LONDON, March 21 (Reuters) – The head of Britain’s new
financial watchdog said on Thursday it would be no pushover and
would bring more individuals to book, but that threats and fines
alone would not end the abuses blamed for the financial crisis.
Martin Wheatley played down a comment by his predecessor
Hector Sants that the industry needs to “be afraid” of its
LONDON (Reuters) – Britain’s new financial watchdog is set to unveil its plans for tougher rule enforcement on Thursday, which the government hopes will help prevent a repeat of the financial crisis.
The Financial Conduct Authority (FCA) will be launched on April 1, April Fool’s Day, and the new watchdog will need to show that the “light touch” supervision of the past is a joke now truly buried.
LONDON, March 21 (Reuters) – Britain’s new financial
watchdog is set to unveil its plans for tougher rule enforcement
on Thursday, which the government hopes will help prevent a
repeat of the financial crisis.
The Financial Conduct Authority (FCA) will be launched on
April 1, April Fool’s Day, and the new watchdog will need to
show that the “light touch” supervision of the past is a joke
now truly buried.
LONDON, March 19 (Reuters) – A tax on trading in 11 euro
zone countries won’t harm Britain and its government cannot be
forced to collect the levy, a senior European Commission
official said on Tuesday.
The European Union executive has proposed a transactions tax
from January 2014 on stocks, bonds and derivatives listed in 11
countries to make banks pay for taxpayer help in the financial
LONDON, March 18 (Reuters) – The European Union’s markets
watchdog has criticised the world’s top three credit ratings
agencies for a lack of transparency over how they evaluate banks
and demanded more robust internal reviews of their methods.
The European Securities and Markets Authority (ESMA), which
studied Moody’s, Fitch and Standard & Poor’s
, said on Monday there was inadequate disclosure of the
in-house methodologies used to compile their ratings and how
they keep these methods under review.
LONDON, March 15 (Reuters) – The European Union must be bold
in putting its banks on a stabler footing, starting with a
tougher health check for lenders this year, the International
Monetary Fund said.
The Washington-based watchdog said in its first ever formal
study of the EU financial sector as a whole that the bloc had
made significant progress but more was needed because financial
stability remains fragile.
LONDON, March 14 (Reuters) – Two European clearing houses,
whose services underpin share trading, will merge to better cope
with tougher competition and provide the fee cuts users demand
as volumes dwindle in a sluggish economy.
EMCF and EuroCCP, who announced the deal on Thursday, would
have a combined market share of around 35 percent in clearing on
exchange trades, according to calculations based on Federation
of European Securities Exchanges industry figures.
LONDON, March 13 (Reuters) – Some of Britain’s banks need
more capital but the government has not been asked to put cash
into Royal Bank of Scotland or Lloyds, the UK’s
top banking supervisor said on Wednesday.
Andrew Bailey is due to present a report on the
capitalisation of UK banks to the Bank of England’s Financial
Policy Committee (FPC) next week.
LONDON, March 13 (Reuters) – Reforms to the world’s
financial system still fall short of ensuring that big and
systemically important banks will not need to be bailed out by
governments if they fail, regulators say.
Tougher capital rules have helped to reduce taxpayer
exposure to future rescues.
LONDON (Reuters) – Top banks fail to show how risky investments are suited to their customers needs and don’t “get” what service really means, the Financial Services Authority said on Tuesday.
The watchdog has picked up concerns over the suitability of investment portfolios, as well as banks’ ability to demonstrate suitability, in a significant number of customer files.