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Home » Retail Banking 2020 Insights » Morning Briefing: MPs look to US for new regulator

Morning Briefing: MPs look to US for new regulator

Morning News

The Telegraph reports that members of the House of Commons Treasury Select Committee want the Chancellor of the Exchequer to look to New York for a replacement for FCA boss Martin Wheatley who announced he would step down in September after he was told his contract would not be renewed.

"There are plenty of good regulators in New York, they know how to regulate the big banks," Labour MP John Mann, a member of the committee, told the newspaper. "I do want a consumer champion, I don't want to see someone who wipes the slate clean and does not see through the job."

"It seems there is a shift away from the big banks because they've threatened to leave, particularly HSBC. They brought the country to its knees, they did all this mis-selling, and now they are demanding a free pass on regulation," he said.

UBS forced to bring forward results after leak

UBS' second-quarter profit exceeded expectations on the back of the performance of its wealth-management business. The Swiss bank was forced to release its results a day early following a media leak that the bank described as "incorrect and misleading".

The bank said net profit rose to 1.21 billion Swiss francs ($1.26 billion), up 59 percent on the same period in 2014. Operating income rose to 7.82 billion francs from 7.15 billion francs.

Greece: secret plan for drachma return

Greece's ruling Syriza party is in turmoil after reports emerged that it had a plan in place to raid central bank reserves and hack customer accounts to prepare a return to the drachma.

The plan was attributed to sacked former ministers Panagiotis Lafazanis and Yanis Varoufakis. Mr Lafazanis told RealNews on Sunday that he had urged the government to tap the central bank's reserves in defiance of the ECB.

Russian govt to decide on Post Bank creation by year end

Russia's government is likely to decide whether to establish Post Bank by the end of the year, with a launch expected to follow immediately if it is to go ahead, according to Communications Minister Nikolai Nikiforov.

"From the point of view of the ministry, for me it is important that this year the decision be made, and not only made but legally formalised so that we already moved that way," Nikiforov said.

Standards Board to quiz bank bosses on ethics

The Banking Standards Board (BSB) is to write to the chairmen of the UK's biggest banks seeking information on their companies' ethics and culture.

BSB, chaired by former telecoms regulator Dame Colette Bowe, wants information on ethical policies, cultural standards and how the pay of top bosses is set returned by the autumn.

Former BES boss under house arrest

The former chief executive of Portuguese bank Banco Espirito Santo (BES) Ricardo Salgado has been placed under house arrest after a state prosecutor questioned him last week over allegations of fraud, corruption and money laundering.

His lawyer said the move was "disproportionate".

Chinese stocks dive again despite support

The Shanghai Composite was this morning on course for its biggest one-day drop since 2007 after it fell by more than eight percent in intra-day trade.

The Shenzhen Composite also fell, sinking by as much as seven percent to a low of 2,167 and Hong Kong's Hang Seng index is also down sharply.

Unity Bank seeks new CEO from within as Semenitari resigns

The board of directors of Nigeria's Unity Bank is seeking a new CEO following the resignation of the bank's managing director/CEO, Henry James Semenitari on Friday. The replacement will be "someone from within who meets all the Central Bank of Nigeria (CBN) requirements", a source close to the bank told ThisDayLive.

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