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  • BoE: Speech by Andrew Haldane: On being the right size (25 October 2012)

    26/10/2012
    This speech was give at the Institute of Economic Affairs. Andrew Haldane discusses initiatives taken to solve the too-big-to-fail problem... and what supplementary policy options might be necessary. . He raises concerns with regard to resolution regimes, saying they could create “ever-larger too-big-to-fail banks”. And says that, to avoid cross-contamination of risk and resources from the investment bank to the retail bank, “...full and faithful implementation of the spirit as well as the letter of the Volcker, Vickers and Liikanen plans” will be needed”. He advocates “a modern-day Glass-Steagall Act” and enhanced banking competition through reduced barriers to entry.
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  • European Parliament: MiFID/MiFIR

    26/10/2012
    The European Parliament has published agreed texts as voted on today (available viaf the second document below – starting on p37).... An accompanying press release provides a synopsis of enhancements made to the EC’s proposals and notes that “the plenary vote on this legislation gives Parliament's negotiators a strong mandate for fine tuning it in three-way talks with EU member states and the European Commission”.
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  • FSA: PS12/16: Mortgage Market Review – feedback on CP11/31 and final rules

    25/10/2012
    Following the MMR, SA has now published new rules. The majority of proposals published in December 2011 are unchanged –... for all mortgages, lenders will need to consider a borrower’s net income, and committed and basic essential expenditure. Interest-only mortgages can be offered to anybody who shows they have a credible repayment strategy - but relying on rising house prices will not be enough. All mortgages lenders will also have to take into account the impact that future interest rate rises may have on mortgage repayment costs. For all but the most straightforward transactions, most customers who are sold a mortgage on an interactive basis, i.e. face to face or over the phone, will need to be advised, meaning that they will only be recommended a mortgage that is suitable for their circumstances. The process will be more straightforward for mortgage professionals, high net worth individuals and business customers who can opt out of receiving advice. However, in light of feedback received, FSA has made a number of changes to the MMR, including the following. ¶ Transitional rules (affecting borrowers sometimes referred to as ‘mortgage prisoners’) - enabling lenders to make exceptions to the responsible lending rules for customers who need to remortgage, providing there is no increase in the outstanding amount to be repaid. ¶ Advised sales - clarifying that while most sales will have to be advised, advice will not be needed for simple contract variations - providing there is no increase in the amount to be repaid. ¶ High net worth borrowers, and business customers borrowing against their home – confirming that these types of customers require a tailored approach. This will allow opting out of receiving advice and involve a less stringent affordability check because of their different characteristics and circumstances as compared with most other borrowers. ¶ With the exception of MCOB11.8.1E, the rules will come into effect on 26 April 2014. This rule is a new evidential provision aimed at protecting those borrowers who find themselves ‘trapped’ with their current lender and will come into effect on 26 October 2012 (see Annex 1, Q16 for further discussion). .An update to the data pack published with CP11/31 has also been published alongside the PS. It is noted that, separate to these changes, FSA is carrying out an analysis of existing interest-only borrowers to see how many may be unable to repay the capital and understand what steps lenders are taking to address this issue and FSA expects to publish the findings of this piece of work in Q1 2013.
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  • FSB: Progress note on the Global LEI Initiative

    25/10/2012
    FSB has published its third progress note on the above.
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  • FSCP: MMR

    25/10/2012
    FSCP has published its reaction to the FSA PS, saying that it “urges vigilance in implementation: a number of the... new regulatory rules are very welcome, but it would be unwise to consider that this is yet ‘job done’”.
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  • HoC: Pensions: annuities and income drawdown

    25/10/2012
    This library research paper provides an overview for MPs on the above topic, including the Government’s current policy.
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  • HoL: Financial Services Bill

    25/10/2012
    A new version of the Bill as amended by Committee has now been published (first link below) as well as the... transcript of the sitting of the Committee stage was held on 24 October 2012. Amendments discussed covered clauses clauses 64 - 66, 69, 70, 72, 74, 79, 80, 84, 86, 91, 98, 100 and 103 of the Bill. The report stage of the Bill has yet to be scheduled.
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  • IAIS: Annual Report & Accounts 2011-2012

    25/10/2012
    IAIS has published the above, featuring reports from its various committees on work undertaken in the period.
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  • BoE: Speech by Paul Tucker: The role of deposit insurance in building a safer financial system (25 October 2012)

    25/10/2012
    In this speech, Paul Tucker provides an update on FSB’s work on resolving distressed financial institutions, and outlines how deposit insurance... fits in to this workstream. He argues that liquidation and payout to insured depositors can be a “seriously inferior” way of handling the failure of some deposit-takers discusses resolution for systemically important firms, noting aspects of a new consultation on resolution planning due to be published by FSB in the next few weeks.
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  • FSA: Speech by Clive Adamson: What the FCA means for the London insurance market (carriers and intermediaries) (9 October 2012)

    25/10/2012
    FSA has now published this speech, given at the Insurance Institute of London 2012/12 Lecture Programme. He discusses FCA’s new... approach to supervision and its coordination with PRA; conduct risks (including specific risks for the Lloyd’s market and intermediaries)
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