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Implementing The Recommendations Of The Parliamentary Commission On Banking Standards
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Author :Great Britain. Parliament. House of Commons. Treasury Committee Publisher :The Stationery Office ISBN 13 :0215078810 Total Pages :86 pages Book Rating :4.2/5 (15 download)
Book Synopsis HC 768 - Implementing the Recommendations of the Parliamentary Commission on Banking Standards by : Great Britain. Parliament. House of Commons. Treasury Committee
Download or read book HC 768 - Implementing the Recommendations of the Parliamentary Commission on Banking Standards written by Great Britain. Parliament. House of Commons. Treasury Committee and published by The Stationery Office. This book was released on 2014 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Great Britain: Parliament: House of Commons: Treasury Committee Publisher : ISBN 13 :9780215083807 Total Pages :10 pages Book Rating :4.0/5 (838 download)
Book Synopsis Implementing the Recommendations of the Parliamentary Commission on Banking Standards by : Great Britain: Parliament: House of Commons: Treasury Committee
Download or read book Implementing the Recommendations of the Parliamentary Commission on Banking Standards written by Great Britain: Parliament: House of Commons: Treasury Committee and published by . This book was released on 2015-03-03 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Changing banking for good by : Great Britain: Parliament: Parliamentary Commission on Banking Standards
Download or read book Changing banking for good written by Great Britain: Parliament: Parliamentary Commission on Banking Standards and published by Stationery Office. This book was released on 2013-06-19 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Parliamentary Commission on Banking Standards was established in July 2012, in the wake of the LIBOR scandal, to conduct an inquiry into professional standards and culture in the UK banking sector and to make recommendations for legislative and other action. This final report from the Commission contains a package of recommendations to raise standards, including: making senior bankers personally responsible, reforming bank governance, creating better functioning and more diverse markets, reinforcing the powers of regulators and making sure they do their job. Key recommendations include: A new Senior Persons Regime, replacing the Approved Persons Regime, to ensure that the most important responsibilities within banks are assigned to specific, senior individuals so they can be held fully accountable for their decisions and the standards of their banks in these areas; a new licensing regime underpinned by Banking Standards Rules to ensure those who can do serious harm are subject to the full range of enforcement powers; a new criminal offence for Senior Persons of reckless misconduct in the management of a bank, carrying a custodial sentence; a new remuneration code better to align risks taken and rewards received in remuneration, with much more remuneration to be deferred and for much longer; a new power for the regulator to cancel all outstanding deferred remuneration, along with unvested pension rights and loss of office or change of control payments, for senior bank employees in the event of their banks needing taxpayer support, creating a major new incentive on bankers to avoid such risks.
Book Synopsis The Government's Response to the Report of the Parliamentary Commission on Banking Standards by : Great Britain
Download or read book The Government's Response to the Report of the Parliamentary Commission on Banking Standards written by Great Britain and published by Stationery Office/Tso. This book was released on 2013-07-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the Government's response to the Parliamentary Commission on Banking Standards report, 'Changing banking for good' (HC 175-I, session 2013-14 (ISBN 9780108551062)). The Commission's final report sets out a compelling case for change and makes over 100 recommendations. The Government agrees with the overall conclusions of the Commission and accepts all of its principal recommendations. Specifically, the Government is announcing that it is planning to: i) strengthen individual accountability by introducing a tough new Senior Persons regime; introducing new banking standards rules to promote higher standards for all bank staff; introducing a new criminal offence for reckless misconduct for senior bankers; reversing the burden of proof so that bank bosses are held accountable for breaches within their areas of responsibility; and working with the regulators to implement the Commission's proposals on pay ii) ask the regulators to implement the Commission's key recommendations on corporate governance iii) support competition in the banking sector by providing the Prudential Regulation Authority (PRA) with a secondary competition objective to strengthen its role; and ask the new payments regulator, once established, to urgently examine account portability and payments system ownership. As already announced, HM Treasury has launched a review of the case for establishing a "bad bank" consisting of some high risk RBS assets. The Office of Fair Trading (OFT) has brought forward its review of competition in the small and medium enterprise (SME) sector. In response to the Commission's other recommendations, the Government has initiated detailed further work to explore the best path for their implementation.
