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Businesses to have living wills for crisis plan

Banks and big investment firms in the UK will be required to develop living wills setting out how they will cope if they hit financial difficulties without being bailed out by taxpayers.

The FSA this week published consultation and discussion papers on its proposals for recovery and resolution plans.

All UK-incorporated deposit takers, subsidiaries and significant investment firms with assets of over £15bn will need to implement RRPs.

Firms will have to produce recovery plans which should set out how capital shortfalls, liquidity pressures and profitability issues will be addressed. Firms will also have to produce resolution plans to show how they will wind down if they fail.

FSA executive committee member Thomas Huertas says: “By putting in place clear plans to recover from a crisis or wind down in an orderly manner, firms can take the necessary action to reduce the impact on financial stability and reduce taxpayer support.”


Ex-Mizuho banker charged with insider dealing

The FSA has charged former Mizuho International investment banker Thomas Ammann and two associates with insider dealing. Ammann has been charged with three counts of insider dealing and two counts of encouraging insider dealing. Christina Weckwerth, who lives in Germany, has been charged with two counts of insider dealing and Jessica Mang has been charged […]

Mark Dampier’s Fund Focus

News of the US administration finally reaching an agreement to raise the US debt ceiling did not solve the longterm problem. The West has been on a borrowing binge for the last 15 years. Governments have confused the effects of borrowing with genuine economic improvement – and some seem convinced their policies have actually driven […]

18 chief launches protection advice firm

Former managing director Stuart Glendinning has partnered with former colleague Louise Cuming to set up an online protection advice company. The Life Department, which works with Legal & General, PruProtect and Ageas, is now live and will formally launch with its quote facility on August 15. The website,, features a slider tool designed by […]


Europe suggests 14-day mortgage cooling-off period

A committee scrutinising the EU’s mortgage directive has resurrected the idea of a 14-day “cooling-off period” for borrowers after a mortgage offer has been made. Plans for a 10-day cooling-off period were considered by the European Commission when it first began to formulate its draft proposals, but it emerged in January that the EC was […]


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