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....Lenders have been told to raise their game after regulators highlighted the risks in the consumer credit market. The Bank of England's Prudential Regulation Authority (PRA) has highlighted various concerns during a review of lending in personal loans, credit cards and car finance. ... [Read full article on BBC ]
Tuesday 4th of July 2017 10:52:05 AM
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....The Bank is also bringing forward the part of the annual stress tests on banks that scrutinises their exposure to consumer credit by two months to September. The Bank’s Prudential Regulation Authority and the City regulator, the Financial Conduct Authority, will also publish next month how they expect lenders to treat borrowers in the consumer credit market. ... [Read full article on Guardian ]
Tuesday 27th of June 2017 09:44:48 AM
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.... Japanese banks Nomura and Daiwa are also said to have picked Frankfurt for some of their operations. While the plans that the Bank’s regulatory arm, the Prudential Regulation Authority, is asking for are intended to be contingency proposals, there are fears they could be enacted at the end of this year if there is no more information about transition arrangements. ... [Read full article on Guardian ]
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....The bank is calling on firms to look at the terms under which they are granting 0% balance transfers on credit cards and the basis on which they are issuing personal loans, and to consider the impact of a fall in value of a car when providing vehicle finance. Its regulatory arm, the Prudential Regulation Authority, found that while the current pace of growth was not being driven by a relaxation of lending standards, it was concerned that to achieve their future plans they would have to do so. ... [Read full article on Guardian ]
Tuesday 4th of July 2017 08:59:11 AM
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Wednesday 28th of June 2017 11:18:25 AM
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Latest Finance News related to Prudential Regulation Authority

HBOS inquiry: the time for delays is over | Nils Pratley image
Source : Guardian [Read Article] Tuesday 18th of July 2017 06:28:07 PM
....To be fair to him, he can’t be blamed for the delay in conducting the official inquiry, which finally landed in November 2015. Indeed, as head of the Prudential Regulation Authority at the time, he was one of the authors of the damming 400-page report that declared that “ultimate responsibility for the failure of HBOS rests with its board”. ...
Deadline looming for firms to give Brexit strategies to Bank image
Source : Guardian [Read Article] Saturday 8th of July 2017 03:00:11 PM
.... Japanese banks Nomura and Daiwa are also said to have picked Frankfurt for some of their operations. While the plans that the Bank’s regulatory arm, the Prudential Regulation Authority, is asking for are intended to be contingency proposals, there are fears they could be enacted at the end of this year if there is no more information about transition arrangements. ...
Lenders told to be vigilant over loans image
Source : BBC [Read Article] Tuesday 4th of July 2017 10:52:05 AM
....Lenders have been told to raise their game after regulators highlighted the risks in the consumer credit market. The Bank of England's Prudential Regulation Authority (PRA) has highlighted various concerns during a review of lending in personal loans, credit cards and car finance. ...
Bank of England steps up scrutiny of lenders image
Source : Guardian [Read Article] Tuesday 4th of July 2017 08:59:11 AM
....The bank is calling on firms to look at the terms under which they are granting 0% balance transfers on credit cards and the basis on which they are issuing personal loans, and to consider the impact of a fall in value of a car when providing vehicle finance. Its regulatory arm, the Prudential Regulation Authority, found that while the current pace of growth was not being driven by a relaxation of lending standards, it was concerned that to achieve their future plans they would have to do so. ...
UK banks ordered to hold more capital as consumer debt surges image
Source : Guardian [Read Article] Tuesday 27th of June 2017 09:44:48 AM
....The Bank is also bringing forward the part of the annual stress tests on banks that scrutinises their exposure to consumer credit by two months to September. The Bank’s Prudential Regulation Authority and the City regulator, the Financial Conduct Authority, will also publish next month how they expect lenders to treat borrowers in the consumer credit market. ...
