LONDON (Reuters) – The head of Britain’s financial watchdog
and three other executives will lose their bonuses after a
scathing report said the regulator mishandled the announcement
of a review into life insurance policies and was slow to restore
The independent inquiry, led by Simon Davis, a lawyer at
Clifford Chance, said the Financial Conduct Authority (FCA) was
wrong to brief a reporter about the review and “seriously
inadequate” in the way it dealt with the ensuing sell-off in
LONDON, Dec 10 (Reuters) – Britain’s markets regulator was
wrong to brief a reporter about an insurance sector review and
“seriously inadequate” in how it reacted to the ensuing sell-off
in insurance shares, an independent inquiry said on Wednesday.
Panicking investors dumped shares in Aviva, Legal &
General, Prudential on March 28 after the
Financial Conduct Authority’s head of supervision Clive Adamson
was quoted in The Daily Telegraph as saying the regulator would
investigate if those locked in pension pots had been treated
LONDON (Reuters) – Britain’s markets regulator was wrong to brief a reporter about an insurance sector review and “seriously inadequate” in how it reacted to an ensuing sell-off in insurance shares, an independent inquiry said on Wednesday.
Shares in Aviva, Legal & General, Prudential sank on March 28 after the Financial Conduct Authority’s head of supervision Clive Adamson was quoted in The Daily Telegraph as saying the FCA would investigate if people locked in pension pots sold by insurers have been treated fairly.
LONDON, Dec 9 (Reuters) – Global financial regulators worry
that banks are scaling back costly market making functions and
that this could leave investors stranded, as well as squeezing
funds to drive economic recovery, a senior official said on
Some banks have already warned that tougher rules designed
to make the financial system safer since the crisis of 2008-2009
have pushed up the cost of market making, or providing
facilities for investors to buy and sell shares, bonds and
LONDON, Dec 9 (Reuters) – Financial watchdogs are having to
revise plans to regulate the world’s biggest investment funds
because original proposals would have made it more difficult for
asset managers to invest in infrastructure projects that are key
to reviving growth.
Regulators have been working on rules for big funds to
ensure they can withstand a financial crisis and mass
withdrawals by customers that could destabilise the global
NEW YORK/LONDON (Reuters) – A U.S. Securities and Exchange Commission official said on Monday he may have recommendations “in the near future” on the use by U.S. corporations of global accounting standards, suggesting a formal decision may be near after a long impasse.
SEC Chief Accountant James Schnurr said in a speech that he does not have a predetermined view on an approach to the long-standing issue of harmonizing corporate accounting worldwide. He noted that full adoption of global accounting standards generally does not have support in the United States.
LONDON (Reuters) – Global regulators are reviewing the auditing sector after policymakers questioned the quality of book-keeping at banks in the run up to the financial crisis.
David Wright, secretary-general of the International Organisation of Securities Commissions (IOSCO), a global body of regulators, said a task force would look at inconsistency in financial reporting.
LONDON (Reuters) – The official responsible for supervising firms is among three senior figures who will leave Britain’s financial watchdog in an overhaul to “sharpen” its focus, it said on Monday.
The announcement comes ahead of what is expected to be a critical report on Wednesday of the Financial Conduct Authority’s (FCA) handling of an insurance industry review.
LONDON (Reuters) – The European Union only scraped through a test of whether it complies with global banking rules aimed at making the financial system safer and avoiding another global markets meltdown.
The United States fared better in complying with bank capital rules know as Basel III which constitute the world’s core regulatory response to the 2007-09 financial crisis that saw under-capitalized lenders being rescued by taxpayers.
LONDON, Dec 5 (Reuters) – The European Union may ditch plans
to force banks to keep high-risk trading activities separate
from their main businesses because of opposition from some
European commissioner Jonathan Hill said in a letter to
senior commissioner Frans Timmermans there was a need to see how
much progress could be made on the plan to force banks to
separate out risky trading to avoid contagion and shield
customer deposits if things go wrong.