Regulation Correspondent, Europe
Huw's Feed
Feb 25, 2015

Bank regulation takes back seat to kick-starting economy

LONDON/FRANKFURT (Reuters) – As the banking crisis fades in memory, only to be replaced by a lingering economic slowdown, governments are losing interest in financial reform despite warnings that dangers still lurk.

The shift could mark the beginning of an era reminiscent of the more hands-off approach to regulation preceding the 2008 financial crash, albeit one that follows a raft of reforms – from capping bonuses to boosting capital – that have curbed banks’ freedom to take risks.

Feb 25, 2015

FCA says status quo unacceptable in forex market

LONDON (Reuters) – Trading practices in currency markets must change and good cooperation seen from the industry bodes well for a “sensible” set of reforms, Britain’s Financial Conduct Authority (FCA) said on Wednesday.

Last November the watchdog fined banks $1.7 billion (1.09 billion pounds) for seeking to manipulate foreign currency benchmarks.

Feb 25, 2015

UK watchdog says status quo unacceptable in forex market

LONDON, Feb 25 (Reuters) – Trading practices in currency
markets must change and good cooperation seen from the industry
bodes well for a “sensible” set of reforms, Britain’s Financial
Conduct Authority (FCA) said on Wednesday.

Last November the watchdog fined banks $1.7 billion for
seeking to manipulate foreign currency benchmarks.

Feb 24, 2015

BoE says markets review may include new regulation

LONDON, Feb 24 (Reuters) – A British review of conduct in
currency, fixed income and commodity markets may recommend new
rules but won’t impose uniform remedies, a Bank of England
official said on Tuesday.

The BoE, British finance ministry and the Financial Conduct
Authority are conducting a Fair and Effective Markets review
after banks were fined for trying to rig currency and interest
rate benchmarks.

Feb 24, 2015

Aviva Investors pays out 150 million pounds for control failures

LONDON (Reuters) – Aviva Investors Global Services, part of insurance company Aviva, has paid out 150 million pounds ($232 million) in fines and compensation after failing to control conflicts of interest, Britain’s markets watchdog said on Tuesday.

The Financial Conduct Authority said it fined Aviva Investors 17.6 million pounds for systems and controls failings spanning eight years to June 2013.

Feb 23, 2015

UK banking watchdog reduces reach of new accountability rules

LONDON, Feb 23 (Reuters) – It has been decided that new
rules making senior bankers in Britain more accountable for
their actions will not now apply to non-executive directors who
don’t have specific duties such as scrutinising bonuses,
regulators said on Monday.

The rules, known as the senior managers’ regime and due to
take effect by 2016, are designed to plug a gap highlighted by
the 2007-09 financial crisis when few individuals were held
responsible after taxpayers had to rescue several lenders.

Feb 20, 2015

EU’s top court to rule on ECB challenge to UK clearing on March 4

LONDON, Feb 20 (Reuters) – The EU’s top court rules next
month on a battle between the European Central Bank and Britain
whose outcome could reduce London’s role as the bloc’s top
financial centre, lawyers said.

The ECB says clearing houses – third parties standing
between two sides of a trade to ensure its completion – that
process more than 5 percent of any euro-denominated security
should be based in the single currency area.

Feb 19, 2015

Russia is re-drawing Europe’s borders, worrying for Baltic states – EU’s Dombrovskis

LONDON (Reuters) – Valdis Dombrovskis, vice president of the European Commission, said on Thursday that Russia was redrawing the map of Europe by force and that a stronger NATO presence was needed on the alliance’s borders.

“Russia’s aggression against Ukraine is very worrying for Baltic states,” Dombrovskis, a former prime minister of Latvia, told an event organised in London.

Feb 19, 2015

UK watchdog has asset managers in sight

LONDON, Feb 19 (Reuters) – Britain’s financial watchdog
expects to launch a competition probe into the country’s 5.4
trillion pound ($8.3 trillion) asset management industry to see
whether customers are being overcharged.

The Financial Conduct Authority flagged its intention on
Thursday after announcing it was going ahead with a similar
probe into investment and corporate banking services following a
broad market review.

Feb 19, 2015

UK watchdog to study competition in investment banking

LONDON, Feb 19 (Reuters) – Britain’s Financial Conduct
Authority (FCA) said on Thursday it will review competition in
investment banking and corporate banking services, citing
“unanswered questions about potential conflicts of interest and
value for money in this market”.

The watchdog said that limited clarity over price and
quality of services may make it difficult for customers to see
if they were getting value for money. Bundling and cross-selling
of services could also hinder competition from new entrants,
according to the FCA.

    • 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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