Buy-to-let UK property sales fall by almost 50% in a year image
Source : Guardian [Read Article] Thursday 22nd of June 2017 05:45:48 PM
.... Instead, the income tax on someone’s property profits and any other income sources will be added up, and they will then be granted a “tax credit” worth 20% of the mortgage interest cost to offset against income tax. Since January the Prudential Regulation Authority (PRA) has required lenders to apply stress tests to new lending, putting further pressure on landlords’ finances. ...
Barclays chief apologises to shareholders over whistleblowing incident image
Source : Guardian [Read Article] Wednesday 10th of May 2017 06:26:33 PM
.... Even so, he said, the bank had treated the matter as a whistleblowing incident – although McFarlane said many issues raised by whistleblowers are not found to be valid. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Barclays CEO sees no reason for Brexit jobs shift to Europe image
Source : Guardian [Read Article] Wednesday 10th of May 2017 12:12:29 PM
....Staley made two attempts to discover the identity of the individual making the allegations and began the meeting by apologising to shareholders for his actions, which he now says were a mistake. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Barclays boss sees off shareholder rebellion image
Source : BBC [Read Article] Wednesday 10th of May 2017 07:04:15 AM
....He later told the Barclays board he had been trying to protect the individual who had experienced personal difficulties, but admitted he got "too personally involved". The Financial Conduct Authority and the Prudential Regulation Authority are now both investigating the matter. ...
Barclays chief admits he 'made a mistake' over whistleblowing case image
Source : Guardian [Read Article] Friday 28th of April 2017 08:27:59 AM
.... This related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. He had not offered to resign, Staley said, in the face the regulatory investigation into himself and the bank by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority. ...
Barclays boss faces shareholder revolt over whistleblowing case image
Source : Guardian [Read Article] Thursday 27th of April 2017 06:37:05 PM
.... He has issued a written apology for becoming too personally involved in the whistleblowing case, which related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Millions rethink their investment plans and move away from buy-to-let property image
Source : Daily Express [Read Article] Wednesday 26th of April 2017 12:01:00 AM
....Some landlords are escaping the tax relief crackdown by investing via a limited company, but this can be expensive for landlords with only a few properties. To make matters worse, the Prudential Regulation Authority is forcing stricter affordability tests. ...
Most global investors recognise financial risk of climate change, report finds image
....”. Hewson also praised the Australian Prudential Regulation Authority for warning in March that individual directors may be financially accountable for failing to factor in losses from climate change, commenting “that’s shaken them up a lot”. ...
United Airlines shows why it's time to deplane corporate-speak image
Source : Guardian [Read Article] Sunday 16th of April 2017 05:59:23 AM
....Staley now faces a significant cut to his bonus, and worse could follow. The Financial Conduct Authority and the Prudential Regulation Authority are investigating him. ...
Barclays whistleblower case sparks calls for more protection image
Source : Guardian [Read Article] Tuesday 11th of April 2017 11:59:31 AM
....Jes Staley is being investigated by financial regulators and faces a significant cut to his pay after admitting trying to unmask a whistleblower who made allegations about a long-term associate he had brought to the bank. Public Concern at Work (PCaW), a charity for whistleblowers, said there was “much work to be done” while GoodCorporation said the Barclays saga would be a “real test” for the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority. ...
Under-fire Barclays chief is probably guilty of behaving like a chump image
Source : Guardian [Read Article] Monday 10th of April 2017 11:01:12 PM
....We know that Barclays chief executive Jes Staley committed a “serious offence” when he tried to unmask a whistleblower, and that the poor thing will now have to get by on just his basic salary of nearly £10,000 a day when his bonus is slashed as punishment. What we don’t know is if the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority will go further once their investigations are concluded. ...
City regulators investigate Barclays boss Jes Staley image
Source : BBC [Read Article] Monday 10th of April 2017 06:32:38 AM
....He had tried to discover who wrote a whistleblowing letter to the bank. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will investigate his conduct. ...
