Of Special Interest
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- Newslink Trends-The Global Strategic Perspective
- Juniper Research says digital wallet users to exceed 4.4 billion by 2025, as mobile drives digital payments’ revolution
- Criminals exploit COVID-19 pandemic with rise in scams targeting victims online
- Equifax says Open Banking proving pivotal to pandemic lending
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Mintos says Europeans are starting to embrace investing
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
16th October 2012
UK banking reform advances - marginally
Opinion
The UK government issued its draft banking reform bill last Friday (12th). The draft banking reform will now go to the committee set up by the Chancellor of the Exchequer for scrutiny. The committee is chaired by Andrew Tyrie, also chair of the influential Treasury Select Committee. Tyrie will report in December.
The draft banking reform bill says nothing new - exactly as intended under a political compromise. The bill restates the recommendations of The Independent Banking Commission (IBC) chaired by Sir John Vickers made over 1 year ago. The core recommendation being the requirement for universal banks to hold separate 'ring-fenced' capital for their retail banking operations. All the decisions identified as needed to be taken by the government within the IBC report are deferred to the financial regulator or secondary legislation and are not part of this primary bill. The only purpose of the report is to give Tyrie's committee, consisting of MPs from all of the major parties, a point of reference to either agree or disagree with.
The Financial Secretary to the Treasury, Greg Clark said:
“The publication of the draft Banking Reform Bill today illustrates Government’s ongoing commitment to reforming the banking sector.
“We want to ensure that taxpayers are protected whilst retaining our status as a global financial centre. The Government remains on course to have all ICB legislation in place by the end of this Parliament.
"The Government looks forward to receiving the report of the Parliamentary Commission on Banking Standards and will consider it carefully ahead of formally introducing the Bill to Parliament in early 2013.”
The latest European Union proposals are not radically dissimilar. It would be advantageous for Britain to negotiate with the EU for a common route forward. This is unlikely to happen however as it would then lead to more criticism of ministers by the anti-European, anti EU, right wing of the government.