Banks must act on refunds rules Nov 8, 2009
The warning comes from the Financial Services Authority which began regulating current accounts on 1 November. The FSA says banks must refund customers first and then investigate how disputed transaction happened. (BBC News -- Business)
Lofsa will ensure businesses comply with regulations Nov 7, 2009
KUALA LUMPUR: The Labuan Offshore Financial Services Authority (Lofsa) says it will ensure that financial businesses in Labuan continue to comply fully with international regulatory requirements. It would take forceful action against any breach and non-compliance, it said in a statement yesterday. (The Star Online, Malaysia -- Business)
Sugar firm to shut pension scheme Nov 7, 2009
Other employers pursuing the same policy this past year have been Pirelli, Dairy Crest, Costain, Morrisons, Barclays, Fujitsu, the Financial Services Authority and IBM.. Enough. (BBC News -- Business)
Mandelson Says New European Union's Hedge Fund Rules May Reduce Investment Nov 7, 2009
Mandelson, a former EU trade commissioner, is speaking a month after , chairman of the U.K. Financial Services Authority, said the measures were overly prescriptive. The FSA estimates the rules may cost fund managers 4. (Bloomberg -- Europe)
A Retirement Income From Equity Rel... Nov 6, 2009
All that has changed with the involvement in the past few years of the Financial Services Authority (FSA). Equity release companies really do now have to mind their Ps and Qs. (Suite101.com)
UBS fined 8m by UK regulator Nov 6, 2009
The Financial Services Authority (FSA) has fined Swiss banking giant UBS 8m for failing to stop its employees making unauthorised transactions. The FSA said four UBS employees had carried out the transactions using customer money on at least 39 accounts. (BBC News -- Europe)
Economics focus: Buffer warren Nov 5, 2009
A new study commissioned by the Financial Services Authority, Britain s bank regulator, and conducted by the National Institute of Economic and Social Research, suggests more capital would marginally boost Britain s wealth. If you take me off life support, I ll kill you. (The Economist)
Canada's Flaherty Says G-20 Has `Disparate Views' on Bank-Rule Changes Nov 5, 2009
Financial Services Authority Chairman and , the vice-chairman of the Swiss National Banks governing board, said that a banking groups structure will determine what reforms are applied, such as holding greater amounts of capital. Banker Pay. (Bloomberg -- Canada)
Travel Insurance Paying for Itself When Luggage Goes Missing, States AA Travel Insurance Nov 5, 2009
AA Travel Insurance is a division of Drakefield Insurance Services Limited which is authorised and regulated by the Financial Services Authority. Drakefield Insurance Services Limited is part of The AA.. (Yahoo! Wire -- Entertainment News)
Christmas debts Nov 4, 2009
Credit unions are regulated by the Financial Services Authority (FSA) and are members of the Financial Services Compensation Scheme (FSCS), so your money is 100% safe. As ethical organisations, credit unions look to find the best ways of helping members avoid getting into debt or taking out unnecessary loans, and they will take time to explain their products and give you the information you need. (BBC News -- UK)
Profit `Not Satanic' Barclays Chief Says After Goldman Sachs Invokes Jesus Nov 4, 2009
Bankers need to convince the public of their usefulness to preserve their pay, jobs and the City, said , chairman of U.K. regulator the Financial Services Authority. What good does the City do. (Bloomberg)
Huge banks 'could be broken up' Nov 1, 2009
Page last updated at 13:50 GMT, Sunday, 11 October 2009 14:50 UK. Huge banks 'could be broken up. (BBC News -- UK)
Democrats round on Bush over trade gap Nov 1, 2009
The Financial Services Authority (FSA). Education. (Yahoo News -- U.S. Budget)
Debt mountain looms but euro zone can climb it Oct 31, 2009
New rules being suggested by Britain's Financial Services Authority could eventually raise the amount of liquid capital required of banks there from 220 billion pounds now to 600 billion, and mooted changes in the United States could lift needs from $US1. 1 trillion today to as high as $US2. (Sydney Morning Herald -- Business)
US bond yields Oct 31, 2009
The Financial Services Authority (FSA). Two Independent Publishing Companies. (FT.com -- Markets)
Double blow for online music file-sharing`hubs Oct 31, 2009