Are the wheels about to fall off the credit gravy train? image
Source : Guardian [Read Article] Saturday 8th of April 2017 03:00:05 PM
.... The Bank of England is concerned that consumer spending is underpinned by rising credit card debt, personal loans and car finance deals. Its financial policy committee (FPC) and Prudential Regulation Authority are checking on banks’ lending to people who may not be able to repay, the impact of that on lenders – especially if interest rates rise – and the availability of credit. ...
Bank of England orders financial firms to draft Brexit contingency plans image
.... Some companies have already unveiled plans to move jobs and operations out of the UK and the Bank is now calling on all those with cross-border activities between the UK and the rest of the EU to report back by 14 July. Sam Woods, the Bank’s deputy governor for prudential regulation and head of the Prudential Regulation Authority, wrote in Friday’s letter: “Many firms are well-advanced in their planning and have engaged closely with the PRA as part of that process. ...
Co-op Bank receives takeover 'proposals' image
Source : BBC [Read Article] Friday 7th of April 2017 08:03:17 AM
....In its latest statement, the Co-op Bank said that, in addition to talks with suitors, it was also in discussions with existing and other potential new investors to raise capital. It added that it continued to discuss both the sale process and capital raising process with the Prudential Regulation Authority (PRA), "which has welcomed the actions being taken". ...
The Guardian view on rising personal debt: more prudence please | Editorial image
....From the embers of the 2008 financial crisis, a new regulatory regime emerged and there are some signs that it is now, finally, asserting itself. Andy Haldane, the Bank of England’s chief economist, first sounded the warning about rising consumer credit in 2015, but it was not until last week that the Bank announced that the Prudential Regulation Authority will be reviewing whether lending standards have become too lax, risking macroeconomic financial stability. ...
Bank still worried about personal lending image
Source : BBC [Read Article] Tuesday 4th of April 2017 11:26:26 AM
...."The FPC judged that underwriting standards should be monitored closely," it said. However another arm of the Bank, the Prudential Regulation Authority (PRA) has already started a review of the quality of new consumer credit lending, the results of which may affect future decision making at the Bank. ...
Sydney property prices rise almost 20% in past 12 months image
Source : Guardian [Read Article] Monday 3rd of April 2017 03:08:56 AM
....“Weaker economic conditions in states reliant on the mining industry, rising underemployment, weak wages growth and less favourable housing market conditions will drive delinquencies higher,” vice president and senior analyst Alena Chen said on Monday. On Friday the banking regulator, the Australian Prudential Regulation Authority (Apra), wrote to major lenders warning them to tighten their lending practices on investor and interest-only loans. ...
UK's borrowing binge is worrying the Bank of England image
Source : Guardian [Read Article] Monday 27th of March 2017 02:29:00 PM
....The Bank’s financial policy committee wants to know whether the increase marks a return to the bad old days when lenders put themselves in jeopardy by making it far too easy to obtain credit. A report into credit quality being conducted by the Prudential Regulation Authority will be the trigger for action if it finds that competition for business has led to a dilution in credit quality. ...
Co-op Bank sale plan attracts suitors image
Source : BBC [Read Article] Friday 24th of March 2017 09:52:14 AM
....The bank was forced to offer itself for sale after it was unable to reach a strong enough footing to satisfy the Bank of England's regulatory requirements. It blamed low interest rates and the higher-than-expected cost of its turnaround plan for its failure to meet the Bank's Prudential Regulation Authority (PRA) rules. ...
Co-op Bank warns of more branch closures as it reports £477m loss image
Source : Guardian [Read Article] Thursday 9th of March 2017 11:25:19 AM
....The annual report repeated its warning – as it has done for the past three years – “that there are material uncertainties which may cast significant doubt on the bank’s ability to continue as a going concern”. The bank is meeting the capital requirements set out by international regulators but not the requirement specifically tailored by the Bank of England’s Prudential Regulation Authority. ...
