Regulation Correspondent, Europe
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Dec 11, 2014

UK watchdog tightens sales rules for annuity pensions

LONDON (Reuters) – Insurance companies will have to show how their annuity pensions compare with rival products to ensure customers get the best retirement income, Britain’s Financial Conduct Authority said on Thursday.

A pot of money saved over a working life is used to buy an annuity which pays out a regular pension until death.

Dec 11, 2014

FCA tightens sales rules for annuity pensions

LONDON (Reuters) – Insurance companies will have to show how their annuity pensions compare with rival products to ensure customers get the best retirement income, Britain’s Financial Conduct Authority said on Thursday.

A pot of money saved over a working life is used to buy an annuity which pays out a regular pension until death.

Dec 10, 2014

UK watchdog chief loses bonus after insurance briefing debacle

LONDON (Reuters) – The head of Britain’s financial watchdog
and three other executives will lose their bonuses after a
scathing report said the regulator mishandled the announcement
of a review into life insurance policies and was slow to restore
market order.

The independent inquiry, led by Simon Davis, a lawyer at
Clifford Chance, said the Financial Conduct Authority (FCA) was
wrong to brief a reporter about the review and “seriously
inadequate” in the way it dealt with the ensuing sell-off in
insurance shares.

Dec 10, 2014

UK watchdog “seriously inadequate” in insurance review -inquiry

LONDON, Dec 10 (Reuters) – Britain’s markets regulator was
wrong to brief a reporter about an insurance sector review and
“seriously inadequate” in how it reacted to the ensuing sell-off
in insurance shares, an independent inquiry said on Wednesday.

Panicking investors dumped shares in Aviva, Legal &
General, Prudential on March 28 after the
Financial Conduct Authority’s head of supervision Clive Adamson
was quoted in The Daily Telegraph as saying the regulator would
investigate if those locked in pension pots had been treated
fairly.

Dec 10, 2014

UK watchdog ‘seriously inadequate’ over insurance review: report

LONDON (Reuters) – Britain’s markets regulator was wrong to brief a reporter about an insurance sector review and “seriously inadequate” in how it reacted to an ensuing sell-off in insurance shares, an independent inquiry said on Wednesday.

Shares in Aviva, Legal & General, Prudential sank on March 28 after the Financial Conduct Authority’s head of supervision Clive Adamson was quoted in The Daily Telegraph as saying the FCA would investigate if people locked in pension pots sold by insurers have been treated fairly.

Dec 9, 2014

Regulators concerned at banks scaling back market making commitments

LONDON, Dec 9 (Reuters) – Global financial regulators worry
that banks are scaling back costly market making functions and
that this could leave investors stranded, as well as squeezing
funds to drive economic recovery, a senior official said on
Tuesday.

Some banks have already warned that tougher rules designed
to make the financial system safer since the crisis of 2008-2009
have pushed up the cost of market making, or providing
facilities for investors to buy and sell shares, bonds and
derivatives.

Dec 9, 2014

Financial watchdogs rethink plans to regulate big investment funds

LONDON, Dec 9 (Reuters) – Financial watchdogs are having to
revise plans to regulate the world’s biggest investment funds
because original proposals would have made it more difficult for
asset managers to invest in infrastructure projects that are key
to reviving growth.

Regulators have been working on rules for big funds to
ensure they can withstand a financial crisis and mass
withdrawals by customers that could destabilise the global
financial system.

Dec 8, 2014

U.S. SEC official: Close to recommendations on global accounting

NEW YORK/LONDON (Reuters) – A U.S. Securities and Exchange Commission official said on Monday he may have recommendations “in the near future” on the use by U.S. corporations of global accounting standards, suggesting a formal decision may be near after a long impasse.

SEC Chief Accountant James Schnurr said in a speech that he does not have a predetermined view on an approach to the long-standing issue of harmonizing corporate accounting worldwide. He noted that full adoption of global accounting standards generally does not have support in the United States.

Dec 8, 2014

Global watchdog to review company audit sector

LONDON (Reuters) – Global regulators are reviewing the auditing sector after policymakers questioned the quality of book-keeping at banks in the run up to the financial crisis.

David Wright, secretary-general of the International Organisation of Securities Commissions (IOSCO), a global body of regulators, said a task force would look at inconsistency in financial reporting.

Dec 8, 2014

Supervision chief to leave in shake-up of UK financial regulator

LONDON (Reuters) – The official responsible for supervising firms is among three senior figures who will leave Britain’s financial watchdog in an overhaul to “sharpen” its focus, it said on Monday.

The announcement comes ahead of what is expected to be a critical report on Wednesday of the Financial Conduct Authority’s (FCA) handling of an insurance industry review.

    • 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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