
Bradford and Bingley under investigation
FSA launches insider dealing investigation for UK bank
LONDON – The UK Financial Services Authority (FSA) is investigating alleged insider dealing at Bradford & Bingley, according to a report in the Daily Telegraph.
The UK bank has been suffering from the fallout of the US subprime crisis and ensuing credit crunch. It issued a profit warning earlier this week, and has been forced to sell 23% of its stock to a US private equity house, Texas Pacific Group, at a heavily discounted price. The bank’s chief executive also recently resigned due to a heart complaint, amid rumours of mismanagement and liquidity concerns.
The FSA will probe apparently suspicious share sales last week. The bank's shares fell by 8.5% last Thursday and a further 7.5% on Friday, before the Texas Pacific shares purchase and the profit warning was made public.A spokesman for the regulator confirmed that Bradford & Bingley was under investigation.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
How to reform the NSFR… and why regulators may never get there
Ideas for updating funding rules after SVB include recalibration and concentration limits
BoE takes subtle leverage snipe at CCP cross-margining
Margin offsets might increase risk, but could also encourage more central clearing
Should the Fed mandate collateral pre-positioning at the discount window?
Supervisor wants banks to be ready to access central bank facilities, but formalising pre-positioning has some drawbacks
Why Basel’s push to overhaul PFE is a wake-up call for risk teams
The regulatory push, lessons from Archegos and why a unified PFE/XVA framework is becoming the new standard
SEC faces debate over possible cull of cyber security rules
Lobby groups pushing for regulator to roll back disclosures, but investors take a different view
Emir rule delay leaves Simm paperwork gathering dust
Mid-year refresh triggers Emir 3.0 authorisation process despite unfinished regulatory standards
EC moots postponing 122 delegated acts to cut compliance costs
Secondary legislation from CRR, Emir and Mifir identified as suitable for unspecified delay
Esma sounds out industry for ways to cut reporting burden
Markets watchdog asks consultative groups for ideas to simplify reporting rules