• Thu
  • Dec 18, 2014
  • Updated: 6:17pm

Financial Services Authority

U.K. banks told to raise an extra £25b

The Bank of England recommended Wednesday that the nation's lenders increase their capital buffers by 25 billion pounds ($37.9 billion) by the end of the year to ensure they can cover potential losses and keep lending in the event of future crises. Photo: AP

Banks need to set aside more money to cover bigger potential losses on commercial real estate and from the euro area, possible fines for mis-selling and stricter risk models, the Bank of England said following a report by the Financial Services Authority.

Thursday, 28 March, 2013, 5:52am

UK banks face big bills for mis-selling derivatives to small businesses

Big British banks have been accused of 'serious failings'.

The Financial Services Authority said it found serious failings in reviews of products sold by HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking. The FSA looked at 173 sales to "non-sophisticated" customers and found that more than 90 per cent did not comply with the rules.

1 Feb 2013 - 5:23am

Bank regulators must beware lure of protectionism

Banking regulations are feared to freeze out foreign competition. Photo: Bloomberg

When Mark Carney replaces Mervyn King as governor of the Bank of England in July, the world will be deprived of King's witty public utterances. My favourite came when, commenting on strong retail-sales figures during one Christmas period, he cast doubt on their significance for assessing the state of the economy.

31 Dec 2012 - 3:23am

Briefs, December 8, 2012

Glencore gets China's nod for Viterra deal

8 Dec 2012 - 3:46am

HKEx drives on with new offering to fund LME takeover

The London Metal Exchange

Hong Kong Exchanges and Clearing is making its first share offering since it was listed, aiming to raise US$800 million following the British regulator's approval yesterday for HKEx's takeover of the London Metal Exchange.

The Financial Services Authority gave the go-ahead for HKEx's £1.39 billion (HK$17.24 billion) bid for the LME, the world's biggest metal exchange.

30 Nov 2012 - 3:31am

Britain's Financial Services Authority fines UBS £30m over rogue trader Adoboli

Kweku Adoboli is in jail

UBS was fined £29.7 million (HK$368.87 million) by the British authorities and told by the Swiss regulator that it might have to increase capital levels for operational risks as regulators levied penalties in response to Kweku Adoboli's US$2.3 billion trading loss.

27 Nov 2012 - 4:15am

Insider trader women appear in court in Mizuho love rat case

Single mother Christina Weckwerth and chiropractor Jessica Mang didn't know each other even existed, yet they shared two things in common, British prosecutors say.

18 Oct 2012 - 3:37am

Overhaul outlined for tarnished Libor

Martin Wheatley

Oversight of the London interbank offered rate will be handed to Britain's financial regulator under proposals designed to revive confidence in a benchmark tarnished by scandal.

29 Sep 2012 - 2:32am

Bankers signal end to setting Libor

The British Bankers' Association (BBA) has signalled willingness to give up oversight of the London interbank offered rate following claims that traders manipulated the benchmark rate.

27 Sep 2012 - 3:25am

Lai See

HSBC hit with record fine for misguiding the elderly. Surprised?

We were saddened to see our very own HSBC - the warm, cuddly bank that professes to care so much for us, our well-being and of course, our wealth - has to pay GBP39.8 million (HK$495 million), including a record fine, in Britain for ripping off elderly people in care homes.

7 Dec 2011 - 12:00am

Damage control not enough, we must rebuild HK's image

So David Li Kwok-po has finally resigned from the Executive Council. The government may very well want this to be the end of the fiasco. Yet, it is not.

Mr Li's resignation is no more than a loss-cutting act. To recoup the loss that Hong Kong has suffered in his case, we need more than that. We need a bold move to rebuild the city's reputation as a fair market.

23 Feb 2008 - 12:00am

SFC says overhaul plan will hurt image

The Securities and Futures Commission (SFC) has expressed concern over the government's plan to turn the position of chairman into a part-time job, saying such a move would send the wrong message to the market and harm the commission's image.

5 Nov 2004 - 12:00am

SFC says overhaul plan will hurt image

A part-time chairman will be unable to fulfil duties, commission argues

The Securities and Futures Commission (SFC) has expressed concern over the government's plan to turn the position of chairman into a part-time job, saying such a move would send the wrong message to the market and harm the commission's image.

5 Nov 2004 - 12:00am

Ignorance tempts over-regulation

Market watchdogs face the temptation to over-regulate when they tackle rapidly changing Internet trading issues, admits Securities and Futures Commission executive director Andrew Procter.

20 Sep 2001 - 12:00am

HKMA gets British backing for management law change

The head of Britain's financial watchdog has expressed his full support for the Hong Kong Monetary Authority's proposed law change to tighten regulation of banks' senior management.

9 Dec 2000 - 12:00am