" Authorities alleged that members of these networks were required to make at least 250 songs available so that other users could copy them. In exchange, members were able to download shared files from the hard drives of all other people on the network.The RIAA's efforts were set back last week when a federal appeals ruled that makers of file-sharing software could not be held liable for copyright infringement by people using the software.Additianl reporting by Joanna Chung The Financial Times... (Yahoo News -- Digital Music)
Fresh bank rules come into force Oct 31, 2009
New rules come into force on Sunday when the Financial Services Authority (FSA) takes over regulation of the way banks treat their customers ... "UK banks have supported statutory regulation so the move of the old Banking Code to the Financial Services Authority is something we are behind," it said. (BBC News -- Business)
DSM divestitures could attract Yara and Lanxess Oct 30, 2009
The Financial Services Authority (FSA). Recruiters. (FT.com -- Markets)
Lender to repay 46,000 borrowers Oct 30, 2009
8m by the Financial Services Authority (FSA) for mistreating customers who fell into arrears. It has also been told to repay 7. (BBC News -- Business)
Lloyds eyes capital raising plans Oct 30, 2009
The High Street lender is "in advanced discussions" with the Treasury, the Financial Services Authority and UK Financial Investments - which manages the UK government's stakes in bailed-out banks - over its potential participation in GAPS.. It has been in talks since the scheme was announced in March. (BBC News -- Business)
Swinton to refund 350,000 people Oct 29, 2009
Swinton has also been fined 770,000 by the Financial Services Authority which found the broker's sales of Payment Protection Insurance to be flawed. PPI was automatically included in insurance quotes in December 2006 to March 2008 even if it was not needed. (BBC News -- Business)
Bankers' bonuses: Moral outrage Oct 29, 2009
We are not an incomes regulator, says Hector Sants, chief executive of the Financial Services Authority (FSA). The watchdog s only sanction is to demand more regulatory capital from those banks whose pay policies appear to be putting their firms at greater risk. (The Economist)
Regulator acts on Lehman products Oct 28, 2009
The order from the Financial Services Authority (FSA) comes after an investigation into the sale of the so-called structured products. About 5,600 people in the UK are thought to have lost about 107m. (BBC News -- Business)
MPs attack Iceland council advice Oct 28, 2009
The Communities and Local Government Select Committee said the Financial Services Authority (FSA) should pursue a more "active role" on the issue. Local authorities had 1bn worth of deposits frozen when the Icelandic banking system folded last year. (BBC News -- UK)
UK: banks must limit bonuses, say Tories Oct 27, 2009
He asked Chancellor of the Exchequer Alistair Darling and Britain's financial services watchdog, the Financial Services Authority, to combine forces to achieve this aim. He appealed to voters who were angry that the bailout was saddling taxpayers with potential liabilities equivalent to a year's economic output in the UK.. (Business Report, South Africa)
Administration for finance firm Oct 27, 2009
The decision of the company to put itself in administration was prompted by the Financial Services Authority's (FSA) recent investigation of the way the complicated "structured products" had been sold ... Financial Services Authority ... The Financial Services Authority (FSA) has been reviewing the UK structured products market in the light of the Lehman collapse in September 2008. (BBC News -- Business)
Tories urge bank cash-bonus limit Oct 26, 2009
In a speech at Reuters, in Canary Wharf, the shadow chancellor is expected to say the Treasury and Financial Services Authority will be urged to ban big cash bonuses being paid to bankers. It is thought that the Conservatives would seek to protect bonuses of less well paid staff who work in bank branches, so would allow bonuses of less than 2,000 to be paid. (BBC News -- UK)
* FSA to require big UK banks to draw up a living will Oct 24, 2009
The Financial Services Authority (FSA) said banks regarded as too big to fail will also have to hold more capital as an insurance against the dangers posed to the financial system if they collapsed. The living wills will include ways of splitting a banks deposit-taking arms from securities trading units. (Taipei Times, Taiwan -- World)
Lloyds and Treasury APS agreement hoped for next week but situation still in flux Oct 24, 2009
