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Found 2 results

  1. Directors of the City regulator will hold crunch talks later about the imposition of a deadline which would draw a line under the £25bn payment protection insurance mis-selling scandal. Sky News has learnt that the Financial Conduct Authority (FCA) will discuss the merits of a so-called time-bar exercise as part of a scheduled board meeting. The board meeting will come ‎four months after the watchdog raised the spectre of a fresh deluge of compensation claims as a consequence of a landmark legal ruling at the Supreme Court last year. Bank executives have warned that the implications of a case brought by Susan Plevin - which centred on a company's failure to disclose to her a large commission payment on her PPI policy - could be catastrophic for the industry. https://uk.news.yahoo.com/watchdog-crunch-talks-25bn-ppi-cut-off-213150769--finance.html#6cfwso4
  2. Major UK banks must raise a total of £25bn in extra capital by the end of 2013 to guard against potential losses, the Bank of England (BoE) has said. In a statement, the BoE's Financial Policy Committee (FPC) said only some banks need to raise the cash, but did not name them. It said banks could face losses of about £50bn over the next three years, relating to bad loans and fines. The order is the first from the FPC, the new financial stability regulator. It said UK banks and building societies could lose billions of pounds over the next three years relating to "high-risk" loans in the UK commercial property sector and vulnerable eurozone economies. They may also lose money through fines, and require extra capital to support a "more prudent approach to risk". Some banks already have enough capital to cover these costs, the FPC said, but others are short. Yet more money may need to be raised after the end of 2013, the FPC warned, so that banks conform to incoming "Basel III" accords on banking regulation. More: http://www.bbc.co.uk/news/business-21948429
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