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BusinessOne step closer to the future – proposed reforms to corporate criminal liability in the UK
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Full Brexit impact yet to play out on UK finance, lawmakers say
Date: June 23, 2022
By Huw Jones LONDON (Reuters) -Britain should avoid hasty reforms to make its financial sector more globally competitive after the industry’s separation from the European Union by Brexit, a parliamentary report said on Thursday. The finance ministry has proposed scores of changes to rules governing capital markets, company listings and insurance to exploit independence from...
Ireland’s AIB fined record 97 million euros for mortgage overcharging
Date: June 23, 2022
DUBLIN (Reuters) -Ireland’s AIB and its EBS subsidiary have been fined a record 96.7 million euros ($101.6 million) by the country’s central bank for overcharging customers denied mortgages that track base rates. The fine was more than twice the highest previous penalty levied on any institution and brought to 178 million euros the amount all...
After fractious debate, EU Parliament votes to back “biggest ever” carbon market overhaul
Date: June 22, 2022
By Kate Abnett BRUSSELS (Reuters) -The European Parliament backed reforms to the EU carbon market on Wednesday, allaying fears of a delay to Europe’s climate change policies after lawmakers had rejected the proposals in a first vote this month. The proposals would cut emissions faster under the European Union’s carbon market, the centrepiece of a...
Get cracking with phasing out remaining libor, UK watchdog says
Date: June 22, 2022
By Huw Jones LONDON (Reuters) – The financial sector should not bet on remaining deadlines changing for the phasing out of the use of Libor interest rates, Britain’s Financial Conduct Authority (FCA) said on Wednesday. Helen Boyd, head of markets policy at the FCA, said the market had “categorically proven” it can ditch the London...
Britain’s markets watchdog fines insurance broker JLT specialty $10 million
Date: June 22, 2022
(Reuters) – Britain’s Financial Conduct Authority on Wednesday fined insurance broker JLT Specialty 7.9 million pounds ($9.66 million) for financial crime control failings, which in one instance allowed bribery of more than $3 million to take place. The watchdog found that JLT Specialty, which is based in Britain, failed to manage its business and risks...
UK watchdog proposes auditors publish quality indicators
Date: June 22, 2022
LONDON (Reuters) – Britain’s accounting watchdog proposed on Wednesday that auditors publish indicators of how well they are performing in a bid to raise standards after a string of corporate failures. The collapse of builder Carillion, retailer BHS and cafe chain Patisserie Valerie threw a spotlight on audit quality, prompting the government to propose a...