Book Synopsis The Financial Conduct Authority's Response to the Parliamentary Commission on Banking Standards by : Financial Conduct Authority (Great Britain)
Download or read book The Financial Conduct Authority's Response to the Parliamentary Commission on Banking Standards written by Financial Conduct Authority (Great Britain) and published by . This book was released on 2013 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Parliamentary Commission on Banking Standards (the Commission) was appointed to conduct an inquiry into professional standards and culture within the UK banking sector. The Commission was appointed in response to the LIBOR rate-rigging scandal, which followed the financial crisis and a series of high-profile conduct failures within the UK banking industry. This document sets out the initial response to the recommendations directed at the FCA, and to the Government's response to the Report. It also describes the next steps in implementing the recommendations, and provides further details on how we intend to implement the four key themes of the Report: i) Holding individuals to account; ii) Governance and culture; iii) Securing better outcomes for consumers; iv) Regulatory judgement."--Introduction.
Book Synopsis Changing Banking for Good by : Great Britain. Parliament. Parliamentary Commission on Banking Standards
Download or read book Changing Banking for Good written by Great Britain. Parliament. Parliamentary Commission on Banking Standards and published by . This book was released on 2013 with total page 571 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Chancellor George Osborne set up the commission last year after the London Interbank Offer Rate (Libor) and other scandals. This UK Parliamentary Commission's report on banking standards has urged radical changes, including: making senior bankers personally responsible, reforming bank governance, creating better functioning and more diverse markets, reinforcing the powers of regulators and making sure they do their job. The report acknowledges that "banks should be free to compete in the global market to retain the most productive staff. However, the financial crisis and its aftermath have exposed the extent to which many of the highest rewards were unjustified". It added that investment banking operates as an oligopoly as market concentration has increased since the 2007-08 financial crisis. This lack of competition has contributed to undeserved excessive levels of remuneration. Other recommendations in the report are: 1) Bonuses should be deferred for up to 10 years to ensure that executives do not carry out excessive risks to boost payouts. The commission reasons that, while bonuses are typically awarded annually, profits or losses from banking transactions may not be realised for many years. Similarly, misconduct may be identified some time after the misbehaviour has occurred; 2) Banks and regulators should avoid relying unquestioningly on narrow measures of bank profitability in calculating remuneration. One measure which has commonly been used - return on equity - creates perverse incentives, including the incentive to use debt rather than equity to finance bank activity, thus increasing leverage; 3) The leverage ratio - the amount of capital held against total, unadjusted assets - should be above 3 per cent to limit the size of bank balance sheets; 4) There should be a government inquiry into the break-up of Royal Bank of Scotland. Ministers should consider breaking up RBS into a good and bad bank.
Book Synopsis Changing Banking for Good by : Great Britain. Parliament. Parliamentary Commission on Banking Standards
Download or read book Changing Banking for Good written by Great Britain. Parliament. Parliamentary Commission on Banking Standards and published by Stationery Office/Tso. This book was released on 2013 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Volume of the report from the Parliamentary Commission on Banking Standards contains eleven chapters setting out the Commission's findings, conclusions and recommendations in detail. The chapters are: introduction; the public experience of banks; the underlying causes; tackling resistance to reform; better functioning markets; a new framework for individuals; bank governance, standards and culture; remuneration; regulatory and supervisory approach; sanctions and enforcement; the way forward. The annexes to the report are: conduct of the Commission's work; trust in other sectors; bank remuneration; CDFIs (community development finance institutions); bank ownership; the public policy framework for remuneration
Book Synopsis Banking Reform by : Great Britain: Parliament: Parliamentary Commission on Banking Standards
Download or read book Banking Reform written by Great Britain: Parliament: Parliamentary Commission on Banking Standards and published by The Stationery Office. This book was released on 2013-03-11 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Structural reform represents a crucial building block for establishing a safer and more secure banking system in the United Kingdom. This Commission, in its First Report, concluded that partial structural separation of the kind proposed initially by the Independent Commission on Banking (ICB) and subsequently, with modifications, by the Government in its October 2012 draft Financial Services (Banking Reform) Bill could bring significant benefits for public policy and for banking. We recommended a number of steps to strengthen the proposed legislation and to increase its chances of being effective, as well as other measures to enhance the stability of the banking system as a whole."--Introduction.
