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☆ Bank of England tells UK to hold insurers to account on infrastructure
▼ + stars: | 2023-09-13 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File Photo Acquire Licensing RightsCompanies Bank Of England FollowLONDON, Sept 13 (Reuters) - The government should check that insurers are spending up to 100 billion pounds ($125 billion) on Britain's economy after their capital rules were eased, Bank of England Deputy Governor Sam Woods said on Wednesday. "I think it may happen, but I can't guarantee it," Woods told a sub-committee of parliament's Treasury Select Committee. The finance ministry overrode the Bank of England to ease some capital rules more than Woods had wanted, which could make an insurance company failure more likely. This means insurers will have more money to invest, currently only a modest part of their portfolios is in infrastructure, Gerken said.

Persons: BoE, Maja Smiejkowska, Sam Woods, Woods, Charlotte Gerken, Gerken, Huw Jones, Alexander Smith Organizations: Bank of England, REUTERS, Bank, Association of, Thomson Locations: London, Britain

☆ Debate needed on impact of a digital pound, says BoE official
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

[1/2] A woman holds an umbrella outside the Bank of England in the City of London, Britain, July 30, 2023. REUTERS/Hollie Adams/File photo Acquire Licensing RightsLONDON, Sept 12 (Reuters) - A "national conversation" is needed on whether to press ahead with a digital version of the pound, given concerns over privacy and other "anxieties", Bank of England deputy governor designate Sarah Breeden said on Tuesday. Breeden, currently an executive director at the Bank, told parliament's Treasury Committee that the impact on financial stability is also a concern regarding a digital pound. Reporting by Huw Jones and Muvija M, editing by Sachin RavikumarOur Standards: The Thomson Reuters Trust Principles.

Persons: Hollie Adams, Sarah Breeden, Breeden, Huw Jones, Muvija, Sachin Ravikumar Organizations: Bank of England, City of, REUTERS, Bank of, Bank, Treasury, Thomson Locations: City, City of London, Britain

☆ Morning Bid: China's weak property stocks set the pace
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 4, 2023. Property shares are taking a beating after weekend data showed new home sales in China's biggest cities slumped by half in the first week of this month. Reuters GraphicsMeanwhile, China's central bank yanked the yuan off a 16-year low by setting the strongest official midpoint fixing - as compared with market expectations - on record. BOE chief economist Huw Pill is on speaking duty today, setting the scene for British jobs data on Tuesday and GDP the day after. That makes U.S. CPI data due Wednesday the key data point to watch this week.

Persons: Kevin Buckland, HSI, Kazuo Ueda, it's, BOE, Huw Pill, Edmund Klamann Organizations: REUTERS, Staff, China . Property, Bank of Japan, Yomiuri, ECB, Bank of England, Fed, U.S, CPI, Reuters, Thomson Locations: Frankfurt, Germany, Europe, Asia, China, China's, Sweden, Italy

☆ LSEG appoints Charlie Walker as deputy CEO of London Stock Exchange
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: 1 min

London Stock Exchange Group signage is seen outside offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Sept 11 (Reuters) - The London Stock Exchange Group (LSEG.L) said on Monday that it had appointed Charlie Walker as deputy CEO of its main bourse, amid a period of rolling reforms to make the market more attractive to investors and company listings. Walker will report to London Stock Exchange plc CEO Julia Hoggett, the company said in a statement, and continue to oversee the group's primary markets business. Reporting by Iain Withers, Editing by Huw JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Charlie Walker, Walker, Julia Hoggett, Iain Withers, Huw Jones Organizations: London Stock Exchange, REUTERS, Thomson Locations: Canary Wharf, London, Britain

☆ Dollar has 8th straight week of gains; U.S. stocks edge up
▼ + stars: | 2023-09-08 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 24, 2023. The dollar index's weekly winning streak was its longest since 2014, bolstered by recent data suggesting the U.S. economy is still resilient. Investors are waiting for the U.S. Consumer Price Index reading for August, due Wednesday, especially with oil prices rising. Dollar gains have also prompted a step up in rhetoric from Japanese policymakers growing uncomfortable with the yen's slide. In energy, oil prices rose to a nine-month high as U.S. diesel futures rose and as investors worried about tight oil supplies.

