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Regulatory framework needs to be scrutinised, says BBA

Reform of the Financial Services Compensation Scheme must not distract policymakers from learning the real lessons of the Northern Rock affair, according to the British Bankers’ Association.

BBA chief executive Angela Knight says the Bank of England’s role in the markets, the amount of day-to-day money banks need to hold and the working of the Lender of Last Resort process all need to be scrutinised before further policy changes are made.

She adds: “Financial firms need to be involved at the earliest stage in these discussions. The more practical experience is embodied in these policy changes, the better they will work in the real world. We stand ready to work with the regulators to review and if necessary reform.

“It is much easier for the regulatory authorities to tackle the limits on the Financial Services Compensation Scheme than to focus on the questions that need urgent answers. No saver in Northern Rock came close to needing the Scheme, and ours remains one of the most generous in Europe. We still need urgently to understand why our regulatory framework did not break the chain of events which resulted in such dramatic scenes outside branches of a British bank.”


Over half of IFAs do not understand personal accounts

Only 9 per cent of IFAs believe that personal accounts are a positive move for the financial services market according to research from The Pensions Report 2007.The report, produced in partnership with TaxBriefs, has also revealed that 56 per cent of IFAs do not have a good understanding of the government’s proposed personal accounts scheme.Furthermore, […]

Seabrook to run F&C dark green fund against index

F&C has continued its green investment stance with the launch of a new ethical bond fund under the management of Rebecca Seabrook.Structured as a Ucits III Oeic, the fund will have £40m of seeded assets at launch and will combine the capabilities of both its fixed interest and governance and sustainable investment teams.It will operate […]

Marino Valensise appointed to CIO at Barings

Baring Asset Management has appointed Marino Valensise as chief investment officer, replacing Michael Hughes.Hughes will stay on at Barings in a consultancy capacity until his retirement at the end of the year.Valensise has 20 years’ investment experience, having joined Barings in 1999. Alan Wilde will assume leadership of the fixed income and currency team. Wilde, […]

Tories bring out the sweeteners

The Conservatives have begun to play their hand, possibly a little earlier than originally planned, in Blackpool this week with a series of concrete policy statements to the electorate.


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