Articles by Neil Callanan, John Glover and Viren Vaghela

KPMG’s Audit Work Is of `Unacceptable Standard:’ UK Regulator

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 …

UK Banks Should Be on ‘War Footing’ over Rising Cyber Threats: Regulator

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 …

U.K.-EU Brexit ‘Working Group’ Tasked with Fate of Insurance Policies

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 …

Update: Messy Brexit Could Lead to ‘Contract Continuity’ Disruption for Insurers, Banks

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. …

UK Could Lose 75,000 Insurance, Banking Jobs as a Result of Brexit: Regulator

Sam Woods, Britain’s top banking regulator, said a consultancy’s estimate that Brexit could cause as many as 75,000 job losses in banking and insurance is “plausible” if the U.K. leaves the European Union without a trade deal. About 10,000 U.K.-based …

UK Regulator to Extend Senior Manager Conduct Rules to All Finance Firms

UK regulators set out plans for ensuring senior staff of financial-services firms can be held to account for misconduct on their watch, extending rules already in place for banks to almost all firms. The Senior Managers and Certification Regime is …

Woods Named UK’s Head of Prudential Regulation, Overseeing Insurers & Banks

Sam Woods, a former U.K. Treasury official, was appointed as deputy governor for regulation at the Bank of England, replacing Andrew Bailey. Woods — who will continue as the central bank’s executive director of insurance until the end of June …

EU Lowers Insurers’ Capital Requirements to Spur Infrastructure Investments

The European Union lowered capital requirements on insurance companies to spur investment in long-term infrastructure projects as policy makers struggle to revive the bloc’s flagging economy. Risk charges for insurers’ unlisted equity shares in projects such as energy pipelines, transport …

What Will ‘Brexit’ Mean for London’s Financial Center? Some Questions Answered

The U.K.’s looming in/out referendum on European Union membership, which may come as early as June, has sparked jitters, with analysts predicting declines in everything from London property prices to the pound. But what would so-called Brexit really mean for …

EU’s Shadow Banking Rules Arrive, Intending to Prevent Credit Crunch Rerun

A European Union regulation intended to prevent a rerun of the global credit crunch by shining a light on financing arrangements such as repurchase agreements, securities lending and margin loans comes into force on Tuesday. The EU’s Securities Financing Transactions …