Persons: Brendan McDermid, Quincy Krosby, Wall, Masato Kanda, Hirokazu Matsuno, Huw Jones, Heekyong Yang, Shri Navaratnam, Tomasz Janowski, David Evans, Richard Chang Organizations: New York Stock Exchange, REUTERS, Apple, U.S, Strong U.S, Federal Reserve, Investors, U.S . Consumer, Financial, Dow Jones, Nasdaq, Treasury, Thomson Locations: New York City, U.S, Strong, Charlotte , North Carolina, China, Japan, Brent, London, Seoul

☆ Stocks subdued after bruising week, dollar basks and yuan wilts
▼ + stars: | 2023-09-08 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

U.S. stock index futures , , were little changed. The dollar was set to clock up its best winning streak since 2014, bolstered by a resilient run of U.S. economic data. In contrast, the yuan fell to its weakest level since 2007 on worries about China's slowing economy. "Everything is geared towards the next couple of weeks, with European Central Bank, Federal Reserve and Bank of England meeting. Stocks sought to stabilise after a week of easing, with the MSCI All Country stock index (.MIWD00000PUS) slightly weaker at 676.83 points, and down about 1.5% for the week so far, though still up nearly 12% for the year.

Persons: Toby Melville, Mike Hewson, Stocks, Patrick Spencer, Spencer, YUAN, Masato Kanda, Hirokazu Matsuno, Brent, Heekyong Yang, Shri Navaratnam, Tomasz Janowski, David Evans Organizations: London Stock Exchange Group, City of, REUTERS, Stocks, Apple, Investors, European Central Bank, Federal Reserve, Bank of England, CMC, U.S, Consumer, Baird, ANZ Bank, Treasury, Thomson Locations: City, City of London, Britain, China, United States, Europe, U.S, Seoul

☆ UK watchdog to 'ramp up' checks on how banks assess risks
▼ + stars: | 2023-09-08 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Britain's financial watchdog told banks on Friday it would "ramp up" checks on whether they were properly assessing and managing risks from large customers to avoid any liquidity crunch in stressed markets. "We are ramping up our testing programme to look at how banks are controlling these risks, including more in person supervisory assessments." Under pressure from the European Central Bank, bankers have moved from London to staff these hubs, raising questions about sufficient staff in UK units. "While there are various booking and organisational arrangements underpinning these activities, there should be appropriate oversight for any business booked into the UK," Walls said. The FCA said it may also check how banks deal with non-financial misconduct, such as sexual harrasment.

Persons: Henry Nicholls, Liz Truss, Simon Walls, Huw Jones, Emelia Sithole Organizations: REUTERS, Financial, Authority, Bank of England, European Union, Brexit, European Central Bank, Thomson Locations: London, Britain

☆ Global regulators seek to crack down on decentralised finance
▼ + stars: | 2023-09-07 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Sept 7 (Reuters) - Global securities regulators set out on Thursday their first blueprint to make participants in "decentralised finance" (DeFi)accountable for their actions and safeguard market stability. Such events have seen DeFi shrink from about $180 billion in late 2021 to about $40 billion currently, and the sector is also being used for moneylaundering, IOSCO said. Stakeholders in DeFi and their roles, and the organizational, technological, and communication mechanisms they use, tend to mimic those in traditional finance. Regulators have little standardised data on DeFI, a situation made worse by market participants using multiple pseudonymous addresses to obfuscate their activities, IOSCO said. Regulators should use existing laws or introduce new ones where needed to get a full picture of DeFI, including the identities of people and companies involved, IOSCO said.