Book Synopsis HM Treasury: Autumn Statement 2013 - Cm. 8747 by : Great Britain. Treasury
Download or read book HM Treasury: Autumn Statement 2013 - Cm. 8747 written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2013-12-05 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the improvement in the public finances, this year's Autumn statement is fiscally neutral and locks in lower spending by reducing departmental budgets for 2014-15 and 2015-16 by 1.1% but excluding local government, Security & Intelligence Agencies and HMRC. The Government will: cap the Retail Prices Index in business rates to 2% in 2014-15 and extend the doubling of Small Business Rate Relief to April 2014; will provide a business rate discount of £1,000 in 2014-15 and 2014-16 for retail properties with a rateable value of up to £50,000 and a 50% discount from business rates for new occupants of previously empty retail premises for 18 months; abolish National Insurance Contributions for under 21 year olds on earnings up £813 per week; remove cap on higher education student numbers; announce further reforms to make the most of the UK's science base; introduce a new tax relief for shale gas, and increase support for employee ownership and the creative industries; improve the UK's infrastructure with the National Infrastructure Plan 2013; and take further action to increase housing supply and support home ownership. Fuel prices will be frozen and the impact of policies on energy bills will be reduced. The average increase in rail fares will capped. Married couples & civil partners will be allowed to transfer £1,000 of their income tax personal allowance to their spouse where neither is a higher rate taxpayer.
Book Synopsis Principles of Banking Regulation by : Kern Alexander
Download or read book Principles of Banking Regulation written by Kern Alexander and published by Cambridge University Press. This book was released on 2019-06-06 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: An accessible, comprehensive analysis of the main principles and rules of banking regulation in the post-crisis regulatory reform era, this textbook looks at banking regulation from an inter-disciplinary perspective across law, economics, finance, management and policy studies. It provides detailed coverage of the most recent international, European and UK bank regulatory and policy developments, including Basel IV, structural regulation, bank resolution and Brexit, and considers the impact on bank governance, compliance, risk management and strategy.
Book Synopsis Banking Reform by : Great Britain. Treasury
Download or read book Banking Reform written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2013-02-04 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking reform is the second key pillar of the Government's programme for reform of the financial sector to address the weaknesses exposed by the financial crisis of 2007-09. The first pillar of this programme, reform of financial services regulation, has been legislated in the Financial Services Act that received Royal Assent in December 2012 (2012 Ch. 21, 9780105421122). The Government is now legislating to reform the structure of the UK banking system, through the Financial Services (Banking Reform) Bill (HCB 130, session 2012-13, ISBN 9780215053794) which implements key recommendations of the Independent Commission on Banking, including ring-fencing retail deposits from wholesale banking activities and depositor preference. This document accompanies introduction of the Bill and includes the Government response to the first report of the Parliamentary Commission on Banking Standards (PCBS), which conducted pre-legislative scrutiny on the draft Bill. The response explains where the Government has amended the Bill and includes and impact assessment for the Bill, along with the opinion of the independent Regulatory Policy Committee
Book Synopsis Principles of Banking Law by : Ross Cranston
Download or read book Principles of Banking Law written by Ross Cranston and published by Oxford University Press. This book was released on 2018 with total page 633 pages. Available in PDF, EPUB and Kindle. Book excerpt: This third edition of the Principles of Banking Law provides an authoritative treatment of both domestic and international banking law. This edition contains expanded coverage of developments in other comparable jurisdictions, internet banking services and money laundering.
Book Synopsis Eversheds Sutherland: The Employment Practitioner’s Guide to Financial Institutions by : Paul Fontes
Download or read book Eversheds Sutherland: The Employment Practitioner’s Guide to Financial Institutions written by Paul Fontes and published by Bloomsbury Publishing. This book was released on 2019-02-19 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis both in the US and UK led to concerns that individual accountability of senior managers in the banking sector had to be strengthened and risk and reward aligned more closely. Sweeping amendments were made to legislation, with new regimes introduced to improve accountability and greater powers bestowed upon regulators. The landscape has changed significantly with onerous rules faced by employers from recruitment to departure and beyond. Eversheds Sutherland: The Employment Practitioner's Guide to Financial Institutions: Key Aspects of the Regulatory Framework (originally titled: The Employment Practitioner's Guide to Financial Institutions: The Senior Managers and Certification Regime and Accountability) covers the full roll-out of the Senior Managers and Certification Regime to all financial services firms in 2018. The complexity of the rules and the difficulty for practitioners in finding resources to help them understand the new regime has led to much confusion and uncertainty. This book provides an invaluable guide to the new regime with practical analysis of the issues raised and how the changes should be implemented.