Co-op Bank reports loss as suitors circle image
Source : BBC [Read Article] Thursday 9th of March 2017 08:37:46 AM
....It was forced to offer itself for sale after it was unable to reach a strong enough footing to satisfy the Bank of England's regulatory requirements. The bank blamed low interest rates and the higher-than-expected cost of its turnaround plan for its failure to meet the Bank's Prudential Regulation Authority (PRA) rules. ...
Australian housing market crash could lead to broader downturn, OECD warns image
....Australia’s house prices have increased by 250% in real terms since the mid 1990s, with the median house price in Sydney hitting almost $1m at the end of January. The OECD attributed this boom to domestic buyers rather than foreign investment, and recommended government policy should pressure banks to limit mortgage lending for investment properties, and avoid risky loans – echoing 2014 measures already put in place by the Australian Prudential Regulation Authority. ...
Bank of England makes obscure tweak to mortgage rules... now you can get a BIGGER mortgage image
...."As a result lenders have restricted the proportion of offers in excess of 4. 5 times income to about 13 per cent, compared to the Prudential Regulation Authority's actual limit of 15 per cent. ...
For sale: Co-op Bank looks for buyers image
Source : Guardian [Read Article] Monday 13th of February 2017 08:05:49 AM
....The bank would not put a value on its operations or indicate how much extra funds it needs. The bank is meeting the capital requirements set out by international regulators but not the requirement specifically tailored by the Bank of England’s Prudential Regulation Authority. ...
Bank of England appoints Charlotte Hogg as deputy governor image
Source : Guardian [Read Article] Thursday 9th of February 2017 05:57:26 PM
....Although Hogg lacks Shafik’s international connections at organisations such as the International Monetary Fund, the privately-educated, Oxford graduate will wield considerable experience of the domestic financial sector when she takes up her new position at the end of the month. She will sit on the monetary policy committee, the financial policy committee, the Bank’s court of directors and the board of the main City regulator, the Prudential Regulation Authority. ...
GCHQ asked to step up action against cyber-attack threat to financial services image
.... The Bank of England has also listed the threat of cyber-attacks as one of the major risks facing the financial services industry. In his letter Tyrie, a Conservative MP, outlines the responsibility for cyber-threats as being shared between the Bank’s Prudential Regulation Authority (PRA), the Financial Conduct Authority and GCHQ. ...
Savings protection limit to go back up to £85,000 image
Source : Guardian [Read Article] Monday 21st of November 2016 12:39:56 PM
....Each country in the EU but not using the euro is obliged to review its limit every five years, but is allowed to make changes in the light of unforeseen events. Following the fall in the pound over the summer, the Bank of England’s Prudential Regulation Authority (PRA) is consulting on plans to bring the limit back up to £85,000, with effect from 30 January 2017. ...
Bank compensation limit to return to £85,000 image
Source : BBC [Read Article] Monday 21st of November 2016 12:25:19 PM
....". The Prudential Regulation Authority (PRA), part of the Bank of England, will now consult on the plan, although the idea has already been approved by the Treasury and the European Commission. ...
HBOS: City regulation 'outdated and unfair' say MPs image
Source : BBC [Read Article] Monday 25th of July 2016 11:10:25 PM
....". The Treasury said: "Since 2010, we have dismantled the failed tripartite system and put in place a more focused system of judgement-led supervision by the Financial Conduct Authority and Prudential Regulation Authority. ...
Bank of England in preparations for potential Brexit image
Source : Guardian [Read Article] Sunday 5th of June 2016 02:44:02 PM
.... Any banks thought to be in difficulties through no fault of their own will be able to tap unlimited quantities of cash provided by the Bank – and even those in good shape will be able to access the special funding. Through the Bank’s regulation arm, the Prudential Regulation Authority, Carney is being kept abreast of plans by the big lenders to ensure they are prepared for the consequences of a Brexit vote. ...
