Financial Conduct Authority (FCA)
Change to broken benchmarks years away, say industry commentators
After the FCA produced a review criticising banks for not learning the lessons of Libor and forex, observers predict no major benchmark reform until efforts co-ordinated with industry
UK payments regulator evaluates efforts to improve access
Banks and payment systems now expected to be more transparent about criteria for access; regulator says this is now bearing fruit, but the real tests are yet to come
People: Board changes at PRA; Rodriguez to lead Fed’s ‘faster payments’
Four new board directors to start at PRA, Fed gives Sean Rodriguez lead role for ‘faster payments’, CNB names new head of communications and more.
Martin Wheatley resigns as FCA chief executive
FCA chief quits after it emerges the UK chancellor will not be renewing his term next year; worldwide search begins for successor
People: Madigan returns to Fed board; FCA appoints retail supervisory head
Brian Madigan returns to the Federal Reserve Board as FOMC secretary; Financial Conduct Authority names Jonathan Davidson director of supervision, retail and authorisations; and more
Senior UK bankers face bonus clawback for up to 10 years
Final PRA/FCA proposals on remuneration set the clawback period at seven years with a potential three more for senior managers; Andrew Tyrie questions whether the rules are enough
SEC chief sees potential in UK’s senior managers regime
Mary Jo White says she is ‘very interested’ in the UK's accountability regime, as part of a panel discussing the many pitfalls in changing bank culture; Martin Wheatley warns reform could take 10 years
Banks are de-risking due to lack of regulatory direction
Banks are struggling to balance growing compliance costs with the need for a risk-based approach to individual client accounts. Regulatory guidance isn’t helping, a London conference hears
FCA’s Wheatley highlights complexity of banking cultural reform
As banks are hit with yet more record-breaking fines, the head of the UK’s financial watchdog argues they are trying to change their ways, but the job is not a straightforward one
UK’s Tyrie says ‘wider problems’ need fixing at FCA
Damning report by UK’s Treasury Committee says financial watchdog must do more to correct failures brought to light during a communications debacle in March 2014
UK payments regulator set for launch
PSR outlines its approach ready for start of regulation on April 1, including plans to work more closely with the industry, increase transparency and boost competition
Carney targets 'strategic’ approach to market intelligence
BoE governor Mark Carney sheds light on some of the recent changes to the way the central bank gathers market intelligence in Treasury Select Committee hearing
UK regulators flesh out proposed punishments for bankers
Consultation papers set out details of how presumption of responsibility will work in practice, including narrowed scope, and seek to extend greater protections to whistleblowers
MAS takes first steps towards crowdfunding regulations
Proposed regulations aim to strike a balance between encouraging a valuable source of finance for small businesses and managing the high risks associated with securities-based crowdfunding
BoE’s Hauser says markets review will avoid heavy-handed regulation
Andrew Hauser says UK’s Fair and Effective Markets Review will seek to achieve its aims through market discipline if possible, instead of imposing burdensome regulation
Treasury Committee attacks FCA’s use of media as ‘tool of regulation’
UK conduct regulator defends use of press to disseminate its policies, but MPs call the process ‘bizarre’ and a ‘colossal risk’
UK’s FCA declares success in nudging savers towards new products
Occasional paper presents results of trial involving over 20,000 consumers to see if they could be encouraged to seek higher returns; produced ‘notable difference’ in behaviour
FCA director says breakdown in controls led to communications blunder
Clive Adamson says FCA has taken steps to improve internal procedures; tells MPs the organisation can struggle to operate in a crisis
UK payments regulator may use powers to force innovation
Payment Systems Regulator emphasises its "strong" powers over industry and says it will not hesitate to use them if firms fail to collaborate on innovation
Davis Report reveals extent of FCA communications blunder
Report uncovers misguided comms strategy, poor supervision by senior managers and sluggish response as FCA ‘taken by surprise’
UK's FCA unveils reshuffle amid criticism
Conduct supervisor admits supervisory model for small firms has been "under strain" as three directors quit; critical report due to be published this week
New payments regulator in UK may have uneasy relationship with BoE
Treasury committee highlights potential for conflicting objectives between newly formed payments regulator and the Bank of England; Tyrie says independence ‘pretty heavily circumscribed’
UK bank reforms may be ‘diluted’, warns parliamentary commission
Former members of the Parliamentary Commission on Banking Standards warn regulations are at risk of being misinterpreted, diluted by lobbying, or applied incorrectly
Time for clock synchronisation – regulators
Global regulators assess the need for a central reference clock to aid investigations into alleged abuse of financial markets