Regulating the banks: 2014 heralds a tough new approach
The start of 2014 has seen the financial regulators begin formal investigations into the troubled Co-operative Bank, following discovery of the £1.5bn deficit in its balance sheets in June 2013 and allegations surrounding its chairman, Paul Flowers. While the Prudential Regulation Authority (PRA) will consider former senior managers’ roles, the Financial Conduct Authority (FCA) will look at decisions and events to June 2013. No further details of the investigations have been released. Alongside three reviews internal to the Co-op, the Treasury will also undertake an independent review via powers under the Financial Services Act 2012 (FSA 2012), examining the actions of relevant authorities, the institution itself, prudential issues, governance and acquisitions. However, this ‘will not start until it is clear that it will not prejudice any actions that the relevant authorities may take, including the potential FCA and PRA enforcement investigations’.
More widely, banking structural reform looks likely to dominate regulation in the financial services sector in 2014. The government’s Financial Services (Banking Reform) Act came into force in December 2013, implementing recommendations from the Independent Commission on Banking and Parliamentary Commission on Banking Standards. Four key areas form the focus of the ‘transformation’ attempts…
Click on the link below to read the rest of the Walker Morris briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
The Court of Appeal has upheld a summary judgment on an application for a declaration of non-infringement of patent.
The design in issue in Cezar v OHIM was for a skirting board duct.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.