Co-op bank says bonus rules could mean higher salaries and costs image
Source : Guardian [Read Article] Friday 20th of May 2016 02:46:43 PM
....“To remain competitive and to enable the attraction and retention of employees, the bank will need to change its remuneration structure and this is likely to increase costs,” the Co-op bank said. The bank, bailed out in 2013 by the hedge funds that owned its bonds, said in April that a string of charges for conduct matters such as payment protection insurance and prolonged low interest rates would mean it would take a year longer than expected to reach the goals set by the Bank of England’s Prudential Regulation Authority. ...
RBS: no evidence of criminal behaviour, rule prosecutors image
Source : Guardian [Read Article] Thursday 12th of May 2016 12:56:29 PM
.... Goodwin had no right of appeal, and in accordance with custom was given no right to make representations to the forfeiture committee, a group of four permanent secretaries. The Crown Office said its investigation had required co-operation from the Financial Conduct Authority - which replaced the FSA - the Prudential Regulation Authority, part of the Bank of England, as well as the Serious Fraud Office, the Financial Reporting Council and the Federal Reserve Bank of New York. ...
Over-confidence is a still a risk in the City, says new FCA chief image
Source : Guardian [Read Article] Monday 9th of May 2016 10:56:00 AM
.... How things have changed,” he added. Bailey, who as deputy governor of the Bank is also head of the Prudential Regulation Authority, is joining the FCA in July after George Osborne pushed out Martin Wheatley in a move that was regarded as a softening in the government’s stance toward banks. ...
Sam Woods appointed Bank of England deputy governor image
Source : Guardian [Read Article] Friday 8th of April 2016 03:24:29 PM
....Sam Woods is being promoted from his current role overseeing the insurance industry and replaces Andrew Bailey, who is being parachuted in to head the Financial Conduct Authority – the body that regulates the industry from a consumer standpoint. Woods – who at 42 is considered one of the rising stars at the Bank – will takeover as head of the bank’s regulatory arm, the Prudential Regulation Authority (PRA), on 1 July on a five-year term. ...
Qatar Islamic Bank UK fined £1.4m by PRA image
Source : Guardian [Read Article] Friday 8th of April 2016 12:45:08 PM
....4m by the Bank of England for significant failings which left it undercapitalised and exposed to too high a level of risk. The business – which specialises in sharia-compliant property financing – had failed to realise that more than 25% of its capital had been lent to a single group of borrowers, said the Bank of England’s regulatory arm, the Prudential Regulation Authority. ...
Co-op Bank chairman defends Niall Booker's £4m pay after loss image
Source : Guardian [Read Article] Friday 1st of April 2016 10:26:41 AM
....As a result of the higher charges and other factors, including prolonged low interest rates, the bank said it would take a year longer than expected to reach required levels of capital strength. The revised plan, stretching to 2020, has been approved by the Bank of England’s Prudential Regulation Authority. ...
Mortgage clampdown ANOTHER blow for landlords amid fears property bubble could burst image
. Buy-to-let borrowers will face tougher lending rules under plans by the Bank of England's Prudential Regulation Authority (PRA) announced today. ...
Landlords face new affordability tests image
Source : BBC [Read Article] Tuesday 29th of March 2016 11:06:10 AM
....If adopted, the new rules could reduce lending to landlords by up to 20% over the next three years. The Prudential Regulation Authority (PRA) - an arm of the Bank - has recommended that banks and building societies take account of:. ...
Bank of England warns that vote to leave EU risks a credit crunch image
Source : Guardian [Read Article] Tuesday 29th of March 2016 11:00:22 AM
.... Last year, gross lending for buy-to-let property jumped to about £37bn, up from less than £10bn in 2009 and approaching the peak of almost £45bn in 2007. Lenders plan to increase buy-to-let lending by an average of 20% a year over the next two years, the Bank’s regulatory arm, the Prudential Regulation Authority, found. ...
Bank of England set to clamp down on  buy-to-let lending image
Source : Guardian [Read Article] Tuesday 29th of March 2016 07:36:12 AM
....The Bank has been watching the buy-to-let market for some time and is concerned about the amount of money pumped into the market and its vulnerability to even a small rise in borrowing costs. Threadneedle Street’s regulatory arm, the Prudential Regulation Authority, will on Tuesday publish a report on underwriting standards for buy-to-let mortgage lenders alongside scenarios for testing the financial strength of Britain’s banks. ...
