Financial Services Authority (FSA)
UK details three-phase Basel II implementation plan
UK regulators said today they plan a three-phase implementation of the Basel II capital Accord and parallel European Union banking rules with a target date of December 31, 2006.
UK watchdog welcomes banks’ decision to confirm customer identity
UK financial regulators welcomed a decision by the six major UK banks today to confirm the identity of their customers to help the international drive against money laundering.
IMF seeks scrutiny of insurers' credit risk
The International Monetary Fund (IMF) says greater information about insurers' financial markets activities – including credit risk transfers – is needed before their implications for financial stability can be clearly ascertained.
Firms Voice Frustration over FSA Continuity Plans
Firms say "toothless" disaster recovery guidelines will result in inconsistent plans.
UK’s FSA delays Basel II paper to mid-July
The UK’s chief financial regulator has delayed issuing its discussion paper on implementing the Basel II bank capital adequacy accord and parallel European Union (EU) rules to mid-July.
FSA sets August date for sale of securitised derivatives to retail sector
The UK’s Financial Services Authority (FSA) today published details of the regulatory regime for securitised derivatives that will enable the products to be available in the UK to retail investors. The proposed listing and conduct of business rules for…
Credit markets update: financial sector spreads widen in heavy trading
Credit default swap spreads for the financial sector in Europe generally widened this week in relatively heavy trading, as equity market falls and concerns over the financial sector’s overall credit strength caused nervousness among investors.
EU bank regulation debate intensifies
The debate over banking supervision in the European Union intensified in April as Britain and Germany argued for keeping regulation under the aegis of national regulators, while many central bankers argued that the role should be left to the European…
EU likely to meet critics on op risk capital charge, UK regulator says
The European Commission’s final proposals on operational risk in investment firms within the Commission’s new capital adequacy framework are likely to meet the objections of critics, UK Financial Services Authority (FSA) managing director Michael Foot…
FSA proposes new capital adequacy framework
Britain’s principal business regulator, the Financial Services Authority (FSA), is seeking comments on its proposed capital adequacy framework, which is designed to more closely align the amount of capital a company holds with the risks it takes.
FSA retreats on insurer credit risk transfer concerns
The UK’s Financial Services Authority today said it generally has faith in insurers that use credit derivatives as a means for risk transfer. This contradicts previous statements by FSA chairman Howard Davies, who signalled his desire to clamp down on…
UK's FSA to tackle operational risk
The UK’s Financial Services Authority (FSA) today launched its whistle-blowing initiative, designed to encourage financial industry workers to make disclosures about malpractice in the workplace.
EU capital rules still on a tight schedule following Basle II delay
The European Commission’s timetable for introducing risk-based bank capital rules for the European Union remains very tight following the further delay to the Basle II bank accord, banking industry analysts said in late March.
FSA disappointed by latest delay to Basle II accord
It was no secret that the UK’s principal financial watchdog, the Financial Services Authority (FSA), was "a little disappointed" at the latest delays to the Basle II accord, a senior FSA official said in March.
UK regulator will not shoe-horn insurers into banking regime
UK financial supervisors do not intend to 'shoe-horn' insurance companies into a regulatory regime designed for banks, a senior regulator said today.
Insurance companies - On the road to Basel III
UK regulators want to harmonise regulation of the financial services sector - and they have insurance companies in their sights.
UK regulators ponder op risk charge for insurers
LONDON -- British regulators are deciding whether to impose a specific capital charge on insurance companies for operational risk under new risk-based rules aimed at making the UK insurance industry safer.
FSA chairman voices CDO concerns
The Financial Services Authority (FSA), the UK's principal regulator, is concerned that the rapid growth of credit risk transfers between banks and insurers/ reinsurers could affect financial stability.
FSA's new rules turn up heat on risk managers
The UK’s Financial Services Authority (FSA) has caused a stir in the upper ranks of London-based investment banks with new rules that effectively force senior executives to accept unlimited liability for risk management errors.
FSA to open securitised derivatives to retail sector
The UK's financial watchdog, Financial Services Authority (FSA), plans to allow retail investors to invest directly in securitised derivatives for the first time by initiating a flexible listing regime.
EU urged to recognise different op risk profiles of investment firms
MONTE CARLO - The European Union's plans to make investment firms as well as banks reserve capital against operational risk must acknowledge that one size does not fit all firms in the financial services industry, a leading European financial regulator…
Risk transfer to insurers could threaten Basel II, warns UK central banker
Financial stability and financial efficiency could be undermined if the new Basel II capital adequacy rules proposed for banks are simply "arbitraged away" by the transferral of banking risks to insurers, according to a senior UK central banker.
Banks and investment firms: not peas in an Op Risk pod
The Basel Committee’s op risk proposals threaten to damage European investment firms, says Angela Knight. She calls for a broader review of the problems.
Bankers worried EU may not meet 2004 deadline
European bankers fear it will be touch-and-go whether the European Union will meet its 2004 deadline for introducing new capital adequacy rules for EU banks and investment firms.