Persons: Dado Ruvic, IOSCO, Tuang Lee Lim, Lim, Huw Jones, Frances Kerry Organizations: REUTERS, Terra, Regulators, DeFi, Thomson Locations: DeFi, IOSCO, United States

☆ IMF and regulators set out roadmap to contain crypto risks
▼ + stars: | 2023-09-07 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Sept 7 (Reuters) - Global financial regulators and the International Monetary Fund on Thursday set out a roadmap to coordinate measures that stop cryptoassets from undermining macroeconomic and financial stability. Such risks are exacerbated by noncompliance with existing laws in some instances, the G20's risk watchdog, the Financial Stability Board, and the IMF said in a paper. "Widespread adoption of crypto-assets could undermine the effectiveness of monetary policy, circumvent capital flow management measures, exacerbate fiscal risks, divert resources available for financing the real economy, and threaten global financial stability," the paper said. The paper sets out timelines for members of the IMF and G20 to implement recent recommendations to regulate crypto from the Financial Stability Board and IOSCO, a global group of securities regulators. The tax treatment of cryptoassets should also be spelled out, along with how existing laws apply to the sector.

Persons: Huw Jones, Sharon Singleton Organizations: Global, International Monetary Fund, IMF, European Union, Thomson Locations: cryptoassets, New Delhi

☆ UK watchdog offers flexibility on tougher cryptoassets marketing rules
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: 1 min

[1/2] Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsLONDON, Sept 7 (Reuters) - Britain's Financial Conduct Authority on Thursday said its tougher rules on marketing cryptoassets would come into force in early October, but firms could apply for more time to comply with some elements such as a 24-hour cooling off period. "Firms could be given until 8 January 2024 to introduce features that require greater technical development, with the core rules still coming into effect from 8 October 2023," the FCA said in a statement. "Firms must first apply for the flexibility which would then allow them time to make the required back-office changes successfully." Reporting by Huw Jones, editing by Iain WithersOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Huw Jones, Iain Withers Organizations: REUTERS, Thomson

☆ The UK economy is bigger than we thought. It still has ‘a growth problem’
▼ + stars: | 2023-09-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —The UK economy recovered from the Covid-19 pandemic much faster than previously thought, according to major revisions of official statistics that have erased Britain’s laggard status overnight. The ONS had said as recently as last month that UK GDP had still not reached its pre-pandemic size by the second quarter of this year. “UK growth has still been very sluggish, even if it’s not at the bottom,” said Prof. Huw Dixon, who leads research in economic measurement at the National Institute of Economic and Social Research. So while the size of the economy is bigger than we thought, Britain still has a growth problem.”Richer dataIn 2020, the UK economy suffered its biggest slump in more than three centuries, recovering sharply the following year off a low base. Annual GDP growth for 2021 was also revised up by 1.1 percentage points to 8.7%.

Persons: ” Ruth Gregory, “, ”, Huw Dixon, ” Dixon, ” John Springford, Richer, That’s, Frost, Darren Morgan, Henry Nicholls, Jeremy Hunt, Gregory, Nomura Organizations: London CNN, Office, National Statistics, ONS, Capital Economics, National Institute of Economic, Social Research, CNN, Centre, European Reform, Getty Images, Bank of England Locations: Germany, United States, Canada, Japan, Italy, France, Britain, Petticoat Lane, AFP, United Kingdom

☆ Dollar set for weekly loss as crucial US jobs data looms
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: +3 min

The dollar was on course to snap a six-week winning streak against major peers on Friday, as it headed into a pivotal monthly U.S. jobs report that is likely to inform the path for Federal Reserve policy over coming months. Elsewhere, the Chinese yuan strengthened after the nation's central bank cut forex reserve requirements for the first time in a year. It slipped 0.08% to 145.405 yen on Friday, putting its loss for the week at 0.7%. The single currency was little changed at $1.08455 following a 0.74% tumble on Thursday that pared its weekly advance to 0.49%. "Pill's comments appear consistent with another quarter-point turn of the screw on 21 September, but not necessarily thereafter," Attrill said.