Bank of England must burst the buy-to-let bubble now image
Source : Guardian [Read Article] Sunday 27th of March 2016 08:00:11 AM
.... The Bank is keen to avoid a downturn in the housing market being amplified by buy-to-let landlords selling up en masse because their investments have gone sour. On Tuesday, the Bank will publish the findings of its Prudential Regulation Authority on underwriting standards for buy-to-let contracts. ...
'Pension reforms won't be the next PPI' image
Source : BBC [Read Article] Wednesday 2nd of March 2016 06:35:59 PM
....She said the regulator had restricted the sale of complex financial products and that it also had the "nuclear option" of banning products altogether. The new chief executive of the FCA, Andrew Bailey, currently the deputy governor for Prudential Regulation at the Bank of England and chief executive of the Prudential Regulation Authority. ...
Small financial firms will escape EU bonus cap, says Bank of England image
Source : Guardian [Read Article] Monday 29th of February 2016 04:45:42 PM
....Andrew Bailey, deputy governor of the Bank of England, said he had discussed the issue with his European counterparts. “The Prudential Regulation Authority [regulator] attaches a great deal of importance to the principle of applying policies in a proportionate manner consistent with the legal provisions,” he said. ...
Bank of England says City expects more sterling volatility before EU poll image
Source : Guardian [Read Article] Tuesday 23rd of February 2016 12:04:33 PM
....Carney said if uncertainty over the referendum started to affect confidence in the economy, the BoE’s rate setters would expect that to show up in surveys conducted by its agents across the country. He said the BoE was making contingency plans and that its Prudential Regulation Authority division was keeping a check on banks’ planning for the vote. ...
What will Brexit mean for the City of London?  image
Source : Telegraph [Read Article] Friday 19th of February 2016 07:00:05 AM
.... . Along with bodies such as the Prudential Regulation Authority, the BoE decides on how much capital banks need to hold against their assets, what maximum level of loans people can take out as mortgages, or if bankers' bonuses should be capped or not. ...
EU promises to give challenger banks a break image
Source : Telegraph [Read Article] Sunday 7th of February 2016 09:36:55 PM
.... Top British regulator Andrew Bailey is also keen to reduce the burden on small banks. Andrew Bailey, the head of the Prudential Regulation Authority at the Bank of England, was also at the conference and said he backed the call for more proportional regulation for smaller banks. ...
Brexit won't put an end to red tape, warns Bank deputy image
Source : Telegraph [Read Article] Wednesday 3rd of February 2016 04:54:54 PM
.... . While he said Mr Cameron's aims had been clearly set out, Mr Bailey, who is currently the chief executive of the Prudential Regulation Authority (PRA), said more "flesh needs to be put on the bone" of the agreement to protect Britain and other non-euro members' interests as the eurozone moves towards ever closer union. ...
MPs to debate whether Financial Conduct Authority is up to job of regulating City image
....The decision by the FCA to abandon a review into the culture of banks sparked a series of accusations that the Treasury had intervened – strongly denied by both the regulator and the Treasury – as part of a softer approach to the City. The motion will be heard just days after George Osborne stunned the City by naming Andrew Bailey, a deputy governor of the Bank of England and the head of the Prudential Regulation Authority, as the chief executive of the FCA. ...
City News: Guinness, TSB, HBOS, FirstGroup image
Source : Daily Express [Read Article] Thursday 28th of January 2016 07:57:00 PM
....CITY regulators will investigate the role of certain senior managers in the near collapse of HBOS in 2008 during the financial crisis. The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority will assess if the bosses should be banned from working in banking. ...
