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Euro regulation weighing down financial services

A failure to assess the cumulative effects of European regulation is leading to excessive burdens on the financial services industry and could damage investors and growth, according to Conservative MEP Vicky Ford.

Speaking to Money Marketing in Brussels, MEP for the East of England Ford says impact assessments are done for individual pieces of regulation but not on the “patchwork” of regulation as a whole.

She says: “What you tend to see is that regulators will look at the impact of this bit of legislation and the impact of that bit but nobody puts them together in a quantitative way to judge the cumulating effects.

“Through Basel and Solvency II we have taken streams of capital out of large firms and if, on the market side, you add further burdens then it gets even more difficult for those firms to invest and grow.”

Ford admits that “secondary impacts” of regulation may make a cumulative impact assessment difficult.

She says: “For example, if we said banks can start using covered bonds toward capital requirements, that would push up demand for them beyond what the market would ordinarily sustain and push up house prices, so secondary effects like that are hard to judge but I still think it needs to be looked at.”


Osborne rejects TSC call for extra independents on FPC

Chancellor George Osborne has rejected a call from the Treasury select committee to appoint another external member of the interim Financial Policy Committee. The interim FPC has been established to prepare the ground, in advance of legislation, for the creation of the FPC as the body responsible for the stability of the financial system. The […]

Aegon’s Christophe Ferrand dies in house fire

Christophe Ferrand, the chief administration officer of Aegon Asset Management, has died after a fire at his home in Scotland. The 44-year-old was injured after a fire started on the first floor of his home in Dunmore Park, Airth, early Tuesday morning. He was taken to hospital along with his wife and two children but […]

Halifax Intermediaries system glitch causes confusion

A glitch on Halifax Intermediaries’ website caused confusion today when a number of “dummy” products appeared on it which were not available to borrowers. The products are not supposed to be live and are in the system to stop applications that are incomplete from “dropping off” when products expire. One of the products which showed […]

Credit Suisse launches £482m securitisation

Credit Suisse has launched a £482m securitisation backed by a pool of UK non-conforming mortgages originated by UK sub-prime and specialist lenders. The lenders include GMAC-RFC, Mortgages plc, Edeus, Wave Lending and Platform. The transaction, called Alba 2011-RP1, sees two AAA-rated tranches worth £274m publicly placed. Credit Suisse is pricing the deal at one-month Libor […]

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What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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