Britain’s top financial watchdog delivered a 10-point plan to fix Libor, but stopped short of scrapping the benchmark interest rate in a much-awaited reform of a system plagued by scandal. “The system is broken and needs a complete overhaul,” said …
UK banks face new rules to stamp out sales incentives that have encouraged mis-selling of financial products going back two decades, the Financial Services Authority said on Wednesday. UK banks have been hit by a series of scandals in the …
The UK’s Financial Services Authority (FSA) is reviewing how wholesale markets are supervised following the interest rate-setting scandal, its chairman Adair Turner said on Tuesday. “There are no free lunches, and shoddy wholesale practice is not a victimless act, even …
Britain will expose on Friday a second scandal involving the country’s banks in as many days, as Barclays boss Bob Diamond clings to his job after regulators slapped a record fine on the lender for rigging interest rates. The Financial …
W. R. Berkley Corporation announced that the U.K. Financial Services Authority (FSA) and Lloyd’s of London have approved W.R. Berkley Syndicate Management Limited’s assumption of the management of W.R. Berkley Syndicate 1967, effective June first. It replaces the “turnkey” syndicate …
The UK’s Financial Services Authority (FSA) announced that it has fined Mitsui Sumitomo Insurance Company (Europe) Ltd (MSIEu) £3.345 million [$5.4 million] “for serious corporate governance failings, and imposed a ban and fine of £119,303 [$192,622] on its former executive …
Hector Sants, the chief executive of the UK’s Financial Services Authority (FSA), has announced his intention to leave the organization at the end of June 2012. He indicated that, as the “fundamental design and delivery of the changes needed to …
On October 3, the UK’s Financial Services Authority (FSA) announced a revision to the dates on which it plans to implement the provisions of the European Union’s Solvency II regulations governing the insurance industry, moving the date for companies back …
UK insurance broker Willis Limited, a subsidiary of Willis Group Holdings, announced that it has reached a settlement with the Financial Services Authority (FSA) for breaches of the FSA Handbook. Willis explained that the findings principally concern the way it …
In a response to the proposals to restructure the UK’s financial regulations the Lloyd’s Market Association (LMA) has taken issue with some of the proposals, which, in its view are “over-engineered” and excessively “bank centric.” “The future regulation of the …
