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’Ackermann warns of pressure on banks
Political pressure to cut banks down in size is “totally misguided”, Josef Ackermann, chief executive of Deutsche Bank and chairman of the Institute of International Finance, told a London conference on Monday,
London’s nightmare is New York’s dream
Oh no! London city regulators’ and politicians’ worst nightmares have come true – not only has London failed to gain a much hoped for lead over New York, but it has fallen behind Singapore in the contest to be the world’s top financial centre.
Adventures at Mansion House
LORD TURNER KEEPS HEAT ON BANKERS WITH FURTHER ATTACK
… Scream the headlines of Wednesday morning’s papers, on the FSA chairman’s Tuesday night speech at Mansion House.
Unfortunately, given the newspaper practice of pre-writing news (in order to make their print deadlines,
Turner back on attack
A defiant Lord Turner made a robust defence on Tuesday night of his allegations that the “swollen” financial services sector creates “socially useless” products, telling a London City audience that banks may become “boring”
UK battlelines drawn over ‘living wills’
London City advisers on Thursday sought to fend off a proposal to force banks to simplify their legal structures, saying reforms mooted by Lord Turner, chairman of the FSA watchdog, would harm the competitiveness of the UK financial industry.
CBI chief defends City
The City of London is a vital part of the UK, not a “bloated excrescence” that unbalances the economy, the CBI director-general said on Thursday. In a direct challenge to the claim by Lord Turner, chairman of the FSA that a “swollen” financial sector had grown too big for society,
FSA’s Turner backs ‘living wills’ for banks
The regulatory drive to force big banks to pre-plan for their own demise will compel them to simplify their legal structures, potentially pushing up their tax bills, the UK’s chief financial regulator has told the FT.
Tabulating financial reform, Darling
Chancellor Alistair Darling’s proposals for financial reform is now available online. A summary:
Related links:
Darling outlines tougher bank regulation – FT
Turner unveils overhaul of rules
The UK’s FSA watchdog on Wednesday announced a sweeping overhaul of the UK’s financial regulatory regime, marking a break with its previous “light-touch” approach. Lord Turner, FSA chairman, set out plans to force banks to hold more capital and increase their holdings of liquid assets and cash,
Lombard: The race to the top in banking regulation
“We don’t know much about financial regulation, but we know what we don’t like.” The people have spoken and Lord Turner has listened.
His review could have marked the Financial Services Authority’s chairman out as the supervisor’s supreme hand-wringer,
The Turner guide
Presenting a (very short) FT Alphaville summary.
The full review is here, including a worthwhile overview of the financial crisis to date, in section one (p. 29-61).
FSA chairman Lord Turner’s more salient recommendations from section two are as follows:
UK to see ‘regulation revolution’
A “revolution” in financial regulation was promised by the head of the UK’s Financial Services Authority on Wednesday as he outlined tougher rules for banks and hedge funds. Lord Turner, chairman of the City watchdog,
The 2009/10 FSA business plan
…is out and here are the highlights.
The budget will be £415m, that’s a 22.6 per cent, or £76.6m, increase on 08/09. Here’s how the money will be spent.
As you can see from the above table,
From light touch to ham fist: the FSA’s new short regime
Rarely does FT Alphaville draw attention back to previous posts so barefacedly, but in honour of the below, we encourage readers to revisit, What is your assessment as to the typical volume of spam received from the FSA per day – a post we really rather enjoyed writing way back in July.
Lord Turner, VaR and the FSA
Lord Turner’s speech at the Economist’s Inaugural City Lecture yesterday is really worth a read: broad without being generalised, nuanced without being technocratic. It more or less covers all the bases and is an excellent brief on the current financial crisis.
UK bank regulator calls for ‘clean slate’
Financial regulators should be prepared to “wipe the slate clean” as they search for a more effective global regime in the wake of the credit crisis, the chairman of Britain’s financial watchdog has said.
PE – the green ink flows
Actually, that’s grossly unfair. Friday saw another brace of lively missives in the FT’s letters column — focusing on Guy Hands recent contribution to the debate over private equity.
Lord Turner, the former CBI director-general,