Wheatley’s new City watchdog shows its teeth October 16, 2012 THE FINANCIAL Conduct Authority (FCA) yesterday unveiled its plan to regulate behaviour in the City, pledging to force companies to “put consumers at the heart of their business”. Martin Wheatley, who will be chief executive of the FCA when it is spawned from the disbanding Financial Services Authority (FSA) next year, outlined its approach. New [...]
US and French bodies set to charge Google October 14, 2012 GOOGLE is facing new probes from prosecutors on both sides of the Atlantic, with US and French officials set to add to an EU investigation into the web giant. The French information commissioner’s office, CNIL, is this week set to reveal the outcome of a months-long probe into Google over its use of personal data [...]
FSA tells bosses not to bypass adviser rules October 1, 2012 THE Financial Services Authority yesterday warned the UK’s biggest financial advisers and providers not to try and “work around” incoming rules on commission payments after evidence showed firms could already be trying to circumvent them. In a letter to the chief executives of 24 life insurers and financial advisers, the FSA said it was concerned [...]
MEPs clamping down on high frequency trade September 26, 2012 A TOP European Parliament committee voted unanimously in favour of rules to cut down high frequency trading yesterday, and move forward plans to limit the number of positions market participants can hold. MEPs claimed the markets in financial instruments directive (Mifid2) will promote market stability by forcing traders to place orders in markets for at [...]
As reform of Libor begins, can London retain its dominant role in the interbank market? September 26, 2012 YES Ian Harris Martin Wheatley’s Financial Services Authority (FSA) report into Libor will reportedly result in a regulated, transaction-based replacement system. The British Bankers Association’s (BBA) role will end. It is good that Wheatley is set to move swiftly and in the right direction – this change is not before time. This week, my firm [...]
Wheatley signals an asset manager fee clampdown September 25, 2012 MARTIN Wheatley, managing director of the Financial Services Authority, yesterday fired a warning shot across the bows of the asset management industry by indicating active management charges will face increased scrutiny when new regulators take power next year. Wheatley, set to lead FSA replacement the Financial Conduct Authority when it launches in the first quarter [...]
London will find it hard to benefit from Chinese currency ambitions September 23, 2012 IT is meant to be the great new market that will transform the City’s prospects. In April, London hosted the launch of the first renminbi (RMB) bond to be issued outside Chinese sovereign territories. George Osborne hailed it a “significant moment”, as he declared his ambition to see London play a key role in the [...]
We need chutzpah as well as cuts to restore British competitiveness September 12, 2012 WITH unemployment falling over the last six months, and over 1m private sector jobs created under the coalition, it is not all bad news on the economy. There is no reason for Britons to be defeatist. We’re still in a rut, but there is a way out. The key thing is not to sacrifice long-term [...]
Should the UK welcome proposals for a Europe-wide banking supervisor? September 12, 2012 YES Mark English Problems in banks spread quickly across borders. A single system of supervision for the euro area means reinforced application of rules and will result in more confidence. Enhanced stability will help tackle the current crisis and help to prevent future crises. It will mean added protection for UK banks – and the [...]
Direct Line’s Geddes needs to sell himself or face failure September 6, 2012 LONDON’S capital markets have been cheered a little by news that Alisher Usmanov, the Russian tycoon that owns a large shareholding in Arsenal football club, intends to raise $4bn (£2.5bn) for mobile phone operator Megafon in the next few weeks. There have been too few IPOs this year and so anything that livens up the [...]