Meanwhile, under the UK tripartite system, the Financial Services Authority (FSA) and the Bank of England (BofE) also need to give their go-ahead ... The Financial Services Authority (FSA). (FT.com -- Markets)
Banks rapped over hardship claims Oct 24, 2009
Under Financial Services Authority (FSA) rules, banks are supposed to treat hardship claims sympathetically. But the FOS says it has received many complaints that this is not happening. (BBC News -- Business)
Banks 'to lend more in mortgages' Oct 23, 2009
Page last updated at 09:44 GMT, Thursday, 22 October 2009 10:44 UK. Banks 'to lend more in mortgages. (BBC News -- Business)
Merrill's Former European Chairman Bob Wigley Warns Against Bank Breakups Oct 22, 2009
Financial Services Authority Chairman will today publish his second report in seven months on reforming the banking industry. To contact the reporter on this story: in London at ; in London at. (Bloomberg -- Europe)
Watchdog rejects Dunfermline rap Oct 21, 2009
MPs on the Scottish Affairs Committee said the Financial Services Authority failed to issue clear warnings about the risks of the business failing. However, responding to the report, the FSA said it had given numerous specific warnings between 2003 and May 2008. (BBC News -- Business)
Summer lift in mortgage lending Oct 21, 2009
On Monday, the Financial Services Authority - which regulates mortgage providers - published proposals that would require lenders to put borrowers under greater scrutiny before giving them a home loan. Bookmark with. (BBC News -- Business)
Mortgage matters Oct 20, 2009
All borrowers will face stricter scrutiny of their mortgage applications under new plans published by the Financial Services Authority (FSA). At the heart of these proposals is a ban on self-certified mortgages, which do not require borrowers to prove their income. (BBC News -- UK)
Plan for mortgage affordability test Oct 19, 2009
Borrowers face a mortgage affordability test from lenders amid plans by the Financial Services Authority (FSA) to step up the regulation of home loans. Self-certification mortgages will be banned under the proposals with lenders required to verify borrowers' incomes. (BBC News -- UK)
Tough new lending rules expected Oct 19, 2009
The move is part of a review by the Financial Services Authority watchdog into how lenders behave. Joe Lynam reports. (BBC News -- UK)
* UK watchdogs said to decide on Lloyds capital raising plans over the weekend Oct 18, 2009
Signing up to the APS would be a costly matter for Lloyds and the talks between the Bank of England, the Financial Services Authority and the Treasury will centre on whether the three think it safe for Lloyds to stay out. From a financial stability point of view, is the tripartite happy to let them go their own way. (Taipei Times, Taiwan -- World)
Celebrate success Oct 17, 2009
New regulations from the Financial Services Authority come into force in the UK in January. These rules will ensure that bonuses can no longer be guaranteed for more than a year, and that senior employees must have their bonuses spread over at least three years. (BBC News -- Business)
Blow to insurance restrictions Oct 17, 2009
"The Tribunal concluded that the Commission had failed to take into account the loss of convenience which would flow from the imposition of the point of sale prohibition in assessing whether it was proportionate to include it in its proposed remedies package. "In the Tribunal's view, this constituted a failure to take into account a relevant consideration," it added. The tribunal quashed that part of the Competition Commission's report which imposed the restriction and told the Commission to... (BBC News -- Business)
Banks' funding: Parting shot Oct 15, 2009
The Financial Services Authority (FSA) was one of the most permissive big supervisors in the world. When the crisis hit, it acted as a cheerleader for Britain s shaky banks. (The Economist)
Foreign banks agree UK pay rules Oct 15, 2009
In August, the Financial Services Authority published a code on bankers' pay, due to take effect from January. Last month, the five biggest banks in the UK agreed to accept the rules on pay, and they have now been followed by eleven foreign banks. (BBC News -- Business)
A question of money to test you Oct 14, 2009
If you have savings in a bank which is regulated by the Financial Services Authority, to what level are your savings guaranteed if the bank goes bust. Unlimited guarantee. (BBC News -- Business)
Lloyds bid to sever state ties too costly Oct 14, 2009
