LONDON, Sept 18 (Reuters) – The Bank of England is looking
at whether better rules are needed to handle failed insurers so
that policyholders don’t face disruption.
Insurers in Britain held 1.9 trillion pounds ($3 trillion)
in assets at the end of 2014, broadly equivalent to the
country’s economic output.
LONDON, Sept 16 (Reuters) – More than 200,000 Britons have
opted to access their pension cash following the introduction of
rules this year which gave them greater freedom over how they
Since April, Britons aged over 55 have been allowed to cash
in their retirement fund after a requirement to buy an annuity,
giving an annual revenue stream, was scrapped.
LONDON, Sept 15 (Reuters) – Britain’s top banks must comply
with a new accounting rule on earlier provisioning for bad
loans, even if there is delay in the rest of Europe, a senior
regulator said on Tuesday.
The rule, known as IFRS9, was called for by leaders of the
Group of 20 economies (G20) during the financial crisis, in
which banks had proved too slow in covering for soured loans.
LONDON (Reuters) – Insufficient funding for the European Union’s trio of financial watchdogs undermines reforms aimed at averting another financial crisis, leaves banks in the dark and weakens the region’s voice in global rulemaking, top regulators said on Monday.
The three watchdogs – the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), and the European Insurance and Occupational Pensions Authority (EIOPA) -face a squeeze as Brussels tightens its belt.
LONDON, Sept 9 (Reuters) – The first comprehensive global
code of conduct to regulate the scandal-hit foreign exchange
market will come into force in May 2017, central bank officials
said on Wednesday.
Three years of revelations over the conduct of major banks
in the world’s single biggest financial market have seen dozens
of traders suspended or fired and lenders fined billions of
dollars for manipulating currency market benchmarks.
LONDON, Sept 8 (Reuters) – A proposed Bank of England (BoE)
overhaul of credit unions would make it harder for these local
savings and loans organisations to compete with banks, industry
officials said on Tuesday.
Lawmakers and bodies such as the Church of England want to
see credit unions compete better with the “Big Four” banks that
dominate the British market for current or checking accounts and
personal loans, as well as with “payday” lenders charging high
interest rates to those lacking access to other forms of credit.
LONDON, Sept 8 (Reuters) – The European Central
Bank called on Tuesday for a common approach in the European
Union to writing off bank debt, to make it easier to shore up
failing international lenders without having to call on
An EU directive on banking resolution is due to come fully
into force in January but a number of member countries including
Germany have introduced their own rules.
LONDON, Sept 7 (Reuters) – The number of bankers earning a
million euros a year or more in the European Union has started
to fall even before the impact of a cap on bonus payments is
fully felt, the bloc’s banking watchdog said on Monday.
There were 3,178 bankers in the EU on at least a million
euros a year, including bonuses, in 2013, down from 3,530 a year
earlier, although that was partly due to exchange rates as
two-thirds are based in London, the European Banking Authority
(EBA) said in its annual update on earnings figures.
LONDON, Sept 7 (Reuters) – Britain’s Financial Conduct
Authority (FCA) said on Monday it will study the mortgage market
from early 2016, looking at how new, tougher rules are being
implemented and affect the ability to buy a home.
The inability of many young people to afford their own home
has become a major political issue in Britain.
LONDON (Reuters) – The European Union’s executive will propose “radical” changes to cut the cost of stock market listings and streamline insolvency rules as part of wider efforts to raise more corporate funds for economic growth, an EU document showed on Thursday.
The European Commission’s (EC) financial services chief Jonathan Hill wants to put in place the building blocks of a “capital markets union” or CMU by 2019 to make it easier for companies to raise new money.