is similar to the
so-called Volcker Rule that the United States has already
LONDON (Reuters) – Britain’s Financial Conduct Authority has fined Credit Suisse International and Yorkshire Building Society for promising unrealistic returns to investors who had limited knowledge of markets.
The FCA said in a statement on Monday it has fined Credit Suisse International 2.4 million pounds ($4 million) and Yorkshire Building Society 1.4 million pounds, its second and third biggest fines for marketing failures related to investments totalling 797 million pounds.
LONDON, June 13 (Reuters) – The European Union’s banking
watchdog will toughen up its guidelines on bankers’ pay after a
study uncovered wide variations in how lenders apply the rules
across the 28-country bloc and how banks are avoiding the bonus
The European Banking Authority (EBA) did not say how it will
toughen the rules but this is likely to include tighter
supervision and more detail in how the rules should be applied.
LONDON, June 12 (Reuters) – British finance minister George
Osborne rejected European Union plans to outlaw currency market
manipulation on Thursday and instead set out his own proposals
to make rigging exchange rates a criminal offence.
EU laws taking effect in 2016 will make it a criminal
offence with a four-year jail term to rig key prices in a wide
range of financial markets.
BARCELONA, Spain/LONDON, June 11 (Reuters) – The European
Central Bank may buy “simple and transparent” asset-backed
securities (ABS) to help achieve its target of delivering price
stability to the euro zone, ECB Executive Board member Yves
Mersch said on Wednesday.
Asset-backed securities are created by banks pooling loans
like mortgages or car loans into an interest-bearing bond that
is sold to raise funds.
LONDON (Reuters) – The United States may allow its companies to use international accounting rules while stopping short of making their use mandatory, a UK regulatory agency said on Tuesday.
World leaders have called for a single set of global book-keeping rules so investors can compare companies more easily.
LONDON, June 10 (Reuters) – The Bank of England sought to
bolster the financial industry’s defences against cyber-attacks
on Tuesday when it unveiled a new framework to spot and test
possible weak points at lenders.
The Bank has said that hacking represents a growing risk for
the financial system which handles money for millions of
customers and companies in Britain.