Banks could have up to five years to prepare for how new accounting rules will alter the amount of capital they need to hold for regulatory purposes, the global forum for banking regulators said Thursday.
British Foreign Minister Boris Johnson on Thursday sought to deflect fears among Britain’s banks and businesses that they will lose access to the European Union’s single market, amid mounting cross-party criticism of the government’s Brexit planning.
The U.K. government on Thursday published new anti-corruption legislation that will require banks and other financial institutions to share data with each other and with enforcement agencies investigating financial crime, and also turns the heat up on banks that fail to prevent tax evasion.
Financial fraud rose by a quarter in the first half of 2016, touching £400 million ($489 million), according to new figures published Wednesday by British banking industry body Financial Fraud Action UK, which tied the jump to increasingly prevalent data breaches.
British Prime Minister Theresa May conceded Wednesday that lawmakers would have the chance to scrutinize the country's plan for leaving the European Union, but attorneys say the move offers financial services firms little new security about their future access to EU markets.
The European Union’s top bank regulator on Wednesday published revised priorites for its 2017 work program to reflect budget cuts and resource constraints amid a growing number of regulatory requests from the European Commission.
The global forum for banking regulators has ordered that the value of banks’ holdings of some types of "bail in" instruments be deducted from the banks' regulatory capital reserve levels, in rules published Wednesday.
The opposition Labour Party on Wednesday turned up the heat on the British government for answers on how exiting the European Union would affect the country's sprawling financial services industry and how it's regulated.
An increasing "avalanche" of regulatory pressures and a fear of new technologies are keeping corporate treasurers awake at night, new research from Deutsche Bank AG revealed on Wednesday.
British Prime Minister Theresa May on Wednesday dodged pressure to let Parliament vote on the government’s Brexit plans, but said lawmakers would still be allowed to debate the details of plans to quit the European Union.
Global law firm White & Case has expanded its legal team for financial regulation with the addition of a partner in London, the firm announced Wednesday.
International law firm Mishcon de Reya on Tuesday said it appointed a cybersecurity expert in its latest move to offer clients non-legal services at a time when cyber threats have been identified as the greatest risk to the financial sector.
The Financial Conduct Authority hit Bangladeshi state-owned Sonali Bank’s U.K. subsidiary with a £3.3 million ($4 million) fine and banned the bank from accepting deposits from new customers for almost six months as a result of “serious and systemic” weaknesses in Sonali’s anti-money laundering controls, the FCA said Wednesday.
Protecting the passporting regime that allows U.K. banks to trade freely across the EU through a bespoke arrangement would be a “painstaking process” and would increase the cost of finance, a top central bank official said Wednesday.
The U.K.’s “regulatory sandbox” — a safe space for fintech innovators to road-test ideas without fear of watchdog reprisal — has proven to be a trailblazing approach for the U.K., prompting other governments to emulate the model.
European regulators have identified cyberthreats as the greatest risk to the financial sector today as lawyers say efforts to make boardrooms more responsible for failings will force a culture change within the world’s biggest banks.
The Financial Reporting Council, the United Kingdom’s accounting industry regulator, on Tuesday issued guidance to preparers of annual reports for roughly 1,200 listed companies to help encourage investment in the U.K. as it faces cyber-risk, climate change and economic issues following the Brexit vote.
The U.K.’s Serious Fraud Office faces a nervous wait over the direction of two separate government reviews into economic criminal law enforcement, which experts say will either guarantee the agency’s future or consign it to extinction.
The European Union’s securities watchdog on Tuesday said making sure member states all implement new, sweeping financial markets rules to the same degree was its top priority for 2017, ahead of the rules coming into force in January 2018.
Britain’s Treasury minister said Tuesday that getting the best Brexit deal for London’s banks is of central importance as the government seeks to protect the lucrative passporting regime that allows them to trade freely across the European Union.