February 26, 2019
A U.K. reinsurer has sold the first terror catastrophe bond, giving investors the chance to lock in high yields in return for taking on terrorism risks. The 75 million-pound ($99 million) three-year bond will pay 5.9 percent interest, state-backed Pool …
October 9, 2018
The Bank of England ratcheted up the pressure on the European Union to help stave off the threat a no-deal Brexit poses to trillions of pounds of derivative contracts and millions of insurance policies. The EU has made “only limited …
August 20, 2018
With Brexit talks back from the summer holidays, it’s worth considering one way in which failure to reach a deal before the U.K.’s departure in March would also be bad for the European Union. Such an outcome would unsettle the …
July 26, 2018
The Bank of England is war-gaming with lenders and insurers for potential market turmoil on Brexit day. Sam Woods, the central bank’s top supervisor, said contingency planning for Britain’s withdrawal from the European Union will be similar to its preparations …
July 5, 2018
Many U.K. financial firms don’t have a Plan B to fall back on if they’re hit by a cyber attack. The Bank of England wants to change that. Financial regulators told firms to come up with a detailed plan for …
June 27, 2018
Mark Carney warned that time is running out to remove the threat that Brexit poses to trillions of pounds of derivative contracts, stepping up pressure on the European Union to act. Unless the EU follows the U.K. government in putting …
June 19, 2018
KPMG’s audit work in the U.K. is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling the “Big Four” players. In an unprecedented assessment, the Financial Reporting Council said auditors at KPMG don’t …
June 13, 2018
The Bank of England told banks to be ready for war against the mounting threat of crippling cyber attacks. “I would like our firms to be on a WAR footing: withstand; absorb; recover,” Lyndon Nelson, deputy chief executive of the …
May 2, 2018
The European Central Bank and the Bank of England have been drafted in to study the threats that Brexit poses to financial services. Just don’t expect this “technical working group” to save the day. Brexit’s potential to disrupt trillions of …
December 1, 2017
As far as Brexit headaches go, Barclays Plc’s John McFarlane says that while his bank is on top of job relocations, he’s more concerned about rewriting “hundreds of thousands” of contracts. He’s not alone. Andrew Bailey, head of the U.K. …