Regulation Correspondent, Europe
Huw's Feed
Jun 29, 2014

Rise of asset managers may create new risks – BIS report

LONDON, June 29 (Reuters) – While banks are dumping risky
assets as regulation bites, asset managers are plugging the
funding gap and using their growing clout in ways that could
harm markets, the Bank for International Settlements says.

Nearly six years after the financial crisis forced taxpayers
to bail out lenders, the global forum for central banks said in
its annual report on Sunday that the financial system is at a
crossroads.

Jun 27, 2014

EU throws down gauntlet to U.S. over derivatives

LONDON, June 27 (Reuters) – The European Union said it will
help build a seamless global market in financial derivatives by
accepting rules used in five countries, adding the United States
would get the green light too if it showed flexibility.

After the 2007-09 financial crisis in which derivatives like
credit default swaps played a key part in creating uncertainty,
countries across the world have introduced rules to make the
market more transparent and safer.

Jun 26, 2014

Bank of England caps some home loans, toughens mortgage affordability tests

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.

Jun 26, 2014

Bank of England to cap home loans, toughen mortgage affordability test

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.

Jun 25, 2014

Britain pledges to fight for reform to EU financial lawmaking

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.

Jun 24, 2014

EU to consider financial industry tax to fund watchdogs

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.

Jun 24, 2014

Exclusive: EU to consider tax on financial industry to fund supervision

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.

Jun 23, 2014

U.S. watchdogs may refuse to apply global insurance capital rules

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.

Jun 19, 2014

Bank of England flexes muscles to improve banking standards

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
Thursday.

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
financial crisis.

Jun 17, 2014

Bank of England to beef up consumer safeguards at banks, insurers

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.

    • 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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