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Showing 18811 - 18820 of 19355 matches filtered by 'news item'

  • IMA: Appointments

    13/09/2012
    IMA has appointed four new Board members: Hugh Mullan (UK MD, Fidelity Worldwide Investment)l Mark Zinkula, )CEO, Legal & General Investment... Management) ; Andrew Formica (CEO, Henderson Global Investors and Andrew Laing (Deputy CEO, Aberdeen Asset Management). The following Board members stood down: Helena Morrissey (CEO, Newton Asset Management); Alain Dromer (former CEO, Aviva Investors) and Bill Smith (CEO, Lazard Asset Management).
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  • CP12/24**: Regulatory reform: PRA and FCA regimes relating to aspects of authorisation and supervision

    12/09/2012
    This CP consults on a set of changes to existing regulatory rules and guidance which are necessitated by the new regime... and has been prepared by FSA in consultation with BoE. Subsequent papers over the coming months will cover further changes to the Handbook, together with new policies resulting from regulatory reforms proposed in the Financial Services Bill. Each chapter covers a separate section of the Handbook: Specific sections covered are: GEN 2, 4, 5, GLOSS, SUP 5, 6, 8, 11, 13, 13A, 14, 15, 16, 18. FSA notes that, for legal cutover, it is proposing to make only changes that are necessitated by the new UK regime. Areas covering policy decisions are: the updated wording of prescribed status disclosures under GEN 4; the use of the regulators’ logos under GEN 5; the use of Skilled Persons (SUP 5); the channel for submitting waiver applications (SUP 8); certain updates to the guidance on transfers of insurance business to reflect other recent changes to legislation and current practices (SUP 18); and chapter 12, which gives details of areas of the Handbook not designated by FCA/PRA and a note on changes for actions for damages. The proposed amended PRA and FCA Handbook text in the Appendices to the main paper does not reproduce all the relevant Handbook chapters in full (unless it is helpful to do so), but only those provisions that are wholly new or substantively changed from what is currently in the existing FSA Handbook. Where FSA expects transitional arrangements to be made it has indicated this in the text. Responses to the CP are required by 12 December 2012.  FSA notes that it may have to re-consult if any major changes are made to the Financial Services Bill. FSA intends to publish a draft designation of the existing Handbook before legal cutover, to indicate the way in which the Handbook contents are being transitioned to PRA and FCA.
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  • EC: Banking union proposals

    12/09/2012
    The EC has published proposals for a single supervisory mechanism for banks in the euro area. In the new single... mechanism, ultimate responsibility for specific supervisory tasks related to the financial stability of all euro area banks will lie with ECB. National supervisors will continue to play an important role in day-to-day supervision and in preparing and implementing ECB decisions. The EC is also proposing that EBA develop a single supervisory handbook for all 27 EU countries. The EC calls on the Council and European Parliament to adopt today's proposed regulations by the end of 2012, together with the other three components of an integrated "banking union" – the single rulebook in the form of capital requirements, harmonised deposit protection schemes and a single European recovery and resolution framework. It is noted that ECB will become responsible for tasks such as authorising credit institutions; compliance with capital, leverage and liquidity requirements; and conducting supervision of financial conglomerates. It will cooperate with EBA within the framework of the European system of financial supervision. For cross-border banks active both within and outside Member States participating in the single supervisory mechanism, existing home/host supervisor coordination procedures will continue to exist as they do today. To the extent that ECB has taken over supervisory tasks, it will carry out the functions of the home and host authority for all participating Member States. The EC is proposing to have the mechanism in place by 1 January 2013. To allow for a smooth transition to the new mechanism, a phasing-in period is envisaged. As a first step, as of 1 January 2013, ECB will be able to decide to assume full supervisory responsibility over any credit institution, particularly those which have received or requested public funding. As of 1 July 2013 all banks of major systemic importance will be put under ECB supervision. The phasing-in period should be completed by 1 January 2014 when the mechanism will cover all banks.
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  • ESMA: Appointment

