LONDON, June 26 (Reuters) – The Bank of England sought to
put the brakes on Britain’s surging housing market on Thursday
by announcing a cap on home loans and tougher checks on whether
borrowers can repay their mortgages.
The Bank’s Financial Policy Committee said that from
October, it would only allow 15 percent of new mortgages to be
at multiples higher than 4.5 times a borrowers’ income.
LONDON, June 26 (Reuters) – The Bank of England sought to slam the brakes on Britain’s surging housing market on Thursday by announcing a cap on home loans and tougher checks on whether borrowers can repay their mortgages.
The Bank’s Financial Policy Committee said that from October, it will cap mortgages worth 4.5 times a borrowers’ income and that this would apply to 85 percent of total new home loans.
LONDON, June 25 (Reuters) – Britain said on Wednesday it
would push the European Union to improve the way it sets
financial rules, promising to protect London’s role as a global
financial sector and demanding better assessments of the impact
of new regulations.
Nicky Morgan, newly-appointed minister in charge of
financial services, said she would lead a major drive to improve
the EU’s legislative process and pledged to keep on challenging
rules that Britain disagreed with.
LONDON, June 24 (Reuters) – The European Union’s markets,
banking and insurance watchdogs could be funded by a levy on the
organisations they supervise, in an attempt by the bloc’s
executive body to save taxpayers’ money.
The European Commission has been reviewing the three
watchdogs it launched in 2011 to make supervision of banks,
markets and insurers more consistent across its 28 member
countries after the 2007-09 financial crisis highlighted
failings in the way regulations were enforced.
LONDON (Reuters) – The European Union’s markets, banking and insurance watchdogs could be funded from a direct levy on the sector, the bloc’s executive body said in a document seen by Reuters.
The European Commission has been reviewing the three watchdogs it launched in 2011 to make supervision of banks, markets and insurers more consistent across its 28 member countries after the 2007-09 financial crisis highlighted supervisory failings.
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.