Britain’s new watchdog announced sweeping changes in financial regulation on Wednesday, telling banks they can no longer blame customers when products go wrong and promising to study how consumers behave to make sure they can make the right decisions. The …
The European Union’s executive formally proposed on Thursday a tax on financial trading in 11 countries to raise up to €35 billion [$46.7 billion] annually, a step investors said would hit savers and pension pots. The European Commission set out …
Capital charges for insurers in the European Union could be cut to encourage lending for long-term projects and help boost the flagging economy, the bloc’s executive body said in a high profile policy shift. The European Commission has written to …
Britain’s top financial watchdog delivered a 10-point plan to fix Libor, but stopped short of scrapping the benchmark interest rate in a much-awaited reform of a system plagued by scandal. “The system is broken and needs a complete overhaul,” said …
The United States should reject Basel III bank capital standards if the international panel that drafted them does not make dramatic changes to the rules, a director at the U.S. Federal Deposit Insurance Corp. said on Friday. Speaking at the …
UK banks face new rules to stamp out sales incentives that have encouraged mis-selling of financial products going back two decades, the Financial Services Authority said on Wednesday. UK banks have been hit by a series of scandals in the …
Calling London a haven of regulatory loopholes that spawns financial trading disasters could make it harder to align new transatlantic rules, figures in London’s financial and legal circles said on Wednesday. Responding to attacks in Congress on London’s regulatory record, …
European Union countries could be obliged to bail out one another’s struggling banks, according to a draft EU law that marks a big step towards greater EU financial integration likely to upset some members, particularly Germany. Spain’s banking troubles and …
A global accounting rule rushed through after pressure from politicians during the financial crisis may have to be tweaked, sparking disruption for investors and companies. The International Accounting Standards Board (IASB) had long planned a revamp of its “fair value” …
Pressure on Europe’s banks to raise more capital increased on Monday after last week’s stress tests revealed their holdings of European sovereign debt, with likely losses on Greek bonds a growing concern. A health check of 90 European banks unveiled …
