Financial Conduct Authority (FCA)
People: RBI and Bank Negara Malaysia promote deputies from within
Indian and Malaysian central banks both choose senior officials from within the organisation to fill deputy governor posts; BIS appoints new secretary-general; and more
People: Butler to stay on permanently at UK bank regulator; Poloz gets new adviser
Megan Butler extends contract at Financial Conduct Authority, taking up a permanent role as head of supervision; Sheryl King appointed new adviser to the governor at the Bank of Canada; and more
FCA chairman defends selection process for new chief
Griffith-Jones questioned on the decision not to interview Andrew Bailey before his appointment as chief executive; says he would have raised any concerns about process with Osborne
FinCoNet offers regulators chance to advance financial consumer protection – chairman
The association of national financial consumer protection agencies has made progress in supporting reform, but has considerable work ahead, chairman Sheridan says
Parliament gains influence in FCA chief appointments
George Osborne says Treasury Select Committee will be able to scrutinise future appointments before they are formalised, with the ability to send them to the House of Commons for a vote
FCA paper investigates whether HFTs predict orders
Working paper finds patterns consistent with HFTs anticipating order flows over longer time periods, but authors unable to ascertain cause
People: Turkey nominates new governor; McDermott to step down from FCA
Turkish government picks deputy to replace Erdem Başçı, but he must still be confirmed by the president; UK’s interim FCA chief says she will leave when her successor takes office; and more
UK regulators refuse to comply with part of EU bonus cap
FCA and PRA say they will not be imposing European bonus cap rules on small firms, arguing CRD IV’s proportionality principle has not been properly applied
Bailey to move to FCA by July regardless of EU vote
BoE deputy governor gives deadline for move to the FCA, where he will become chief executive; questioned on the risks surrounding the UK referendum
Andrew Bailey agrees to lead FCA
PRA chief executive accepts top job at UK’s other financial regulator after being asked to take the role, but may not make the move for some months
FCA officials grilled on second comms backlash
MPs accuse FCA of failing to recognise perceived importance of dropped bank culture review, leading to strong public backlash; chief executive says approach to communication will be reassessed
FCA review paints picture of institution rattled by setbacks
Independent review of UK watchdog reveals low morale and risk aversion in the face of comms scandal and loss of chief executive Martin Wheatley, plus fears of government meddling
UK regulators to reopen flawed HBOS investigation
Report critical of financial supervisors who failed to see problems developing or take proper enforcement action, and of bank managers who created a fatally flawed business model
Speed of response a good proxy for risk culture, FCA director says
Good risk culture makes firms more responsive and can help avoid nasty fines, says UK regulator’s head of enforcement
UK’s Osborne defends ‘middle way’ struck by BoE bill
Finance minister tells MPs the decision to drop the reverse burden of proof avoids creating a two-tier regime; talks up value of BoE independence in response to concerns over NAO role
People: FCA names COO; RBA shuffles assistant governors
Financial Conduct Authority announces Georgina Philippou as COO; Michele Bullock named assistant governor for business services in Australia; and more
BoE Court chair ‘uneasy’ about government audit plans
Anthony Habgood concerned by ‘potential threat’ to the Bank of England’s independence in setting policy from handing the National Audit Office the power to conduct ‘value for money studies’
UK payments regulator approves of code of conduct
Big UK banks have published a voluntary code of conduct for those providing indirect access to payment systems, in a bid to improve standards
UK regulators spare Co-op Bank £120m fine
Bank of England and FCA ‘censure’ the troubled bank for multiple failures including not being open with regulators, but drop a £120 million fine on financial stability grounds
Change to broken benchmarks years away, say industry commentators
After the FCA produced a review criticising banks for not learning the lessons of Libor and forex, observers predict no major benchmark reform until efforts co-ordinated with industry
UK payments regulator evaluates efforts to improve access
Banks and payment systems now expected to be more transparent about criteria for access; regulator says this is now bearing fruit, but the real tests are yet to come
People: Board changes at PRA; Rodriguez to lead Fed’s ‘faster payments’
Four new board directors to start at PRA, Fed gives Sean Rodriguez lead role for ‘faster payments’, CNB names new head of communications and more.
Martin Wheatley resigns as FCA chief executive
FCA chief quits after it emerges the UK chancellor will not be renewing his term next year; worldwide search begins for successor
People: Madigan returns to Fed board; FCA appoints retail supervisory head
Brian Madigan returns to the Federal Reserve Board as FOMC secretary; Financial Conduct Authority names Jonathan Davidson director of supervision, retail and authorisations; and more