Lloyds sell-off teaches George Osborne a valuable lesson in timing image
Source : Guardian [Read Article] Thursday 28th of January 2016 02:42:01 PM
....Related: FCA orders new inquiry into HBOS chiefs. Given that backdrop, it will have been the easiest decision in the world for the FSA’s successors – the Financial Conduct Authority and the Prudential Regulation Authority – to decide that, yes, they will begin investigations into “certain former HBOS senior managers”. ...
Regulators to investigate HBOS managers image
Source : BBC [Read Article] Thursday 28th of January 2016 11:13:19 AM
....A new investigation has now been announced by regulators. "The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have decided to start investigations into certain former HBOS senior managers," the regulators said. ...
City watchdogs open probe into HBOS directors  image
Source : Telegraph [Read Article] Thursday 28th of January 2016 10:50:36 AM
.... . The Financial Conduct Authority and Prudential Regulation Authority have opened investigations into “certain former HBOS senior managers”, who were not named, and said they continue to review others for possible probes. ...
FCA orders new inquiry into HBOS chiefs image
Source : Guardian [Read Article] Thursday 28th of January 2016 10:21:45 AM
....City regulators are to investigate the role of HBOS’s senior management in the near-collapse of the bank during the financial crisis more than seven years ago. The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority (PRA) will look into the bank’s former bosses, who could be barred from working in the City. ...
Andrew Bailey, new FCA boss, says he did not apply for role image
Source : Guardian [Read Article] Wednesday 27th of January 2016 02:47:35 PM
....”. Bailey, deputy governor for prudential regulation at the Bank of England and CEO of its bank regulation arm, the Prudential Regulation Authority, was a surprise choice for the FCA role and is not expected to take up the position for six months while a successor is found. ...
New FCA boss Andrew Bailey warns City asset managers on transparency image
Source : Telegraph [Read Article] Wednesday 27th of January 2016 10:42:49 AM
.... . Mr Bailey, who currently leads the Prudential Regulation Authority, said that with large financial firms managing more and more money for investors following the financial crisis, they have a responsibility to be clear about the type of assets on their books. ...
Source : Reuters [Read Article] Wednesday 27th of January 2016 09:51:18 AM
.... Andrew Bailey, the incoming head of Britain's Financial Conduct Authority, promised on Wednesday to listen carefully to the industry when he starts later this year as the regulatory tone towards banks softens. Bailey, a deputy governor at the Bank of England where he heads its Prudential Regulation Authority (PRA) banking supervision department, said it was very important to have a "very open dialogue" with a broad range of representatives. ...
Santander sets aside another £450m as PPI still haunts UK banks image
Source : Guardian [Read Article] Wednesday 27th of January 2016 08:50:20 AM
.... This is a result of ringfencing rules – devised by Sir John Vickers in his 2011 review of banking – that force financial institutions to separate their high street operations from any riskier lending and investment businesses. Banks in the UK have to submit plans for how they will comply with these rules to the Bank of England’s Prudential Regulation Authority by Friday. ...
City news: City watch dog, Marston’s record, Dixons Carphones and Easyjet  image
Source : Daily Express [Read Article] Tuesday 26th of January 2016 09:01:00 PM
. Bailey, who has worked for the Bank for 30 years in various posts, has been appointed for five years and will start when a successor is found for his current role as head of the Prudential Regulation Authority. ...
Warning signs were there for Tesco – what on earth was it doing? image
Source : Guardian [Read Article] Tuesday 26th of January 2016 07:25:43 PM
.... Hanna and Cescau departed last year – with thanks from the chairman for their valuable contributions, naturally. Andrew Bailey, head of the Bank of England’s Prudential Regulation Authority, doesn’t sound overly pleased to be shuffled off to east London to lead the Financial Conduct Authority. ...
Andrew Bailey: three decades at the regulatory coal face image
Source : Telegraph [Read Article] Tuesday 26th of January 2016 07:16:18 PM
.... . In Bailey’s current job at the Bank of England, serving as both deputy governor and head of the Prudential Regulation Authority, his workload includes subjecting the banks to their annual stress tests, grappling with new rules on bankers’ pay and checking the country’s biggest insurers for instability. ...