Persons: pare, Ray Attrill, Huw Pill, Attrill, bitcoin, Bitcoin Organizations: Federal Reserve, U.S, National Australia Bank, ECB, Bank of England, People's Bank of, Securities and Exchange Commission, SEC Locations: Asia, People's Bank of China

☆ Direct Line faces $38 million redress bill for overcharging customers
▼ + stars: | 2023-09-01 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage for the FCA (Financial Conduct Authority), the Britain's financial regulatory body, is seen at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - British insurer Direct Line (DLGD.L) has agreed to review overcharging of existing home and motor customers totalling about 30 million pounds ($38 million) for policy renewals, the Financial Conduct Authority (FCA) said on Friday. "Direct Line Group will carry out a review to identify all instances where a customer has been overcharged and provide appropriate redress," the FCA said in a statement. "As a result, those customers have paid a renewal price higher than they should have," Direct Line said. Earlier this week, Direct Line named a new CEO as it seeks to reset after profit fell by 95% in 2022.

Persons: Toby Melville, Huw Jones, David Goodman, David Evans Organizations: FCA, Financial, Authority, REUTERS, British, Direct, Thomson Locations: London, Britain

☆ UK financial data market escapes competition probe for now
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 31 (Reuters) - Britain's financial watchdog has stopped short of referring parts of the financial data market to the competition authority for now despite concerns over the power of large companies, it said on Thursday. The Financial Conduct Authority (FCA) said in March that competition in some parts of the wholesale financial data market is not working as well as it should, a sector which includes information on stock prices used by investors. It also launched a study to investigate if markets for benchmarks, credit ratings data and market data vendor services are working well, setting a Sept. 1 deadline to decide whether to refer any of the three market sectors to the Competition and Markets Authority (CMA). The update report highlights emerging issues in these markets, including concerns about the market power of large and established companies, which can reduce competition.

Persons: Toby Melville, Huw Jones, David Goodman Organizations: FCA, Financial, Authority, REUTERS, Financial Conduct Authority, Competition, Markets Authority, Thomson Locations: London, Britain

☆ Some UK banks improving interest rates for savers, says watchdog
▼ + stars: | 2023-08-31 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. Lawmakers have criticised lenders for being quick to pass on higher Bank of England interest rates to borrowers, but much slower raising rates offered to savers. "In July, we outlined a 14-point action plan to ensure people can access a competitive savings market. The FCA said that since its plan was published, it had seen a greater availability of higher interest rates in both term limited and easy access accounts. "We have also seen moves by some savings providers to align the rates available on accounts currently on sale and those now closed," the watchdog added.

Persons: Toby Melville, Huw Jones, Mark Potter Organizations: FCA, Financial, Authority, REUTERS, Bank of, HSBC, Lloyds, NatWest, Barclays, Thomson Locations: London, Britain, Bank of England

☆ UK's Direct Line appoints CEO after tough 2022
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 30 (Reuters) - British motor and home insurer Direct Line Insurance Group (DLGD.L) on Wednesday named Adam Winslow, a senior executive at Aviva (AV.L), as its CEO, seeking to reset after profits fell by 95% in 2022. Winslow, who is currently CEO of UK & Ireland general insurance at FTSE 100-listed Aviva, will join Direct Line in the first quarter of 2024. His appointment comes after Penny James, Direct Line's CEO for nearly four years, stepped down in January and Chief Commercial Officer Jon Greenwood was appointed acting CEO. Direct Line reported in March that its operating profit dropped 95% in 2022 after inflation drove up the cost of motor repairs and it warned that 2023 would be impacted by higher than previously expected claims inflation. Direct Line reports first-half 2023 results on Sept. 7.