Book Synopsis Market Abuse and Insider Dealing by : Barry Rider
Download or read book Market Abuse and Insider Dealing written by Barry Rider and published by Bloomsbury Publishing. This book was released on 2022-10-28 with total page 557 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market abuse and insider dealing remains and always has been a real concern for all those that operate in the financial sector. Some of the earliest laws relating to trade outlaw attempts to artificially interfere with the proper functions of the markets and ensure fairness. With recent changes to both the UK and European regimes the line between what is normal (and sensible) business practice and what may now be classified as market abuse is becoming increasingly fine. This raises questions about communications between financial institutions and investors, and about corporate and analyst access. Market Abuse and Insider Dealing provides guidance on and explanation of the range of potential legal and regulatory responses to this complex area of law. Providing a thorough analysis and assessment of the law relating to market abuse and insider dealing, the new fourth edition includes: - analysis of the impact of Brexit - significant new case law and legislation including MiFID II; Money Laundering Regulations 2017; the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; Criminal Finances Act 2017 with Unexplained Wealth Orders; The Fifth Money Laundering Directive - the new Corporate Governance Code - new content on: control and senior managers' responsibility/liability; the FCAs competition law jurisdiction where it is appropriate to do so in relation to market abuse; a new table of UK decided market abuse cases This title is included in Bloomsbury Professional's Banking and Finance Law online service.
Book Synopsis The Government response to the Independent Commission on Banking by : Great Britain: H.M. Treasury
Download or read book The Government response to the Independent Commission on Banking written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2011-12-19 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: In its final report the Independent Commission on Banking (ICB) recommended a package of measures, consisting of ring-fencing vital banking services and increasing banks' loss-absorbency. The Government strongly supports the ICB's objectives and dual approach. The Government agrees that vital banking services - in particular, the taking of retail deposits - should only be provided by 'ring-fenced' banks', and that these banks should be prohibited from undertaking certain investment banking activities. On increased loss-absorbency, also supported are the ICB recommendations for higher equity requirements for large ring-fenced banks, a minimum leverage ratio, loss-absorbing debt, insured depositor preference and higher levels of loss-absorbing capacity for banks that are difficult to resolve. With regards to the principle that systemically important banks hold a minimum about of loss-absorbing capacity on a group-wide basis, however, the requirement should not apply to non-UK operations where it can be shown that those operations to do not pose a risk to UK financial stability. The Government also believes that depositor preference needs further analysis and consultation. On competition, the Government also strongly supports all the ICB recommendations. The Government estimates the aggregate private costs to UK banks at £3.5bn - £8bn, producing a gross reduction in GDP of £0.8bn - £1.8bn. Against these costs though should be set the potentially much larger benefits with the ICB's recommendations yielding an estimated incremental economic benefit of £9.5bn per annum. Significantly too the Government wants to see relevant legislation completed by the end of this Parliament in May 2015 as opposed to the ICBs recommended 2019
Download or read book Public Law written by Mark Elliott and published by Oxford University Press, USA. This book was released on 2014 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Public Law' is an introductory textbook that offers a mixture of black letter law and political analysis to give students an excellent grounding in the subject. It covers all of the key topics on undergraduate courses and includes a number of pedagogical features to aid understanding.
Author :Great Britain: Parliament: House of Commons: Treasury Committee Publisher :The Stationery Office ISBN 13 :9780215056955 Total Pages :100 pages Book Rating :4.0/5 (569 download)
Book Synopsis Appointment of Dr Mark Carney as Governor of the Bank of England by : Great Britain: Parliament: House of Commons: Treasury Committee
Download or read book Appointment of Dr Mark Carney as Governor of the Bank of England written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2013-04-19 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Treasury Committee has today published a report following the pre-commencement hearing it held with the next Governor of the Bank of England, Dr Mark Carney, on 7 February 2013. During the hearing, Dr Carney offered his views on the UK's future monetary policy framework. The Treasury Committee will report its conclusions, based in part on Dr Carney's evidence, in its forthcoming Report on the Budget. The Bank of England has taken on a wide range of new powers. Significant structural and cultural change is underway. Dr Carney will be responsible for overseeing it. In evidence to the Committee, Dr Carney set out his preference for a consensus-based approach to leadership; this will be significant if it leads to a meaningful change of culture within the Bank. The Committee wishes Dr Carney every success for his term as Governor. He will bring a wide range of skills and a great deal of experience to the role. Dr Carney's appearance before the Treasury Select Committee has set an important precedent. No previous Governor of the Bank of England has been subject to such a rigorous pre-commencement hearing. In future, they will be.
