Financial Services Authority (FSA)
Tiner says risk management must improve at life insurers
"Changes are...underway in the relationship between insurance companies and their supervisors," said John Tiner, head of the UK's Financial Services Authority (FSA) in a speech today to the Westminster & City Twentieth Anniversary life insurance…
Japan's FSA cracks down on lapses by foreign firms
TOKYO – In mid-January, Japan's Financial Services Agency (FSA) issued administrative actions against the Tokyo branches of both Crédit Lyonnais Securities Europe and ING Securities after the agency found regulatory breaches at both firms.
FSA announces 2003 priorities
The UK's Financial Services Authority (FSA) outlined its strategy for fiscal year 2003-2004 in its annual budget and a report, Financial Risk Outlook 2003, released in late-January.
Nationalisation required for Japanese bank recovery, says Fitch
A partial nationalisation of Japan's ailing banks may be the only way to resolve the country's economic woes, with recent efforts by individual institutions to restructure their balance sheets unlikely to lead to an autonomous recovery in the banking…
FSA decision prompts tightening for insurers’ credit spreads
The cost of protection for the European insurance sector has tightened by up to 15bp in trading this week following a decision by UK regulator, the Financial Services Authority (FSA), to ease regulatory solvency requirements for individual life assurers.
UK watchdog calls for more stress testing
The UK’s chief financial watchdog, the Financial Services Authority (FSA), has called for more stress and scenario testing to ensure firms have robust strategies in place to address a raft of potential risks to their businesses this year.
New supervisory rules trigger alarm in Japanese banking system
The impact of a rigorous new Japanese bank inspection system is causing alarm at the country's banks, with many scrambling to shore-up fragile financial reserves ahead of its implementation in the next couple of months.
Cross-sector risk transfer regulations should be reviewed, say FSA respondents
The UK's Financial Services Authority (FSA) recently released feedback on responses to Discussion Paper 11, which focused on the effects of risk transfer between the banking industry and the insurance industry via credit derivatives and related products,…
Credit and credibility
Credit risk modellers have made giant strides, but they still have to convince regulators that they can make the world a safer place.
FSA slaps CSFBi with £4 million fine
The UK’s Financial Services Authority (FSA) yesterday fined Credit Suisse First Boston International (CSFBi), the derivatives arm of Credit Suisse First Boston, £4 million for attempting to mislead the Japanese regulatory and tax authorities - the…
Small firms welcome EU proposals
BRUSSELS - European investment firms welcomed the European Commission's decision to create a special regime for them in terms of the operational risk provisions of proposed new capital adequacy rules, according to trade bodies representing the firms.
Montréal Exchange extends access to UK
Bourse de Montréal, the Montréal Exchange, yesterday said that brokers in the UK will now have direct access to its market and products, following discussions with the Financial Services Authority (FSA), the regulatory authority in the UK.
FSA fines RBS for anti-money laundering control failings
The Financial Services Authority (FSA), the UK’s chief financial services watchdog, yesterday fined the Royal Bank of Scotland (RBS) £750,000 for breaching its anti-money laundering rules. It is the first time the FSA has issued a financial penalty for…
Commission highlights weak points of op risk insurance
BRUSSELS - The European Commission highlighted in November major drawbacks to the use of operational risk insurance to reduce op risk capital charges, despite its readiness to explore a wider use of insurance than that proposed in the Basel II bank…
Fitch to investigate credit derivatives risk concentrations
Credit rating agency Fitch Ratings is concerned that the rapid growth and lack of transparency in the synthetic credit markets could be leading to alarming concentrations of risk with specific market participants.
Financial institutions ill equipped to deal with credit risk developments, says D’Silva
The changing attitudes to credit risk among banks amounts to a "cultural revolution", Adrian D'Silva, director of capital markets supervision for the Federal Reserve Bank of Chicago, told delegates at a credit risk management conference in Vienna today…
UK opposed to allowing wider op risk insurance role in European capital rules
UK regulators are opposed to the wider use of operational risk insurance to reduce capital charges under complex new European Union (EU) safety rules for banks and investment firms, regulatory sources said.
UK opposed to allowing wider op-risk insurance role in European capital rules
LONDON – UK regulators are opposed to the wider use of operational risk insurance to reduce capital charges under complex new European Union (EU) safety rules for banks and investment firms, regulatory sources said.
A question of priorities
Japan's banks are aware of the need to prepare for Basel II, but it is just one of a number of urgent issues that need to be resolved in the Japanese banking sector.
Europe allows wider role for op risk insurance in Cad 3 [full story]
BRUSSELS - European banks and investment firms would be able to use operational risk insurance to reduce capital charges in all approaches to measuring op risk under new European Union (EU) capital adequacy rules, banking industry and regulatory sources…
An agency apart
The Financial Services Agency has more than its share of critics, thanks to controversial regulations and its handling of the banking crisis. A senior official at the agency talks about what lies ahead.
UK operational risk policy backs enterprise-wide risk management
With comments on the UK regulators' operational risk paper due by October 31, IBM's Pierre Pourquery says the proposals go above and beyond Basel II.
The credit risk time bomb
Insurers remain very keen to both guarantee and invest in credit derivatives products, but key regulators are about to release reports indicating that risk transfer between the insurance and banking sectors might not be such a good idea.
Basel II system improvements still unclear, says UK regulator
The precise steps banks need to take to ensure their risk management systems are compliant with the proposed Basel II capital accord aimed at making the world’s banking system safer is unclear, a UK regulator said yesterday.