The bank had submitted a plan to the Financial Services Authority to raise 15bn in a share sale, a separate person familiar with the matter, who also declined to be identified, said last week. Under the plan, the lender would also sell assets to raise money. (Business Report, South Africa)
Oxbridge-Sounding Scammers in Spain Seduce British With Investing Schemes Oct 13, 2009
About one-third of all known boiler rooms are located in Spain, according to data from the U.K. Financial Services Authority. Thats why British tabloid newspapers refer to the 1,000- mile stretch of Mediterranean coastline -- which runs from Barcelona in the northeast to the resort of Marbella in the south -- as the Costa del Crime. (Bloomberg)
Lofsa sticks to 12% growth target Oct 10, 2009
KUALA LUMPUR: The Labuan Offshore Financial Services Authority (Lofsa) believes its growth target of 12% this year for the number of companies doing business in the offshore financial centre is achievable despite the global economic slowdown. Director-general Datuk Azizan Abdul Rahman said that as at end-September, about 9% growth had already been achieved involving companies in banking, insurance and other financial sectors. (The Star Online, Malaysia -- Business)
Banks Can Pass On $3 Billion in Liquidity-Rule Fees to Customers, FSA Says Oct 10, 2009
Banks can charge retail and corporate customers higher rates and fees to maintain profit margins after implementing the rules, David Morgan, liquidity policy manager at the Financial Services Authority, said in London today. The cost to financial firms of using more expensive funding, such as government bonds, may reach 2. (Bloomberg -- UK)
NASDAQ OMX and EMCF Launch Central Counterparty Clearing in the Nordics Oct 9, 2009
EMCF's main shareholders are Fortis Bank Nederland N.V. and Nasdaq OMX Nordic Group Inc. The activities of EMCF are regulated by the Dutch central bank, De Nederlandsche Bank (DNB), the Dutch Authority for the Financial Markets (AFM) and the UK Financial Services Authority (FSA). Cautionary Note Regarding Forward-Looking Statements. (Primezone Releases)
Lloyds Banking Targets Share Sale of About $17.6 Billion, Times Reports Oct 9, 2009
Senior regulators met last night to decide whether to allow the bank to press ahead with the rights offering and the Treasury, Financial Services Authority and the Bank of England will rule imminently on it, the newspaper said. To contact the reporter on this story: in London. (Bloomberg -- UK)
Lloyds eyes 15bil rights issue Oct 9, 2009
Banking regulator, the Financial Services Authority (FSA), was scrutinising the plan, the FT said, citing people close to the planning for the deal, in which Lloyds would also sell assets such as insurance business Scottish Widows, and shrink its balance sheet. On Wednesday, Sky News reported that Lloyds had presented the FSA with a plan to raise 25bil through a rights issue, asset disposals and other measures to allow it to withdraw completely from the government-sponsored asset protection... (The Star Online, Malaysia -- Business)
British bank mulls huge rights issue: report Oct 8, 2009
The Financial Services Authority watchdog is currently scrutinising the plan, under which Lloyds could also sell assets and shrink its balance sheet, according to the paper ... The Financial Services Authority watchdog is currently scrutinising the plan, under which Lloyds could also sell assets and shrink its balance sheet, the paper said, quoting unnamed people close to the deal. (Yahoo! Asia News)
Refunds over 'unfair' insurance Oct 8, 2009
The refunds have been ordered by the Financial Services Authority (FSA). The regulator is worried that premiums have been raised, and the level of cover limited, unfairly. (BBC News -- Business)
Ghana International Bank To Celebrate 50years Oct 8, 2009
The bank which is owned by Bank of Ghana, Ghana Commercial Bank Ltd, Social Security and National Investment Trust, Agricultural Development Bank Ltd, State Insurance Company, is Regulated by the Financial Services Authority in the United Kingdom. Source:Eagle Media House UK. (Ghana Web, Ghana)
Anger over wall crossing claims Oct 8, 2009
The claims were made as part of a defence by two bankers, Christopher Parry and Darren Morton, who were on Wednesday censured by the UKs Financial Services Authority for market abuse. EDITORS CHOICE. (FT.com -- Markets)
HSBC boss says banks owe apology Oct 7, 2009
On Monday, the Financial Services Authority in the UK published new rules governing funding standards at banks and building societies, stating that banks should hold more assets that were truly liquid, such as government bonds. Bookmark with. (BBC News -- Asia-Pacific)
