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Showing 11961 - 11970 of 13132 matches filtered by 'Banking and finance'

  • FCA Handbook Notice 3/Instruments

    01/07/2013
    At its Board meeting on 27 June 2013 (and further to the publication of Friday's PS), FCA passed the following Instruments:... Handbook Administration (No 3) Instrument 2013/48; Periodic Fees (2013/2014) and Other Fees Instrument 2013/49; Authorised Contractual Schemes (Handbook Amendments) Instrument 2013/50; Alternative Investment Fund Managers Directive Instrument 2013/51; Dispute Resolution: Complaints (Alternative Investment Fund Managers Directive) Instrument 2013/52 (also FOS Instrument 2013/5); In addition, Dispute Resolution: Complaints (Amendment No 6) Instrument 2013 (FOS Instrument 2013/4) was passed. Further details appear in the Handbook Notice.
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  • EC: CDS investigation

    01/07/2013
    The EC has announced that it is sending a statement of objections to a number of investment banks (listed below) and... to ISDA and Markit in what is described as a key step in its ongoing antitrust investigation into CDS, opened in April 2011. The banks involved are Bank of America Merrill Lynch, Barclays, Bear Stearns (now part of JP Morgan), BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, UBS and the Royal Bank of Scotland. The EC notes that it has reached the preliminary conclusion that these companies may have breached EU antitrust rules that prohibit anti-competitive agreements and that they may have coordinated their behaviour in order to jointly prevent exchanges from entering the CDS market between 2006 and 2009.
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  • BoE: Record of FPC meeting (18 June 2013)

    01/07/2013
    BoE has published the above, which sets out a number of recommendations agreed by FPC at the meeting. This includes the... following. FCA and PRA, with other BoE staff, are asked to provide an assessment to FPC of the vulnerability of borrowers and financial institutions to sharp upward movements in long-term interest rates and credit spreads in the current low interest rate environment and to report back in September 2013. FPC sets out details of how PRA should assess the liquidity of banks and building societies, how it should work to ensure consistency and comparability of Pillar 3 disclosures, 5. PRA should assess the feasibility of the major UK banks and building societies calculating their regulatory capital ratios under end-point Basel III definitions using the standardised approach to credit risk and report back to FPC for its Q4 2013 meeting. HMT, in conjunction with various other agencies, are asked to work , with the core UK financial system and its infrastructure to put in place a programme of work to improve and test resilience to cyber attack.
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  • TR13/3 - Banks’ control of financial crime risks in trade finance

    01/07/2013
    The thematic review into 17 banks found that they had generally developed effective controls to ensure they were not dealing with... sanctioned individuals and entities, but most had failed to adequately consider money laundering and terrorist financing risk in trade finance. Among weaknesses cited: banks having no clear policy or procedures documents for dealing with trade-based money laundering risks; most banks produced little or no management information on financial crime risks in the trade finance business; and many banks had not developed specific training on the risks of crime relating to finance relevant staff. Examples of good and bad practices are set out in the report.
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  • FCA: Financial crime conference (1 July 2013)/Speech by Martin Wheatley: The changing face of financial crime/Speech by Tracey McDermott: Financial crime in the FCA world

    01/07/2013
    FCA has published texts of speeches given at the conference and noted the results of a thematic review into how UK... banks control money laundering, terrorist financing and sanctions risks in trade finance. Martin Wheatley’s speech considers new types of cross-border financial crime; FCA enforcement and prevention work; the Blue Index insider dealing case; Tracey McDermott’s speech looks at FCA’s role in fighting financial crime; the trade finance thematic review; enforcement work and FCA’s systematic anti-money laundering programme. On a separate but related theme the FCA also published today its thematic review into trade finance in UK based banks. Trade finance is internationally recognised as posing a high financial crime risk so the UK’s position as a major financial centre could be severely impacted if banks engaging in trade finance do not have appropriate systems and controls to prevent financial crime.
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  • CC: Payday lending investigation

    28/06/2013
    Further to OFT’s referral, it is noted that CC will shortly appoint members to its inquiry group and publish a timetable... setting out a schedule for the various stages of the investigation. As well as analysing OFT’s work so far, CC is also inviting initial submissions from all interested parties before it formally sets out the scope of the investigation in an issues statement, to be received by 12 July 2013.
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  • FCA: Monthly PPI refunds and compensation

    28/06/2013
    FCA reports that, since January 2011, £10.1bn has been paid back to customers who complained about the way they were sold... PPI. This follows £424m being paid out for mis-sold PPI during April 2013.
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  • FCA: Banking authorisations “applicant journey”

    28/06/2013
    This document, in diagrammatic and tabular format, provides information on the key activities during the authorisation process.
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  • FCA Continuous payment authorities

    28/06/2013
    FCA reports that, following a review of how the largest high street banks and mutuals process requests to cancel continuous payment... authorities, they have agreed that they will ensure that when a customer asks for a recurring payment to end - that will be sufficient to cancel the arrangement. They have also confirmed that should a payment go through by mistake following cancellation by a customer the customer will be refunded immediately. FCA noted that, particularly in relation to payday loans, some banks and mutuals were not cancelling continuous payment authorities when asked to do so. In addition to securing this commitment, the largest banks and mutuals have agreed to review every individual complaint they have received about the non-cancellation and to pay redress where payments have continued to be made despite the customer cancelling the arrangement. This applies to all complaints since November 2009 when FSA began regulating banking conduct. FCA has also published a note aimed at consumers on continuous payment authorities (second link below). 
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  • PRA: PS4/13: Regulated fees and levies: rates for 2013/14

    28/06/2013
    This PS sets out the final PRA fee rates to recover its annual funding requirement for the financial period from 1... April 2013 to 28 February 2014. The statement follows a consultation on the PRA 2013/14 minimum fees and periodic fee rates for authorised firms, the IMAP Special Project Fee for 2013/14 and the circumstances under which it will be payable by firms, as well as the basis for treating the 2013/14 over recovery on the non-IMAP fees. PRA also consulted on the key terms of its financial penalty scheme. No changes to the proposals have been made as a result of the consultation.
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