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White paper: Darling shackles big banks

Chancellor Alistair Darling is to impose enhanced prudential regulation and stronger capital requirements on large and complex financial organisations.

“Systemically significant” firms will be subject to more regulation including higher capital requirements with the FSA determining the level of capital by working out the potential cost as well as the likelihood of failure of each institution.

The paper says: “The capital requirements in place for systemically significant institutions would need to be sufficient to change incentives of banks to over-indulge in risky activities throughout the economic cycle.

“This should encourage them to reduce or at least better understand the riskier activities they undertake (for example, proprietary trading) and reduce the moral hazard problem by removing the incentive for firms to become systemically significant.”


Annuity Direct warns on Omo misselling

Annuity Direct has warned that some open market option services are not offering a full whole-of-market annuity service to clients which could lead to misselling .


Corporate curve

The return of risk appetite has been very noticeable in the corporate bond space since the dark days of late 2008 when spreads blew out to unprecedented levels in the wake of the Lehman failure.


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