The Government's Response to the Report of the Parliamentary Commission on Banking Standards

Download The Government's Response to the Report of the Parliamentary Commission on Banking Standards PDF Online Free

Author :
Publisher : Stationery Office/Tso
ISBN 13 : 9780101866125
Total Pages : 27 pages
Book Rating : 4.8/5 (661 download)

DOWNLOAD NOW!


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.

Implementing the Recommendations of the Parliamentary Commission on Banking Standards

Download Implementing the Recommendations of the Parliamentary Commission on Banking Standards PDF Online Free

Author :
Publisher :
ISBN 13 : 9780215083807
Total Pages : 10 pages
Book Rating : 4.0/5 (838 download)

DOWNLOAD NOW!


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:

HC 768 - Implementing the Recommendations of the Parliamentary Commission on Banking Standards

Download HC 768 - Implementing the Recommendations of the Parliamentary Commission on Banking Standards PDF Online Free

Author :
Publisher : The Stationery Office
ISBN 13 : 0215078810
Total Pages : 86 pages
Book Rating : 4.2/5 (15 download)

DOWNLOAD NOW!


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:

The Financial Conduct Authority's Response to the Parliamentary Commission on Banking Standards

Download The Financial Conduct Authority's Response to the Parliamentary Commission on Banking Standards PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (882 download)

DOWNLOAD NOW!


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.

Changing Banking for Good

Download Changing Banking for Good PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 571 pages
Book Rating : 4.:/5 (85 download)

DOWNLOAD NOW!


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.

Banking Reform

Download Banking Reform PDF Online Free

Author :
Publisher : The Stationery Office
ISBN 13 : 9780108550478
Total Pages : 74 pages
Book Rating : 4.5/5 (54 download)

DOWNLOAD NOW!


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.

Banking Reform

Download Banking Reform PDF Online Free

Author :
Publisher : The Stationery Office
ISBN 13 : 9780101854528
Total Pages : 64 pages
Book Rating : 4.8/5 (545 download)

DOWNLOAD NOW!


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

Changing banking for good

Download Changing banking for good PDF Online Free

Author :
Publisher : Stationery Office
ISBN 13 : 9780108551062
Total Pages : 76 pages
Book Rating : 4.5/5 (51 download)

DOWNLOAD NOW!


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.

Changing Banking for Good

Download Changing Banking for Good PDF Online Free

Author :
Publisher : Stationery Office/Tso
ISBN 13 : 9780108551079
Total Pages : 500 pages
Book Rating : 4.5/5 (51 download)

DOWNLOAD NOW!


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

The Government response to the Independent Commission on Banking

Download The Government response to the Independent Commission on Banking PDF Online Free

Author :
Publisher : The Stationery Office
ISBN 13 : 9780101825221
Total Pages : 82 pages
Book Rating : 4.8/5 (252 download)

DOWNLOAD NOW!


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

The Financial Crisis Inquiry Report

Download The Financial Crisis Inquiry Report PDF Online Free

Author :
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

DOWNLOAD NOW!


Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Independent Commission on Banking final report

Download Independent Commission on Banking final report PDF Online Free

Author :
Publisher : The Stationery Office
ISBN 13 : 9780108510984
Total Pages : 364 pages
Book Rating : 4.5/5 (19 download)

DOWNLOAD NOW!


Book Synopsis Independent Commission on Banking final report by : Independent Commission on Banking

Download or read book Independent Commission on Banking final report written by Independent Commission on Banking and published by The Stationery Office. This book was released on 2011-09-13 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Independent Commission on Banking's final recommendations aim to create a more stable and competitive basis for UK banking for the long term. The result would be a banking system that is much less likely to cause, or succumb to, financial crises and the huge costs they bring; is self-reliant, so that the taxpayer does not have to bear the losses that banks make; and is effective and efficient at providing the basic banking services of safeguarding retail deposits, operating secure payments systems, and efficiently channelling savings to productive investments in the economy. Stability is crucial and UK banks should have more equity capital and loss-absorbing debt - beyond what has so far been internationally agreed - and their retail banking activities should be structurally separated, by a ring-fence, from wholesale and investment banking activities. The Commission also address competition, which has not been properly effective in UK retail banking. They recommend a seamless switching system based on redirection for personal and small business current accounts, free of cost and risk, complemented by measures to enhance transparency. The new Financial Conduct Authority should have a clear duty to promote effective competition. Structural reform should be complete by the Basel implementation date of 2019 at the latest. These reforms would result in better-capitalised, less leveraged banking more focused on the needs of savers and borrowers in the domestic economy. At the same time UK banks would be free to flourish in global markets, but without UK taxpayer support.

