New dawn in regulation as Osborne launches PRA

Charterbridge

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New dawn in regulation as Osborne launches PRA

New dawn in regulation as Osborne launches PRA
George Osborne is set to reaffirm the government’s commitment to learn lessons from the banking collapses and mis-selling scandals of the past as he joins Sir Mervyn King, Governor of the Bank of England, to launch the Prudential Regulatory Authority, a new subsidiary that will police financial stability.
The Independent, p. 45
Also appeared in : Independent i, p.41, The Times, p.34, Daily Mail, p.12, Daily Mail, p.63, The Guardian, p.19, Financial Times, p.3, Daily Mail, p.63

Institute starts new ethics test
The Chartered Institute for Securities and Investment will from today require candidates for its customer-facing entry level exams to pass a so-called integrity test for the first time.
City AM London, p. 9
Also appeared in : Financial Times, p.2, Independent i, p.40

Towry says it no longer needs to list
The wealth manager Towry has rowed back on plans to list in the coming months.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Pru to move into rented housing
Prudential Property Investment Management, part of the insurer’s investment giant M&G, is poised to buy more than 500 homes from the Berkeley Group for housing renting tenants, in a big boost to the Chancellor’s “build-to-let” housing drive.
The Times, p. 37
Also appeared in : The Times, p.34, City AM London, p.15, Daily Express, p.50

Cyprus outlines a package of reforms to help boost growth
Cyprus is planning to lift a ban on casinos and offer firms tax exemptions on profits reinvested on the island under a package of reforms to kickstart its ailing economy, its president said yesterday. The country’s Eurozone partners agreed on a €10bn (£8.4bn) rescue package last Monday after weeks of tense negotiations that showed the debt crisis racking the 17-nation currency union is far from over.
City AM London, p. 11
Also appeared in : Financial Times, p.6, Metro London, p.17

Swedish bank model
Handelsbanken, a Swedish bank that was endorsed by the Governor of the Bank of England, is going against the trend of bigger lenders by embedding local managers in their communities.
The Times, p. 33
Also appeared in : The Times, p.36

The collective pain for […]
The collective pain for the financial services sector in the eurozone is almost over, despite the ongoing turmoil in Cyrpus, according to a report being published today.
The Times, p. 35
Also appeared in : The Times, p.35

Lloyds is on track to beat target on loans for UK manufacturers
Lloyds said yesterday it was on course to beat its own target of lending £1bn to UK manufacturers before September 2013.
City AM London, p. 11
Also appeared in : Independent i, p.42

Signs of fresh confidence in Japan
Japanese business sentiment improved in the first three months of 2013, a central bank survey showed Monday, after Prime Minister Shinzo Abe’s aggressive monetary and fiscal policy prescriptions helped to weaken the yen and bolster share prices.
International Herald Tribune, p. 19
Also appeared in : Financial Times, p.4

Goldman initiative to bypass Volcker
In a bid to circumnavigate the Volcker curbs on banks sponsoring investment funds, Goldman Sachs is launching a listed lending vehicle.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Courts warns clients of threat from debt MARKETS
Private bank Coutts has warned its clients against exposing their fortunes to a potential collapse of the high-yield debt market amid growing concerns of a new global credit bubble. Among the products causing most concern are CoCos – contingent convertible bonds – that either transform into ordinary shares or are wiped out when a bank’s capital levels fall below a given level.
The Daily Telegraph Business, p. 1

CBI warns reforms may hold back growth
The CBI has issued a stark warning that increased regulation could harm the financial services sector.
The Times, p. 35

Fraud fines total £1bn since 2007
According to an Ernst & Young study, regulators have imposed more than £1bn in fines on UK companies for fraudulent activity since 2007.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Loan rates for SMEs split across eurozone
European Central Bank data shows that small Italian and Spanish companies pay significantly higher borrowing rates than their German and French peers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 7

Barclays plans to open more Egypt branches
Barclays is set to expand its network of banks in Egypt despite the country’s economic woes and other European banks selling its Egyptian assets.
City AM London, p. 11

How Cyprus dented euro bank recovery
Accountancy giant Ernst & Young and the CBI have both warned that the turmoil in Cyprus is ‘a timely reminder’ that the crisis in the eurozone is far from over despite banks showing signs of recovery.
Daily Mail, p. 64

US banks put City on bonus cap watch
Foreign banks in the City of London are ratcheting up tactics to mitigate the impact of upcoming EU bonus caps.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Osborne gives banks more tax relief in bid to improve capital
George Osborne’s Budget last month gave banks additional tax relief in a bid to encourage them to raise more capital.
City AM London, p. 11

Ailing Slovenia is no Cyprus, ‘calm’ finance minister insists
Uros Cufer, the embattled finance minister of Slovenia, has said that the country “will not need a bail-out this year” as there is still time to raise money in the markets, dismissing fears that the small state is teetering on the brink of collapse.
The Daily Telegraph Business, p. 1

Time bomb to the next crash is ticking as debt sales surge
The massive increase in sales of high-yield debt so soon after a financial crisis has raised fears that less than five years on from the bankruptcy of Lehman Brothers and the near failure of Royal Bank of Scotland and HBOS, the world is setting itself up for another crash. In January alone, non-investment grade Asian companies, those whose debt is ranked by credit rating agencies as riskiest, sold just over $9bn (£6bn) of high-yield bonds, a year-on-year increase of more 6,000pc, according to figures from data provider Dealogic.
The Daily Telegraph Business, p. 5

UK will dodge triple-dip recession, says survey
A forecast by the British Chambers of Commerce has predicted that Britain will not succumb to a triple dip recession.
The Guardian, p. 19

Outgoing FSA chief to team up with Soros
Lord Adair Turner, the outgoing chairman of the UK financial watchdog and one-time candidate to head the Bank of England is expected to take up a post at a think tank founded by billionaire investor George Soros.
City AM London, p. 14

City star predicts positive year for London markets
London’s stock markets can build on the positive start they have made to this year despite continued upheaval in the eurozone, according to one of Britain’s most influential fund managers. Robert Churchlow, head of UK Equities at Legal & General Investment Management, said an upturn in the housing sector was likely to boost consumer spending in the UK over the next few months.
The Independent, p. 45

New regulators must promote the interests of consumers and the economy
Anthony Browne, chief executive of the British Bankers’ Association, comments on the need for new financial services regulators to promote the interests of consumers and the economy.
The Daily Telegraph Business, p. 2

Ties that bind
John Thornhill reports on calls for the Square Mile to switch its focus away from the Eurozone to emerging markets.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 9

Basel III banking regulations are making another crisis more likely
Financial feature looking at some of the possible drawbacks to the Basel banking regulations.
City AM London, p. 18

Japanese lenders to evaluate Tibor
Interview with Takeshi Kunibe, the new head of the Japanese Bankers’ Association.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

The above articles appeared on 02/04/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.