Banks
Looming global rules raise pressure to improve tax reporting
Many banks and other firms are still lacking the customer on-boarding processes required to comply with Fatca even as the more far-reaching CRS tax data rules are about to come into force
Hell hath no fury: banks irk regulators at their peril
The UK and the US adopt more interventionist approach to day-to-day financial regulation, punishing obstinacy and rewarding obedience
Q&A: Aviva on op risk management, modelling, and conduct
The head of operational risk at the insurance company and chairman of Operational Risk Consortium (Oric) advocates moving away from a historical focus on worst-case scenarios and analysing instead a range of possible outcomes, alongside an emphasis on…
Banks fear ill-aligned op risk capital under new simple method
Critics worry the proposed revised standardised approach to operational risk capital creates more problems than it solves – including for banks using the advanced measurement method
Infographic: PPI costs wrong-foot UK banks four years on
Lloyds, Barclays, RBS and HSBC continued to top up PPI provisions into the last quarter of 2014 – and may well have to dip into their earnings again
Tough UK rules for top bankers make business personal
Senior executives at UK banks and at local branches of foreign banks will face the risk of personal fines and even imprisonment under the Senior Managers Regime, due to come into effect from March 2016
Banks call for compulsory exams for FICC professionals
Banks support mandatory qualifications – including conduct training - in fixed income, commodities and currency trading and warn against structural changes to the markets
UK watchdogs detail proposals on bankers' personal accountability
Consultation papers flesh out how presumption of responsibility will work in practice, including narrowed scope, and seek to extend greater protections to whistleblowers
Banks face cyber security overhaul as $1bn heist marks 'new era'
The Carbanak cyber attacks on at least 100 banks, mostly in Russia and the US, will require costly changes to the firms’ security systems and enhanced training of staff, cyber experts say
AMA uncertainty hindering widespread adoption among banks
Some banks may be put off modelling operational risk at a time when regulators are mulling changes to the advanced approach, say participants at a conference in Amsterdam
Regulators defend AMA as a process to manage op risk
Modelling operational risk capital provides insight into banks’ specific vulnerabilities, regulators say at a conference in Amsterdam
Is reputation risk overstated?
Operational events damage firms' reputations less than some claim
Banks struggle with tough rules on beneficial ownership
Governments around the world are raising the pressure on banks to prevent illicit money flows, taking their cue from guidelines by the Financial Action Task Force (FATF). Whether it is to stop money laundering, terrorism financing or sanctions violations…
Proposed UK fraud law takes aim at companies
An amendment to the UK Bribery Act 2010 could make companies liable for failing to prevent a wide range of economic crimes, likely leading to tighter operational risk controls at banks and other firms
Law firm of the year: Linklaters
Linklaters wins for its work on CRD IV-compliant CoCo securities, its advisory role in the recapitalisation of the Co-Operative Bank and the launch of an innovative platform looking at CCP rulebooks
Vitol will not replace banks in energy hedging, says CEO
Liquidity provision in energy derivatives markets is not Vitol's role, says the trading house's president and chief executive, Ian Taylor, despite the retreat of major investment banks from commodities
Financial firms must be prepared for cyber infiltration – panel
Cyber security intrusions are inevitable but firms can take steps so they can react quickly and efficiently, preventing damage, speakers at the Waters USA conference said this month
Firms can use regulatory data to boost business, say tech professionals
Regulation might have spawned better data governance, but speakers at a recent conference said more could still be done
UK's FCA unveils reshuffle ahead of critical report
Conduct supervisor admits supervisory model for small firms has been "under strain" as three directors quit; critical report due to be published this week
‘Last look’ practice hurts profits, say tech vendors
Panellists at the FX Week Europe conference argue 'last look' is not helping the market to price clients realistically as margins continue to be squeezed
UK bank reforms may be ‘diluted’, warns parliamentary commission
Former members of the Parliamentary Commission on Banking Standards warn regulations are at risk of being misinterpreted, diluted by lobbying, or applied incorrectly
G-20 summit delivers agreement on TLAC
Leaders approve standard for total loss-absorbing capacity, but consensus on cross-border cooperation remains hazy; Carney looks ahead to next phase of reforms
Thirty firms placed under FX ‘remediation programme’
Group of 10 (G-10) forex spot desks placed under supervisory watch by FCA as industry tries to clean up its act
FSB says ‘substantial’ work needed on bank resolution regimes
Financial Stability Board monitoring exercise finds only four jurisdictions have resolution regimes in line with its Key Attributes; India among those lagging behind on legislative amendments