Prudential Regulation Authority (PRA)
BoE commits to improving liquidity facilities
Report says central bank could do more to ensure smooth operations
BoE’s Woods warns of ‘point of tension’ in Brexit negotiations
PRA chief fears EU supervisors may adopt a local mindset when dealing with cross-border firms
People: Fed appoints new payments security strategy chief
Boston Fed vice-president to lead payments security; director of prudential regulation of UK banks to stand down; Kuwaiti governor to chair Council of the Islamic International Board in 2018; and more
BoE warns high court of insurance Brexit fallout
UK central bank expects number of insurers filing court claims to be three to five times the “normal level” following Brexit
BoE’s Woods: 75,000 Brexit job losses ‘plausible’
Deputy governor estimates 10,000 finance job losses on first day of Brexit, with wider long-term repercussions
People: Fijian interim governor appointed permanently, Azerbaijan deputy leaves
Fiji’s Ariff Ali appointed on permanent basis; Azerbaijan deputy steps down; Bank of England retains PRC members; and more
BoE paper mulls tensions in PRA competition objective
Paul Fisher and Paul Grout argue a secondary competition objective can be made to work without clashing with primary objectives
PRA’s tough line on Pillar 2 disclosure divides lenders
Watchdog seeks to level playing field with public disclosure of total capital requirements
UK banking sector faces higher costs after Brexit, report warns
Banks intend to minimise initial impact of Brexit in operations, but may be forced to move more personnel over time to maintain proximity to clients
PRA urges insurers to act on ‘silent cyber’ risks
Watchdog urges underwriters to embrace cross-policy stress-testing to identify exposure to claims from non-specified risks
PRA and FCA to investigate Barclays’ chief executive
Jes Staley comes under fire for undermining whistleblowing regime after he sought to identify a whistleblower; board to impose “very significant” cut to bonus
ECB may accept Brexit banks using UK models – Lautenschläger
Supervisor says a “hard Brexit” could see banks accepted on the basis of PRA-approved models
BoE’s PRA should clarify approach to insurance, report says
Report asks Prudential Regulation Authority to review boundaries of “policyholder protection”, warning the regulator not to stray into the FCA’s territory
People: Ireland deputy departs for private sector; BoE’s Broadbent to sit on new prudential committee
Cyril Roux to leave the Central Bank of Ireland in April; Mark Carney appoints Ben Broadbent to new prudential regulation committee; and more
BoE acts to tackle disparity in capital requirements
PRA plans measures it believes will boost competition and address adverse incentives generated by the standardised approach to calculating risk weights
UK’s PRA fines Japanese banking group for withholding information
Two arms of banking giant MUFG fall “significantly short” of regulators’ expectations, resulting in fines totalling £26.8m
UK financial regulators finalise plans to strengthen enforcement and transparency
PRA and FCA publish measures that will keep financial firms better informed about investigations; new framework will “command public confidence”
BoE’s Woods: firms favour ‘transitional’ Brexit period
Prudential Regulation Authority chief quizzed on best course of action for financial firms during Brexit process; “preferential” market access is not necessary, but seems sensible, he says
Banks not fully adapted to new prudential environment – BoE deputy
Firms need a “proper chance” to adapt to the “new world”, says Woods, warning that the banking system still looks fragile on some metrics, despite work by his predecessor, Andrew Bailey
Banks leaving London for Dublin must be ‘run from here’ - senior Irish official
Central bank planning to recruit more regulators if necessary, Cross tells financiers; hints at possible need to boost salary packages for some staff
PRA tightens standards for buy-to-let market
“Interest coverage ratio” and affordability stress tests to be implemented by January 2017, while remaining measures must be implemented by September 30
BoE’s Woods sees merit in multiple policy committees
New deputy governor believes MPC and FPC should remain separate; BoE has to make sure each committee is aware of the impact of their actions on other committees, he says
People: Uzbekistan appoints new deputy; Ahmed retiring from IMF
Shohruh Shoahmedov promoted to deputy chairman; IMF’s Masood Ahmed announces retirement; BoE’s Paul Fisher to chair London Bullion Market Association
Regulators can influence but not prescribe culture, Bailey says in last speech at PRA
Incoming FCA chief warns bank regulators cannot write a rule to “settle” culture, but cites the senior managers regime as an example of influence