LONDON, March 12 (Reuters) – Britain’s 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.
LONDON (Reuters) – Banks will have to find billions more dollars under a proposed new accounting rule that aims to make them recognize losses on souring loans and bonds more quickly and protect taxpayers from a repeat of the financial crisis.
The proposal from the International Accounting Standards Board (IASB), whose rules are followed in more than 100 countries including European Union members although not the United States, is up for public consultation until July and is likely to be introduced in 2016 or slightly later.
LONDON (Reuters) – The head of Britain’s central bank called on the government to break up Royal Bank of Scotland (RBS.L: Quote, Profile, Research) so the state-backed lender can return to health and be sold to the private sector.
RBS needs to split off the bad assets on its books and build up capital at the remaining “good bank” so it can lend more, Mervyn King said on Wednesday, just weeks before the Bank of England becomes Britain’s banking regulator.
LONDON, March 6 (Reuters) – The head of the Bank of England
urged a deep restructuring of the Royal Bank of Scotland
as he delivered his most stinging criticism to date of the way
it has been run since its rescue by the government.
RBS needs to split off bad assets still on its books and
build up new capital in order to improve its financial health
and its ability to lend, Mervyn King said on Wednesday, just
weeks before the BoE takes on new powers to oversee banks.
LONDON (Reuters) – The head of the Bank of England urged a deep restructuring of the Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) as he delivered his most stinging criticism to date of the way it has been run since its rescue by the government.
RBS needs to split off bad assets still on its books and build up new capital in order to improve its financial health and its ability to lend, Mervyn King said on Wednesday, just weeks before the BoE takes on new powers to oversee banks.
LONDON, March 5 (Reuters) – Britain faces another major
setback on new European Union financial rules as plans to
increase competition in derivatives look likely to be diluted or
even ditched after opposition from Germany and others.
UK Finance Minister George Osborne was isolated on Tuesday
in his attempts to secure any major easing of an EU law to cap
bankers’ bonuses from next year.
LONDON, March 5 (Reuters) – Britain’s financial watchdog
said it should have been better at spotting how banks were
rigging Libor benchmark interest rates although it stopped short
of admitting to major regulatory failure.
After pressure from UK lawmakers into a scandal that has
seen top bankers depart and banks fined billions of pounds, the
FSA published an internal report on Tuesday into when it first
knew about the manipulation of the London Interbank Offered Rate
LONDON, March 1 (Reuters) – The United States has won a
three-year stay on its membership of an accounting oversight
panel, keeping alive hopes for a single set of global
book-keeping rules that will help investors assess companies.
Leaders from world’s top 20 economies (G20) have repeatedly
called on the United States and the International Accounting
Standards Board (IASB) to align their rules so that investors
can compare companies easily.
LONDON (Reuters) – European banks will have to disclose how much money they make in each country from 2015, likely inviting extra pressure from the public and cash-strapped governments to pay more tax locally.
Company taxation has become a heated issue with UK lawmakers criticizing coffee chain Starbucks after a Reuters report in October showed it paid no corporation or income tax in Britain in the past three years.
LONDON (Reuters) – European Union regulators warned investors on Thursday of the dangers of buying contracts for difference (CFDs), a type of derivative that offers potentially high returns.
CFDs are derivatives contracts that bet on price moves of an asset, such as a company’s shares, without having to own the underlying asset.