Investors want tough EU rules for audit firms September 16, 2012 A GROUP of top investors has called on the European Commission to push ahead with tough new rules for auditors that could see some companies broken up. More than a dozen institutional investors and trade bodies have signed a paper seen by City A.M. urging politicians in Europe to continue shaking up the audit industry [...]
Darling: Bank of England has poor controls September 16, 2012 FORMER chancellor Alastair Darling has become the latest influential politician to call for a shake up at the top of the Bank of England, warning over the weekend that the institution is not properly prepared for its new regulatory duties. He follows the Treasury Select Committee (TSC) of MPs, who have called for the Bank [...]
IT jobs up after RBS system crisis September 16, 2012 BANKS are taking on increasing numbers of IT workers and contracts in the wake of the RBS and NatWest systems breakdown, according to a report out today from industry recruiters BrightPool. And mobile banking is set to lead job creation in the sector this year, as banks look to attract consumers on new platforms. Fifty-six [...]
International lending edges up on ECB action to calm markets September 16, 2012 INTERNATIONAL lending edged up in the first quarter of this year, according to a report out today from the Bank of International Settlements (BIS). However, total levels remain below those in 2008, indicating the economy is still recovering from the financial crisis. Cross-border lending rose by $126bn (£77.7bn) or 0.4 per cent in the quarter. [...]
MP: regulator is stalling redress to small firms September 16, 2012 THE FINANCIAL Services Authority (FSA) has been accused of delaying the redress payments to small firms hit by interest rate swap mis-selling, according to a campaigning MP. The redress system was set up by the FSA in conjunction with banks, but Guto Bebb MP believes the regulator may be delaying the scheme as some banks [...]
Robert Tchenguiz released from bail but investigation continues September 16, 2012 PROPERTY tycoon Robert Tchenguiz has been released from bail by the Serious Fraud Office (SFO), it emerged yesterday. The SFO denied suggestions that this signalled the beginning of the end of its investigation into his role in the 2008 collapse of the Icelandic Kaupthing bank. “The bail was due for renewal later this month. However [...]
Industry body joins bosses in fight to repair banks’ image September 16, 2012 THE BRITISH Bankers’ Association (BBA) will take the fight to the enemy, its new boss announced over the weekend, vowing to proactively promote the industry rather than just defend banks when they are under pressure. Anthony Browne is taking up the push spearheaded by Lloyds chief executive Antonio Horta Osorio and RBS head Stephen Hester, [...]
Top MP calls for bank account numbers to be transferable September 16, 2012 TREASURY Select Committee member and Tory MP Andrea Leadsom has called for regulators to force banks to allow customers to keep their account number if they switch to a new bank. The Payments Council, which is working with the government on a plan to dramatically reduce the time it takes to switch accounts, said the [...]
BAE offers to ringfence units to sweeten deal September 16, 2012 DEFENCE firm BAE Systems is willing to ring-fence politically sensitive projects in order to gain government approval for its merger with Airbus owner EADS. A source with knowledge of the deal told City A.M. that BAE is working to ensure national security protection agreements are in place with partner countries in an attempt to ease [...]
Transport minister affirms air plan September 16, 2012 THE NEW transport secretary yesterday insisted there will be no expansion at Heathrow during the current parliament. Patrick McLoughlin recently replaced Justine Greening, a vociferous opponent of a third Heathrow runway, and his appointment sparked talk of an imminent government U-turn. But McLoughlin repeated the coalition’s commitment to not work on expanding the close-tocapacity airport [...]
