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Showing 11801 - 11810 of 12903 matches filtered by 'Banking and finance'

  • OFT: Market study on competition on banking for SMEs

    19/06/2013
    OFT has announced the above and is seeking views on its scope. The study is part of OFT's continuing planned... programme of work in retail banking and will cover England, Northern Ireland, Scotland and Wales. OFT is launching the first step of this work today and is seeking views on its proposed scope, in particular on: competition in the supply of banking services to SMEs - whether SMEs have access to services that meet their needs and represent good value; competition in the supply of lending or other finance to SMEs - such as whether any lack of competition between banks is holding back SME lending or other finance to SMEs; and whether there are types of SME (for example, start-ups or small financial firms) that face particular difficulties, and if so why.. It is noted that OFT will work closely with FCA, BoE and PRA on this review, and will contact the industry and SME representatives.
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  • FCA: Speech by David Lawton: Investor relations in an increasingly regulated and international world (18 June 2013)

    19/06/2013
    Text of the above, given at the Investor Relations Society Annual Conference, follows. He discusses key issues in the regulatory... world for investor relations (the UK’s new regulatory structure; FCA’s objectives and approach, particularly with regard to UKLA and wholesale conduct; observations on the international landscape). He also considers FCA’s work on corporate access. He notes: “Reports of investment banks charging asset managers several thousand pounds an hour to meet with CEOs of their investee companies suggests that some of the current practices could be pushing out the sort of long-term investors needed for good stewardship in favour of those willing to stump up the cash. No one comes out well in these kind of stories. We need to have a conversation about how industry can yield better the benefits of corporate access and improve practices so that corporate access supports long-term stewardship … Data shows that the corporate access costs of the asset management sector are not going down. The most recent Thomson Reuters Extel survey shows that a quarter of what asset managers reward the sellside for is corporate access. Our recent supervisory work has highlighted to us that this an area where firms can do more work to manage their conflict of interest. There is also scope for firms to provide investors with more assurance that they exercise the same degree of oversight of expenses paid by the fund as they would if they paid for the same services themselves. This is an area where we believe greater transparency over cost would be of advantage to clients. We will have a full and open discussion with industry to reach the right outcome for investors and help build further trust in the sector”.
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  • Parliamentary Commission on Banking Standards: Changing banking for good

    19/06/2013
    "The final report has now been published. Key recommendations are cited as: A new Senior Persons Regime, replacing the Approved... Persons Regime, to ensure that the most important responsibilities within banks are assigned to specific, senior individuals so they can be held fully accountable for their decisions and the standards of their banks in these areas. The report comments: “The Approved Persons Regime has created a largely illusory impression of regulatory control over individuals, while meaningful responsibilities were not in practice attributed to anyone. As a result, there was little realistic prospect of effective enforcement action, even in many of the most flagrant cases of failure” A new licensing regime underpinned by Banking Standards Rules to ensure those who can do serious harm are subject to the full range of enforcement powers - these would apply to both Senior Persons and licensed bank staff and a breach would constitute grounds for enforcement action by the regulators. A new criminal offence for Senior Persons of reckless misconduct in the management of a bank, carrying a custodial sentence - following a conviction, the remuneration received by an individual during the period of reckless behaviour should be recoverable through separate civil proceedings. A new remuneration code better to align risks taken and rewards received in remuneration. This would include longer deferrals; more of that deferred remuneration to be in forms which favour the long term performance and soundness of the firm; the avoidance of reliance on narrow measures of bank profitability in calculating remuneration; individual claims on outstanding deferred remuneration to be subject to cancellation in the light of individual or wider misconduct or a downturn in the performance of the bank or a business area; and powers to enable deferred remuneration to Senior Persons and licensed individuals, as well as any unvested pension rights and entitlements associated with loss of office, to be cancelled in any case in which a bank requires direct taxpayer support. Regulatory and supervisory approach. The report sets out a large number of recommendations with regard to this. Among these, it recommends that TSC undertake an inquiry in three years’ time into the supervisory and regulatory approach of FCA and PRA. TSC has asked FCA and PRA to examine how they will minimise the risk of appearing to act as shadow directors under their new approach to regulation, and to publish their findings – the report suggests that “something more substantial than the assurances given to date is required”. The report recommends that TSC, when undertaking its inquiry into the supervisory approach of both regulators, assesses whether FCA’s approach to data collection has been appropriate and that it considers FCA’s use of its product intervention tools in its inquiry into the supervisory approach. The report considers that FCA should provide clear reasons when it does not consider that initiation of a collective consumer redress scheme is appropriate. The report raises concerns over the relationship between BoE/PRA and its execs It is recommended that FPC should be given the duty of setting the leverage ratio, adding “if the regulators’ and supervisors’ independence is to be meaningful, the setting of the leverage ratio must form part of their discretionary armoury”. "
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  • European Parliament: Financial transaction tax

    18/06/2013
    This press release notes support for the financial transaction tax from ECON. It is noted that ECON proposed lower rates... until January 2017 for trades in sovereign bonds and the pension fund industry's trades. A new legal ownership principle was also inserted to make tax avoidance more costly.
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  • EC: Proposal for a Council Directive amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation

    18/06/2013
    The objective of the proposal is to expand the scope of automatic exchange of information to the EU beyond that provided... for in existing EU automatic information exchange arrangements. It would bring the following other items within the scope of the information: dividends, capital gains, other financial income and account balances. It is noted that the agreements that many governments have concluded or will conclude with the US with regard to FATCA have given further impetus to automatic exchange of information as a way of combating tax fraud and evasion.
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  • EC: Recommendation of the European Systemic Risk board of 4 April 2013 on intermediate objectives and instruments of macro-prudential policy

    18/06/2013
    This has now been published in the Official Journal.
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  • EC/European Parliament: Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012/ Directive of the European Parliament and of the Council on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC

    18/06/2013
    “Common guidelines” versions of these texts have now been published.
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  • European Parliament: Financial services – lack of progress in Council and Commission's delay in the adoption of certain proposals - oral questions to the Council and the Commission - debate at the plenary session of the European Parliament, 12 June 2013

    18/06/2013
    Further to the item in last Wednesday’s update, this statement provides a note of the above-mentioned debate, which also sets out... the text of an annex from the Irish presidency giving details of the state-of-play with regard to various pending Directives.
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  • EC: Markets in financial instruments: Council sets out its position

    18/06/2013
    The Permanent Representatives Committee has agreed, on behalf of the Council, its position on new rules on the provision of services... for investments in financial instruments and on the operation of regulated financial markets. The Council is expected to confirm the agreement, without discussion, at its meeting on 21 June 2013. This will enable the presidency to negotiate with the European Parliament with the aim of adopting the texts at first reading.
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  • TSC: Report: Appointments of Dame Clara Furse, Richard Sharp, and Martin Taylor to the Financial Policy Committee

    18/06/2013
    Further to the recently published report, TSC has now published a volume of written evidence.
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