View more on these topics

Euro co-ordination review plan defeated

The Government has voted down a proposal that calls for a review of the way UK and European regulators work together during the first 12 months of the new regulatory structure.

In a public bill committee meeting last week, a Labour amendment to the Financial Services Bill that would have mandated a Bank of England review was defeated by 10 votes to eight.

In December, the joint committee on the draft Financial Services Bill raised concerns that UK and European regulators may have difficulty working together because of the differences in the two systems.

The UK will have a prudential and a market regulator in the shape of the Prudential Regulation Authority and the Financial Conduct Authority.

The European supervisory authorities are split along sectoral line, with the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. The FCA will represent the UK at Esma meetings while the PRA will be the UK’s voice at EBA and Eiopa meetings.

In January, the Government said it would establish a committee to coordinate the UK’s interaction with the ESAs.

Labour Shadow Treasury financial secretary Chris Leslie told the public bill committee the “spaghetti of regulators” looks like “a recipe for chaos”.

Treasury financial secretary Mark Hoban said the co-ordination committee will undertake ongoing reviews. He said: “It is best the committee we are establishing works on effective co-ordination.”

FCA to have regard to the “ease with which consumers can have access to financial services and products which are affordable and appropriate to their needs”.
Regulated financial services firms to exercise a “fiduciary duty” to customers instead of an “appropriate level of care”.

A review of the co-ordination between UK and EU regulators within 12 months of the Financial Services Bill becoming law.

FCA to “discharge its general functions in a way which promotes the growth and development of social finance and social investment”.

FCA to have regard to raising standards of professionalism.

FCA board to have a duty to publish the minutes from its board meetings.


Unbiased reveals Media Adviser award winners has announced the winners of this year’s Media Adviser Awards, with the IFA of the year award picked up by Yellowtail Financial Planning managing director Dennis Hall. The eight annual Media Adviser Awards were presented in London last night to recognise the work of Bluebook media advisers. Each of the 11 categories were judged […]

Paradigm picks Stubley for finance role

Paradigm Group has appointed Noel Stubley to the newly created role of group finance director. He joins Paradigm from Lloyds Bank where he was corporate markets and acquisition finance team director. Paradigm says Stubley will work closely with senior partner Paul Hogarth and director Anthony Morrow across Paradigm Partners, Paradigm Pensions, Paradigm Mortgages and corporate […]


Clydesdale and Yorkshire Banks to increase SVR

Clydesdale and Yorkshire Banks are increasing their SVR for residential mortgage customers from 4.59 per cent to 4.95 per cent. The change, effective from May 1, will affect around 30,000 existing mortgage customers. The banks say borrowers will see an average increase in repayments of less than £30 a month and say the hike is […]

Harsh reality

No sooner had the ink dried on last week’s announcement from Halifax that it is increasing the cap for some borrowers on its standard variable rate from 3 per cent above base rate to 3.75 per cent above base than it trumped that by increasing its SVR to 3.99 per cent. With about 850,000 customers […]

Health - thumbnail

Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm