Friday, November 27, 2009

British banks quizzed on exposure to Dubai crisis | Business | The Guardian

British banks quizzed on exposure to Dubai crisis | Business | The Guardian: "The Financial Services Authority is understood to have demanded that the firms it regulates are open about their exposure to the troubled Dubai entities and along with the tripartite authorities – which also include the Bank of England and the Treasury - the FSA is continuing to monitor the situation closely"


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Let's make a list of things that "the banks" could yet fall foul of..


There are the C******** P******* for a start...

Then there are... oh forget it, I'm not a regulator.

2010 could be a very bad year, very bad indeed.

Wednesday, November 25, 2009

McCarthy may make millions from the Rock | This is Money

McCarthy may make millions from the Rock | This is Money: "McCarthy, who left the FSA just over a year ago, said Flowers 'is unique in its expertise and concentration on the financial sector'."


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All unregulated business with the former regulator involved, more socially useless activity?

Is it morally acceptable to have former regulators with so much inside knowledge operating an unregulated business controlling the mortgages of the hapless? TCF anybody?

Monday, November 23, 2009

FT.com / Financials - The man who went from gamekeeper to poacher

FT.com / Financials - The man who went from gamekeeper to poacher: "The scare almost certainly added urgency to his desire to find one last big job - and, if friends and acquaintances are to be believed, one big paycheque."


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We don't need his friends (does he have any?) or acquaintances to tell us what he (or Cowdery) is using his regulatory insight for, it isn't a socially useful activity is it?

FT.com / Companies / Banks - Tiner joins in reforms debate

FT.com / Companies / Banks - Tiner joins in reforms debate: "Mr Tiner, whose handover to Hector Sants as chief executive of the FSA came two months before the collapse of Northern Rock, argued that one welcome element of the current reform initiative was that global leaders were “making good, positive joined-up noises”."

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But John Tiner didn't actually depart from FSA employment for another six months, he has never been brought before the Treasury Select Committee for some questions to be answered for all of us.

Is this man qualified to comment on stricter regulation when he presided over a period when systemic risk built up to the point that Great Britain nearly folded and is now no longer 'Great'?

Sunday, November 22, 2009

FT.com / FTfm / Regulation and governance - Distribution reform plans not enough

FT.com / FTfm / Regulation and governance - Distribution reform plans not enough: "The Financial Services Authority should abandon proposals under its retail distribution review to ban commissions and replace them with adviser charging. Commission bias should be tackled instead by capping the offending commissions."


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The simplest solutions can be the best.

Sunday, November 15, 2009

Labour to overturn bonus deals at risk-taking banks | Business | The Guardian

Labour to overturn bonus deals at risk-taking banks | Business | The Guardian: "No 10 disputed suggestions that the Queen's speech was thin or that few of the controversial new laws would reach the statute book due to the lack of parliamentary time before the general election."


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We have the Henry VIII clauses Mr Brown!!

Labour to overturn bonus deals at risk-taking banks | Business | The Guardian

Labour to overturn bonus deals at risk-taking banks | Business | The Guardian: "However, City experts doubted the FSA would be able to tell from studying often-opaque individual discretionary bonus contracts whether they encouraged excessive risk-taking."


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These "City experts" might be in for a shock!

Monday, November 9, 2009

Plans to Split U.K. FSA Will Lead to ‘Dark Age,’ CEO Sants Says - Bloomberg.com

Plans to Split U.K. FSA Will Lead to ‘Dark Age,’ CEO Sants Says - Bloomberg.com: "His comments “will not be well received by the Conservative Party and risk putting him on a collision course with a new government next year,” said Nathan Willmott, a regulatory lawyer at Berwin Leighton Paisner."



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Somebody within the Conservative ranks needs to temper their ambitions and silence their 'advisers', we don't need another period of mayhem in regulation.

FSA warns of "turf war" if its powers are broken up | News | Money Marketing

FSA warns of "turf war" if its powers are broken up | News | Money Marketing: "Sants said while the FSA’s new intensive supervisory regime is delivering financial stability, reform will only come if both the regulator and the regulated are “committed to genuine change”."



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We are committed Mr Sants but it requires a modicom of understanding from all parties.

Sunday, November 8, 2009

Axa insurance prepares launch of £1.8bn rights issue - Telegraph

Axa insurance prepares launch of £1.8bn rights issue - Telegraph: "France's biggest insurer is plotting the capital-raising to fund potential acquisitions"


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Is that a fact?

FT.com / By sector - Insurers hope for capital holding reprieve

FT.com / By sector - Insurers hope for capital holding reprieve: "Another big concern among trade bodies is over the way Ceiops’ summer papers said insurance liabilities should be accounted for on a run-off basis rather than as a going concern, which would demand far more capital be held against them.
There is also a worry that insurers, like banks, will see their ability to use junior, hybrid debt instruments as capital instead of shares severely curtailed."


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Is the writing on their walls?

FTAdviser.com - Cisi urges FSA to make joining professional body mandatory

FTAdviser.com - Cisi urges FSA to make joining professional body mandatory: "The FSA should consider making membership to a professional body mandatory for people working in financial services, according to more than three-quarters of the Chartered Institute for Securities and Investment's members."


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They would say that, of course they would. Who are they?

Saturday, November 7, 2009

Capital adequacy requirements delayed by one year | News | Money Marketing#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted

Capital adequacy requirements delayed by one year | News | Money Marketing#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted: "The FSA says higher capital resources will enable firms to provide redress for consumers and limit the compensation due from the Financial Services Compensation Scheme in the event that a firm is wound up."


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This must have been dreamed up an accountant! One without any insolvency experience at that!!

Give me strength.....

RBS faces another year of losses, Hester admits - Business News, Business - The Independent

RBS faces another year of losses, Hester admits - Business News, Business - The Independent: "Responding to questions suggesting that the enormous weight of information supplied by RBS – its statement reached 120 pages – was being used to obscure useful information, a favoured tactic of Yes Minister's Sir Humphrey Appleby, Mr Hester said: 'It's not my job to make anyone else's easy. Disclosure is generally seen as a good thing.'
The Financial Services Authority has recently voiced concerns about the increasing length of banks' financial reports being used for this purpose."


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Is 'hiding' important information within a mountain of useless data a "financial crime"?

It should be, if the banks had been open and transparent with the regulator all along then we taxpayers might not be feeling so queazy today.

Tuesday, November 3, 2009

Brown hopes UK will take steps to heed Foot Report - Isle of Man Today

Brown hopes UK will take steps to heed Foot Report - Isle of Man Today: "Only in the Isle of Man does an ombudsman complaints scheme exist along the lines of that in the UK and Foot suggests other countries should consider whether introducing such a scheme is needed."


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"Only in the Isle of Man does an omdusman scheme along the lines of that in the UK".


Dear Mr Foot, the only similarity is in the name 'ombudsman', in all respects the IOM version complies with human rights legislation and, more importantly, common sense.

Monday, November 2, 2009

European Bankers Decry FSA's Plans - WSJ.com

European Bankers Decry FSA's Plans - WSJ.com: "FSA Chief Executive Hector Sants told delegates at the conference that systemically important firms will likely face tougher regulatory requirements."


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Not before time, how about more intrusive supervision and gathering of intelligence from the wider market?