Persons: Adam Winslow, Winslow, Penny James, Jon Greenwood, Sinchita Mitra, Eva Mathews, Huw Jones, Varun Organizations: Line Insurance, Aviva, UK & Ireland, Direct, Thomson Locations: British, Bengaluru, London

This, regulators say, makes it harder for banks to cut costs and absorb losses in a downturn. But many bankers are expected to resist swapping guaranteed pay for potentially higher bonuses, which can swing wildly across economic cycles. UK Finance, the industry body for banks in Britain, did not respond to the public consultation, leaving individual members to comment if they wanted to. Others warned against overplaying the significance of bonuses in Britain's battle to grow its financial sector, still reeling from the loss of big-ticket listings, such as Arm Holdings. "Compensation is a small point in the grand scheme of things of a vibrant financial sector.

Persons: Toby Melville, Luke Hildyard, there'll, Suzanne Horne, Paul Hastings, Horne, Simon Patterson, Edelmann, Oliver Wyman, Sinead Cruise, Huw Jones, Tomasz Janowski Organizations: City of, Regulators, European Union, Bank of England, Financial, Bankers, Reuters, European Banking Authority, International Employment, Britain, EU, Finance, Arm Holdings, Thomson Locations: City, City of London, Britain, Banks, European, New York, Singapore, EU, Paris, Frankfurt, United States, Japan, Switzerland, London, Europe

☆ Bond rout keeps stocks under water, China woes give dollar a lift
▼ + stars: | 2023-08-18 | by ( Huw Jones | ) www.reuters.com time to read: +6 min

Crude oil was set to snap a seven-week winning streak as China's slowing economic growth clouded the picture for demand. Jason Da Silva, director, global investment strategy at Arbuthnot Latham, said stock markets were paying the price for bond yields soaring as economic data from the United States smash expectations, despite all the rate hikes so far. Euro zone government bond yields also eased on Friday as concerns about the global economy nudged investors into safe-haven government bonds and further signs emerged that euro zone inflation has peaked. The U.S. dollar recovered from an earlier dip and was standing tall near a two-month top at 103.42 against its major peers. Brent crude futures eased 0.5% to $83.67 and U.S. West Texas Intermediate crude futures were off 0.4% at $79.99.

Persons: Toby Melville, bitcoin, Thursday's, Jason Da Silva, Arbuthnot Latham, Da Silva, Jerome Powell, HSI, China Evergrande, Toby Chopra, Mark Potter Organizations: London Stock Exchange, REUTERS, Companies, Jackson, Global, Nasdaq, ING, Treasury, Federal Reserve, CHINA SHADOW, HK, Japan's Nikkei, Bank of, U.S, Brent, . West Texas, Thomson Locations: Canary Wharf, London, Britain, Japan, U.S, China, United States, Jackson Hole , Wyoming, CHINA, Asia, Pacific, Hong Kong, Beijing, Bank of Japan

☆ Morning Bid: Caution the watchword for inflation tests
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +3 min

[1/2] Produce is seen at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File PhotoA look at the day ahead in European and global markets from Wayne Cole. It's been a slow start in Asia, with little in the way of market-moving news over the weekend. Both Bank of America and JPMorgan last week ditched their forecasts for a U.S. recession and embraced the soft landing theme. Inflation figures from the United States and China will be major tests for investors this week.