Tin tests Financial Services Authority s mettle Oct 7, 2009
Tin tests Financial Services Authority s mettle ... Tin tests Financial Services Authority s mettle ... Market participants are free to build a dominant position in a futures contract (even hold more than half the open interest in a contract approaching expiry), provided they do not intentionally attempt to manipulate prices, and comply with directions from the exchange and the Financial Services Authority (FSA) to ensure the market remains orderly. (The Star Online, Malaysia -- Business)
Banks given new rules Oct 7, 2009
The Financial Services Authority said banks should hold assets that were truly liquid, such as government bonds. Firms would have to change their business models but would have several years to comply, the regulator said. (BBC News -- Business)
UK bank woes prompted riot fears Oct 7, 2009
Chancellor of the Exchequer Alistair Darling, Bank of England Governor Mervyn King and Financial Services Authority Chairman Adair Turner met at 5 p.m. on Oct. 7, 2008, and readied a 250 billion-pound ($447 billion) rescue for the banks in the 16 hours before they opened for business the following day. In response to a Freedom of Information Act request from Bloomberg News one year on, the Treasury declined to say if it had a contingency plan for the two banks, then or now. (Sydney Morning Herald -- Business)
Call for regulation of buy-to-let Oct 6, 2009
Buy-to-let mortgages are generally treated as business loans, unlike other mortgages which are regulated by the Financial Services Authority (FSA). The British Property Federation, which represents investors, said regulation would halt "reckless lending". (BBC News -- Business)
Sukuk investors position amid defaults Oct 3, 2009
In Malaysia, sukuk issuance is governed by various legislations as well as rules, guidelines and practice notes issued by the relevant authorities, in particular the Securities Commission for the onshore Islamic capital market (ICM), and the Labuan Offshore Financial Services Authority (or LOFSA) for the offshore ICM.. The existence of a standard documentation framework in a recognisable pattern and format adds comfort to both the financing and investment fraternities. (The Star Online, Malaysia -- Business)
Banks prompted on overdraft plans Oct 2, 2009
The banks were sent a questionnaire in August by the Financial Services Authority (FSA). It asked them what plans they had to make sure that repayments could be made "effectively and swiftly". (BBC News -- Business)
CME downplays reliance on OTC for growth Oct 2, 2009
Kim Taylor, a CME managing director, added at the investor meeting that the company expects its European clearinghouse for CDS and other products to get British Financial Services Authority approval by about year's end. CME is now in talks with possible members for the European venture, Taylor said. (Crain's Chicago Business)
Virgin Media Obtains Secondary Listing on the London Stock Exchange Oct 1, 2009
LONDON--(BUSINESS WIRE)--Virgin Media Inc. (NASDAQ: - ) (LSE: - ) today announced that shares of its common stock have been admitted to the Official List of the Financial Services Authority and have commenced trading on the main market of the London Stock Exchange under the ticker symbol VMED ... This press release constitutes an advertisement within the meaning of the Prospectus Rules of the UK Financial Services Authority, is not a prospectus and has been prepared solely in connection with... (Yahoo! Wire -- Entertainment News)
Brown says markets 'need morals' Sep 30, 2009
Earlier this year, Financial Services Authority chief executive Hector Sants said the regulator was "committed to holding senior managers to account" and had fined or prohibited a number of directors where there had been evidence of "culpable misconduct" ... Under new Financial Services Authority rules scheduled to take effect in January, bonuses will not be guaranteed for more than a year and will have to be spread over three years. (BBC News -- Business)
FSA orders insurance payback Sep 30, 2009
The Financial Services Authority (FSA) has told banks and other lenders to compensate customers who may have been mis-sold payment protection insurance. The order has been given initially to firms responsible for selling more than 40% of "single-premium" PPI policies when giving unsecured personal loans. (BBC News -- Business)
