LONDON, Nov 18 (Reuters) – The European Union should open up
retail financial services to more competition to bring lower
prices for consumers who will also then see how EU membership
can produce tangible benefits, the bloc’s new financial chief
said on Tuesday.
Jonathan Hill, European financial services commissioner
since Nov. 1, pointed to liberalisation of telecoms as an
example where EU action has pushed down the price of a
cross-border mobile phone call, one of the EU’s most popular
LONDON (Reuters) – A swathe of money market funds in the European Union could be wiped out under new rules proposed by a senior lawmaker in the bloc’s parliament in an attempt to break a legislative deadlock.
The proposal, if approved by the parliament and EU states, would force companies to switch to the other main type of money market fund whose share price floats, creating accounting issues for some of them, or put their money elsewhere.
LONDON, Nov 17 (Reuters) – Britain’s financial watchdog has
fined investment adviser Chase de Vere 560,000 pounds ($875,800)
for failings in the way it sold so-called “death bonds” worth 49
million pounds ($77 million) to nearly 3,000 people.
The bonds promised high returns generated by pools of
second-hand U.S. life insurance policies, which generated an
income stream as their original owners died and insurance
companies paid out on them.
LONDON (Reuters) – New rules aimed at making derivatives markets safer and more transparent need tweaking to stop the $690 trillion global market splitting up, a top American regulator said on Friday.
Several shallower pools of trading are emerging in what had been one deep, efficient market as brokers outside the United States seek to avoid having to comply with sometimes conflicting U.S. and home country rules.
LONDON (Reuters) – The job of fixing flaws that led to the 2007-09 financial crisis is largely done and the focus will turn to spotting new risks and rebuilding trust among regulators, a global watchdog set up by the Group of 20 (G20) leading economies said on Friday.
The Financial Stability Board (FSB) has coordinated the enforcement of rules forcing banks to hold more capital after many were bailed out by taxpayers in the crisis.
LONDON, Nov 13 (Reuters) – Britain’s newest regulator set
out on Thursday how it will wrest strategic direction of the 75
trillion pound ($118 trillion) payments sector from its big bank
owners to spur competition.
The payments system forms the vital plumbing that allowed
people and companies to make 21 billion transactions in 2013 via
online banking, cheques and cash machines.
LONDON (Reuters) – Global banking regulators have outlined how they will crack down on wide variations in the way big banks calculate the size of their capital buffers.
Regulators on the Basel Committee, which sets rules for the sector worldwide, worry that such variations undermine investor confidence in the capital ratios, a key measure of financial health.
LONDON, Nov 11 (Reuters) – Interest charged on loans offered
by payday lenders in Britain will be capped from January to cut
the cost of short-term loans criticised for causing misery among
borrowers, the country’s financial watchdog said on Tuesday.
Payday lenders offer to tide borrowers over until they
receive their salary, and anti-poverty campaigners say the
sector has grown sharply in recent years as the cost of living
rises and some people struggle to have access to credit.
BASEL Switzerland/LONDON (Reuters) – Banks may have to scrap dividends and rein in bonuses if they breach new rules designed to ensure that creditors rather than taxpayers pick up the bill when big lenders collapse.
Mark Carney, chairman of the Financial Stability Board and Bank of England governor, said the rules, proposed on Monday, marked a watershed in putting an end to taxpayer bailouts of banks considered too big to fail.
BASEL, Switzerland/LONDON, Nov 10 (Reuters) – Global
regulators on Monday proposed new rules to ensure that bank
creditors rather than taxpayers pick up the bill when a big
Mark Carney, chairman of the Financial Stability Board and
Bank of England governor, said the plans marked a watershed in
ending banks that are too big to be allowed to fail.