    12/09/2012
    ESMA has elected Julie Galbo as a member of its management board. She is a Deputy Director General of Denmark’s... Finanstilsynet and replaces Fernando Restoy of the Comisión Nacional del Mercado de Valores (CNMV), Spain, who was re-elected to the Management Board in February 2012 but recently left the CNMV. Her term will last until October 2014.
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  • Final Notice: Ian Orbart

    12/09/2012
    FSA has published this Final Notice which imposes a prohibition order on the individual on the grounds of fitness and properness.... FSA notes that he had been dismissed from an FSA authorised firm (“Firm A”) for dishonesty; had obtained a false reference purporting to be from Firm A in order to gain employment at another FSA authorised firm (“Firm B”), which reference contained no adverse information and which included a false description of the circumstances of the cessation of his employment at Firm A; failed to disclose his dismissal from Firm A on his application to Firm B; and failed to disclose his dismissal from Firm A to FSA in an application, signed by Ian Orbart and submitted by Firm B, for approval to perform controlled functions at Firm B.
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  • FSA: Credit unions

    12/09/2012
    FSA has published a factsheet for credit unions which highlight rule changes which came into effect on 1 September 2012.
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  • TSC:Money Advice Service

    12/09/2012
    TSC has published a letter from Gerard Lamos, Chairman of MAS, with regard to the organisation’s online health check, which... is to be read in conjunction with an independent report, a link to which is also included here.
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  • Chartered Institute of Internal Auditors: New guidance for financial sector internal auditors aims to improve how risks are managed

    11/09/2012
    CIIA has announced the creation of an independent, industry-led committee to recommend new practice guidance for internal auditors. This will... be chaired by Roger Marshall (FRC director and chair of Old Mutual’s audit committee) and will comprise one other banking sector non-exec, a finance director, a chief risk officer, an academic, three heads of internal audit from across the banking and insurance sector, and observers from BoE and FSA. It expects to start its work in September and will be issuing a call for views early in the process. This press release includes a quote from Andrew Bailey (FSA/PRA), who notes that “existing standards and guidelines do not set sufficiently robust expectations for internal audit functions in firms in terms of their role, scope of work, standing within the organisation and exercise of effective challenge. The Institute’s initiative can go a long way to addressing these issues and help internal audit provide a better independent challenge to management’s decisions and improve the effectiveness with which risk management and internal control are evaluated”.
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  • BoE: RAMSI: a top-down stress-testing model

    11/09/2012
    RAMSI is a large-scale model of the UK banking sector that is designed to assess the solvency and liquidity risks faced... by the UK financial system. This paper provides a summary of the RAMSI model with an illustration of its recent application in the IMF’s 2011 UK Financial Sector Assessment Program.
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  • Final Notice: BlackRock Investment Management (UK) Limited

    11/09/2012
    FSA has fined the firm £9,533,100 for failing to protect client money adequately by not putting trust letters in place for... certain money market deposits, and for failing to take reasonable care to organise and control its affairs responsibly in relation to the identification and protection of client money. Between 1 October 2006 and 31 March 2010, the firm failed to obtain such letters in relation to some of the money market deposits it placed with third party banks. The error occurred as a result of systems changes that followed on from BlackRock Group's acquisition of the firm, which had previously been known as Merrill Lynch Investment Managers Limited. These changes rendered BIM's procedures for setting up trust letters ineffective. The average daily balance affected by this failure was over £1.36bn. Had the firm become insolvent at any time during this period, clients would have suffered delay in securing the return of their funds and may not have recovered their money in full. FSA notes that, in determining the penalty it took into account that the misconduct was not deliberate, and that the firm reported the issue to FSA and has since remedied the situation and put in place robust systems and controls relating to client money protection. No clients suffered any losses as a result of the error. The firm agreed to settle with the FSA at an early stage and qualified for a 30% discount on the financial penalty.
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