Will new FCA chief Andrew Bailey fight 'like a dog with a bone' for consumers? image
....He joined the Bank of England in 1985 and worked his way up, becoming chief cashier, with his signature on bank notes between 2004 and 2011. He might not have become deputy governor of the Bank in April 2013 had Sir Hector Sants not decided to step down as the head of the nascent regulator now known as the Prudential Regulation Authority. ...
Source : Reuters [Read Article] Tuesday 26th of January 2016 03:22:25 PM
....Wheatley was ousted after Osborne pledged to seek a "new settlement" with London's financial district after years of banking scandals, such as the mis-selling of payment protection insurance and financial benchmark rigging, in the wake of the 2007-09 financial crisis. Bailey, who comes armed with regulatory experience, a proven track record and is respected in Britain and elsewhere, currently heads the BoE's Prudential Regulation Authority (PRA), the central bank's banking supervisory arm. ...
MPs tell Carney: Make your mind up if you're staying at the Bank of England image
Source : Telegraph [Read Article] Tuesday 26th of January 2016 12:35:06 PM
.... . As Mr Carney was speaking to MPs, it was announced his deputy governor and chief executive of the Prudential Regulation Authority Andrew Bailey has been appointed as chief of the Financial Conduct Authority, a separate regulator that aims to promote good behaviour in the City. ...
Andrew Bailey is new City watchdog boss image
Source : BBC [Read Article] Tuesday 26th of January 2016 10:33:07 AM
....The FCA is the City watchdog and the UK's most prominent financial consumer protection body. He has been appointed for five years and will start when a successor is appointed for his role as head of the Prudential Regulation Authority (PRA). ...
Source : Reuters [Read Article] Tuesday 26th of January 2016 10:07:25 AM
....Wheatley was ousted after Osborne pledged to seek a "new settlement" with London's financial district after years of banking scandals, such as the mis-selling of payment protection insurance and financial benchmark rigging, in the wake of the 2007-09 financial crisis. Bailey, who comes armed with regulatory experience, a proven track record and is respected in Britain and elsewhere, currently heads the BoE's Prudential Regulation Authority (PRA), the central bank's banking supervisory arm. ...
George Osborne appoints Andrew Bailey as FCA chief image
Source : Guardian [Read Article] Tuesday 26th of January 2016 10:05:09 AM
Andrew Bailey named surprise choice to run Financial Conduct Authority image
Source : Telegraph [Read Article] Tuesday 26th of January 2016 09:36:15 AM
.... . Mr Bailey, who currently heads up the Prudential Regulation Authority, will become the City's regulator-in-chief once a replacement for his existing role is found. ...
Iran's banks could be allowed to restart trading in UK after sanctions lifted image
.... . Melli Bank and Persia International have been in talks with the regulator and the Treasury about restarting operations in Britain for months and have been placed in the New Bank Start-Up unit, unveiled last week by the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority (PRA) to help new banks enter the market, sources told Reuters. ...
HBOS collapse: Watchdog to scrutinise auditing again image
Source : Telegraph [Read Article] Thursday 21st of January 2016 12:37:09 PM
.... . In November the City’s regulators, the Financial Conduct Authority and the Prudential Regulation Authority, pointed to management failures at HBOS in their long-awaited report into the bank. ...
Accounting watchdog weighs up inquiry into KPMG's audit of HBOS image
Source : Guardian [Read Article] Thursday 21st of January 2016 11:22:22 AM
....A spokesman for KPMG, one of the big four accountancy firms, said it supported a thorough review of the HBOS affair and that it was important for conclusions to be reached speedily. He added: “We were pleased that the [Prudential Regulation Authority] and Financial Conduct Authority] report issued last November recognised that KPMG provided robust challenge and delivered clear warnings to HBOS and that this resulted in a more prudent approach to provisioning than would otherwise have been adopted. ...

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