The Changing Face of Compliance

Download The Changing Face of Compliance PDF Online Free

Author :
Publisher : Routledge
ISBN 13 : 1317039041
Total Pages : 302 pages
Book Rating : 4.3/5 (17 download)

DOWNLOAD NOW!


Book Synopsis The Changing Face of Compliance by : Sharon Ward

Download or read book The Changing Face of Compliance written by Sharon Ward and published by Routledge. This book was released on 2016-04-01 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the current business climate the impact of the volume and nature of regulatory change and the regulatory risk arising from this is a significant business risk for regulated firms and regulators alike. As a consequence, management of this risk is increasingly high on the board agenda of regulated firms, with those business functions whose activities support this, such as Compliance, facing increasing levels of challenge in their efforts to be effective. The Changing Face of Compliance addresses core aspects of this challenge, considering the relationship between regulation and compliance and key influences on both, offering insight into the effectiveness of current approaches and addressing practical compliance challenges. Sharon Ward explains how the role of Compliance might be strengthened and those who work within it further enabled to support the current focus on improving standards in business, offering recommendations for enhancing this role. The text includes a mix of hands-on advice, examples and research based on the experiences of practitioners, educators and regulators drawn from across a wide range of jurisdictions and sectors. This is a thoughtful and timely book, whether you are concerned about the growing and changing implications of regulatory risk; the benefit of leveraging additional value from your Compliance function or your own Compliance role; or ways of transforming and sustaining the function to ensure its continued relevance to the business.

HC 811 - The Treasury Committee's Scrutiny of Appointments

Download HC 811 - The Treasury Committee's Scrutiny of Appointments PDF Online Free

Author :
Publisher : The Stationery Office
ISBN 13 : 0215091264
Total Pages : 25 pages
Book Rating : 4.2/5 (15 download)

DOWNLOAD NOW!


Book Synopsis HC 811 - The Treasury Committee's Scrutiny of Appointments by : Great Britain. Parliament. House of Commons. Treasury Committee

Download or read book HC 811 - The Treasury Committee's Scrutiny of Appointments written by Great Britain. Parliament. House of Commons. Treasury Committee and published by The Stationery Office. This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Law on Corporate Governance in Banks

Download The Law on Corporate Governance in Banks PDF Online Free

Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 1782548866
Total Pages : 381 pages
Book Rating : 4.7/5 (825 download)

DOWNLOAD NOW!


Book Synopsis The Law on Corporate Governance in Banks by : Iris H-Y Chiu

Download or read book The Law on Corporate Governance in Banks written by Iris H-Y Chiu and published by Edward Elgar Publishing. This book was released on 2015-02-27 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance in financial institutions has come under the spotlight since the banking crisis in the UK in 2008-9. In many respects, the banking business raises unique problems for corporate governance that are not found in other corporate secto

Principles of Financial Regulation

Download Principles of Financial Regulation PDF Online Free

Author :
Publisher : Oxford University Press
ISBN 13 : 0191090050
Total Pages : 780 pages
Book Rating : 4.1/5 (91 download)

DOWNLOAD NOW!


Book Synopsis Principles of Financial Regulation by : John Armour

Download or read book Principles of Financial Regulation written by John Armour and published by Oxford University Press. This book was released on 2016-08-04 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

Select Committee Effectiveness, Resources and Powers

Download Select Committee Effectiveness, Resources and Powers PDF Online Free

Author :
Publisher : The Stationery Office
ISBN 13 : 9780215052582
Total Pages : 32 pages
Book Rating : 4.0/5 (525 download)

DOWNLOAD NOW!


Book Synopsis Select Committee Effectiveness, Resources and Powers by : Great Britain: Parliament: House of Commons: Liaison Committee

Download or read book Select Committee Effectiveness, Resources and Powers written by Great Britain: Parliament: House of Commons: Liaison Committee and published by The Stationery Office. This book was released on 2013-01-24 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Responses to HC 697, session 2012-13 (ISBN 9780215049889)