Results tagged “regulation”

The Financial Services Authority is asking for over £450million to carry out its supervisory duties for the next year.

The Wharf-based regulator wants £454.7million to pay for its more "intensive and intrusive supervision of businesses. It represents a 9.9 per cent increase on last year's figure of £413.8million.

HSBC chief executive Michael Geoghegan has warned of an exodus of bankers from Britain just days before he himself relocates to Hong Kong.

Mr Geoghegan criticised the Government's handling of the economy and attacked the introduction of the bonus tax, which he feels is doing more harm than good.

The fallout from the banking crisis has thrown the industry's problems into stark relief, not least regulation.

The British Government has vowed to crack down on the return of excessive bonuses and risky practices that precipitated the credit crunch, but implementing tighter unilateral regulation could be difficult.

Chancellor of the Exchequer Alistair Darling was in Canary Wharf this morning and used the opportunity to criticize the return of the bonus culture.

Mr Darling singled out Goldman Sachs, which reported bumper profits last week, saying it sent out the "wrong signals" with huge pay awards.

The Financial Services Authority defended its role as a watchdog when its top brass faced the public this morning.

Lord Turner and Hector Sants, respectively chairman and chief executive of the Wharf-based regulator, were bullish about past performance and the FSA's future at the annual public meeting in the City.

The Financial Services Authority has defended its performance last year in its newly published annual report.

The Canary Wharf-based financial regulator endured a torrid time in 2008 with the onset of recession and the near-collapse of the banking system.