Regulation Correspondent, Europe
Huw's Feed
Jul 2, 2013

Bank of England policymakers to press on with bank leverage rule

LONDON (Reuters) – Bank of England policymakers said on Tuesday they would press ahead quickly with a new curb on banks’ risk exposure based on their leverage, despite industry lobbying against the plan.

Paul Tucker, the central bank’s deputy governor for financial stability, told British lawmakers that the new rule should be introduced now.

Jul 2, 2013

BoE policymakers to press on with bank leverage rule

LONDON (Reuters) – Bank of England policymakers said on Tuesday they would press ahead quickly with a new curb on banks’ risk exposure based on their leverage, despite industry lobbying against the plan.

Paul Tucker, the central bank’s deputy governor for financial stability, told British lawmakers that the new rule should be introduced now.

Jul 1, 2013

FCA warns banks to step up crime safeguards

LONDON (Reuters) – The Financial Conduct Authority has warned British banks that they are not doing enough to protect themselves from being used for criminal activities and could be fined if they fail to raise their game.

Some banks may face punishment for failure to spot abuses in their trade finance business, such as money laundering, sanctions busting or funding of terrorists, the FCA said on Monday.

Jul 1, 2013

Watchdog warns banks to step up crime safeguards

LONDON (Reuters) – A leading financial watchdog has warned British banks that they are not doing enough to protect themselves from being used for criminal activities and could be fined if they fail to raise their game.

Some banks may face punishment for failure to spot abuses in their trade finance business, such as money laundering, sanctions busting or funding of terrorists, Britain’s Financial Conduct Authority (FCA) said on Monday.

Jun 28, 2013

Regulators bolster bank capital rules for derivatives

LONDON (Reuters) – Banks will have to set aside capital to back their risky financial derivatives trades under draft rules published by global regulators on Friday to safeguard market stability.

The Basel Committee of Banking Supervisors from nearly 30 countries set out the final pieces in its complex jigsaw of reforms called for by world leaders during the financial crisis to make derivatives more transparent and risks better covered.

Jun 27, 2013

UK banks’ insurance bill tops 10 bln pounds and rising

LONDON, June 27 (Reuters) – Britain’s banks have paid out
more than 10 billion pounds ($15.3 billion) for mis-selling loan
insurance, the Financial Conduct Authority said on Thursday, and
the bill is rising with no deadline set for claims.

Separately, the FCA said it will levy a hefty fine next
month on a firm for poor handling of complaints about insurance
it sold to cover the loss or theft of mobile phones.

Jun 26, 2013

BoE says banks would be vulnerable to abrupt rise in global rates

LONDON, June 26 (Reuters) – The Bank of England warned banks
and borrowers on Wednesday they may be vulnerable if there is an
abrupt rise in global interest rates which could require lenders
to bolster their capital cushions again.

Global bond yields have jumped since U.S. Federal Reserve
Chairman Ben Bernanke said last week that the U.S. central bank
may start to scale back bond purchases later this year.

Jun 26, 2013

BoE warns banks of risk of sharp global interest rate rise

LONDON (Reuters) – The Bank of England warned banks and borrowers on Wednesday about risks from a potential abrupt rise in global interest rates, and said banks might need to further bolster their capital cushions to protect against this.

The past week has seen a sharp rise in global bond yields since U.S. Federal Reserve Chairman Ben Bernanke said that the U.S. central bank may scale back bond purchases later this year.

Jun 26, 2013

Global supervisors take tough line on bank leverage

LONDON (Reuters) – Global banking regulators have taken a tough line on how much risk banks can take on in a move that will mostly hit those lenders holding large amounts of financial derivatives.

The Basel Committee on Banking Supervision published the methodology banks across the world must use to calculate their leverage ratio.

Jun 25, 2013

G20 task force to study Libor reform

BASEL, Switzerland/LONDON June 25 (Reuters) – The Financial
Stability Board, which sets rules for global banks, will set up
a task force to look at reform of Libor after a scandal in which
three banks were fined for rigging the global interest rate
benchmark.

FSB Chairman Mark Carney said the steering group will report
back next year on whether the benchmark should be changed and
over what period, based on new international standards expected
from the IOSCO group of securities regulators next month.

    • 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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