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Bank of England laments its lack of power over bank rescues

Bank of England governor Mervyn King and chairman Sir John Parker have used their annual report to raise concerns once again over the Bank’s lack of power to trigger the Special Resolution Regime.

In his foreword to the report King says he regrets that among other powers to deal with financial stability, he has not been given the capacity to trigger bank rescues via the regime.

He says: “As I have made clear, I regret that the new responsibility has not been accompanied by any new powers to deal with banks before they fail. Responsibilities and powers need to be aligned.”

And in a separate foreword, Sir John Parker says: “Although we believe that the creation of the Special Resolution Regime is a significant development, it is fair to say that there remain some concerns that the legislation may not go as far as necessary in terms of the Bank’s influence in triggering the SRR and in giving the Bank timely and full access to the data it will require.”

The Bank revealed record profits of £995m, the highest profit since its inception in 1694.


Hargreaves adds Wintle to Wealth 150

Hargreaves Lansdown has added the Neptune US Opportunities fund, managed by Felix Wintle, to its Wealth 150 list of recommended funds.Stuart Goodwin, an analyst at Hargreaves Lansdown, says Wintle has impressed them with his economic and sector views. Over three years to May 19, according to Financial Express, the £135m fund is comfortably number one […]

Manager focus: Peter G᤬

The first investments of a fund are crucial for long-term performance, says Peter G᤬, the manager of the newly launched Nucleus Assurance fund 1. G᤬ says that there is no shortage of opportunities in the European insurance sector as liquidity is still limited. The asset manager says the Luxembourg-domiciled Sicav is designed to benefit from […]

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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