LONDON, Oct 8 (Reuters) – Britain launched a flagship scheme
on Tuesday to help people get on the property ladder, defying
critics who believe the state-backed mortgage programme could
fuel another housing bubble.
“Help to Buy” was launched hours after a survey suggested
British house prices were rising at their fastest pace in 11
LONDON, Oct 8 (Reuters) – Britain launched a flagship
programme to help people buy their own homes on Tuesday,
offering banks the chance of providing high loan-to-value
mortgages without having to set aside punitive amounts of
The scheme, which allows home-buyers to put down a deposit
of as little as 5 percent, has raised fears that housing prices
may be heading for a new boom-bust cycle.
LONDON (Reuters) – A proposed agency with sweeping powers to close failing banks in the European Union would violate the bloc’s founding treaties and must have its authority narrowed or shared with a core EU institution, a legal document showed on Monday.
The so-called single resolution mechanism was proposed by the EU’s executive European Commission in July and is a central plank in efforts to stabilise the region’s banking system.
LONDON, Oct 7 (Reuters) – Britain’s top fraud prosecutor
said on Monday the law must be changed if critics want to see
more companies in court for misconduct.
Serious Fraud Office Director David Green said he was
constantly being compared unfavourably with U.S. enforcement
agencies, which prosecute far more companies for fraud.
LONDON, Oct 4 (Reuters) – The European Union moved closer on
Friday to forcing companies to change accountants and avoid
close ties that could lower the quality of book-keeping, sources
with knowledge of the matter said.
After two years member states reached an agreement at a
meeting on Friday which enables them to open talks with the
European Parliament and thrash out the detail of a final law.
LONDON, Oct 3 (Reuters) – Britain still believes a specific
reference to “prudence” would improve international accounting
standards, but reasserted on Thursday the rules as they stand
are legally binding, hoping to end any uncertainty over the
Rules on how companies are audited, drawn up by the
International Accounting Standards Board (IASB), are mandatory
in Britain and elsewhere in the European Union, but a decision
in 2010 to drop a specific reference to prudence has been
questioned by some investors.
LONDON, Oct 2 (Reuters) – British regulators see no case for
intervening to stop a wave of money moving into insurance-linked
securities such as catastrophe bonds, saying the trend should
not be overstated.
Billions of dollars from investment funds have flooded into
the insurance sector, hunting for better yields, allowing
insurers and re-insurers to spread risk and drive down prices.
LONDON, Oct 1 (Reuters) – Banks in Britain may have to hold
more capital than their international rivals under proposals for
an annual stress test of lenders put forward by the Bank of
England on Tuesday.
The BoE, spelling out how it will check that banks do not
pose risks to the UK economy by being short of backing, said it
would hold annual tests for major lenders like Barclays
, RBS and HSBC starting in 2014.
LONDON (Reuters) – The European Union’s top insurance regulator warned the bloc’s member states on Monday not to dilute rules forcing the sector to hold enough capital and protect policyholders.
Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA) said it was a matter of urgency to finalize the rules known as Solvency II.
LONDON, Sept 28 (Reuters) – The European Union’s markets
watchdog wants to charge foreign clearing houses seeking to cash
in on new derivatives rules being introduced across the
28-country bloc, an EU document showed on Saturday.
The move is a sign of how hard-pressed regulators are
struggling to implement on time a welter of reforms called for
by world leaders during the financial crisis.