Persons: Sarah Silbiger, Wayne Cole, It's, Walt Disney, Huw Pill, Raphael Bostic, Michelle Bowman, Edmund Klamann Organizations: El Progreso Market, Washington , D.C, REUTERS, Nasdaq, Bank of Japan, Bank of America, JPMorgan, U.S, CPI, New Corp, Fox, Sony, Bank of England's, Atlanta Fed, Thomson Locations: Mount Pleasant, Washington ,, Wayne, Asia, U.S, United States, China, Beijing, Japan

☆ EU banks face liquidity checks next year after 2023 crises
▼ + stars: | 2023-08-03 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. The need for credible options was reinforced after the Swiss central bank stepped in with a liquidity backstop for Credit Suisse in March, before it was taken over by rival UBS (UBSG.S). Liquidity refers to readily available cash or short-term debt with a ready buyer to fund a bank's day-to-day operations without having to sell assets. "Strategies and actions suggested by institutions to support liquidity in resolution remained limited and mostly focused on accessing central bank facilities," EBA said in its report. Tapping private markets for liquidity, however, may be difficult for a stressed bank coming out of resolution, and even getting central bank liquidity can be hard without enough collateral, the EBA noted.

Persons: Kai Pfaffenbach, Huw Jones, Alexander Smith Organizations: European Central Bank, REUTERS, Union, Credit Suisse, UBS, European Banking Authority, Silicon Valley Bank, EU, EBA, Thomson Locations: Frankfurt, Germany, Swiss, Switzerland, Silicon, United States

☆ Barclays explores moving EU headquarters from Dublin to Paris
▼ + stars: | 2023-08-03 | by ( Iain Withers | ) www.reuters.com time to read: +1 min

The Barclays headquarters building is seen in the Canary Wharf business district of east London February 6, 2013. REUTERS/Neil Hall/File PhotoLONDON, Aug 3 (Reuters) - British bank Barclays (BARC.L) is weighing up whether to move its continental Europe headquarters from Dublin to Paris, in a potential further boon for the French capital as it seeks to expand as a global financial centre after Brexit. Barclays said in an interim earnings filing for its Barclays Bank Ireland business - known internally as Barclays Europe -that it was exploring switching its European Union headquarters in order to "be closer to the balance of operations" of the division on the continent. Any potential move by Barclays would result in a "small number of roles" moving to Paris, the document said, adding initial engagement with regulators and other stakeholders was underway. It would also not impact the group's UK activities, it added, where the bank's global headquarters are in London.

Persons: Neil Hall, Iain Withers, Huw Jones, Kirsten Donovan Organizations: Barclays, REUTERS, Brexit, Barclays Bank Ireland, European Union, Thomson Locations: Canary Wharf, London, British, Europe, Dublin, Paris, Barclays Europe

☆ Britain to create new regime to deal with insurance company failures
▼ + stars: | 2023-08-02 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Hollie Adams/File PhotoLONDON, Aug 2 (Reuters) - Britain said on Wednesday it would start work on setting up new rules specially designed to prevent a big insurance company collapse from crashing the financial system. But no such specifically tailored regime currently exists in Britain to deal with failures in the country's insurance industry, which is the fourth largest in the world. The European Union is in the process of approving its own set of rules for handling insurance company failures. In Britain, insurance company collapses currently come under modified UK company insolvency arrangements, which the finance ministry said may be less effective for an industry with 2.7 trillion pounds ($3.45 trillion) in assets. The timing of the new regime is unclear given that legislation is needed and Britain is likely to face national elections next year.

Persons: Hollie Adams, Huw Jones, Jane Merriman Organizations: Bank of England, City of, REUTERS, Regulators, Bank of, European, Shareholders, Thomson Locations: City, City of London, Britain, Silicon, Gibraltar, London

☆ Standards body proposes rules for auditing company climate disclosures
▼ + stars: | 2023-08-02 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

LONDON, Aug 2 (Reuters) - A global body on Wednesday proposed its first set of comprehensive rules for auditing climate-related company disclosures in an anticipated move regulators have said is crucial for giving investors information free of greenwashing. Stricter European Union, U.S. and global rules are being introduced over coming months to replace a patchwork of voluntary private sector practices for listed companies to disclose the impact of climate change on their bottom line. The International Auditing and Assurance Standards Board (IAASB) said its first comprehensive, standalone standard for auditing sustainability disclosures would play a key role in enhancing trust and confidence in reporting. The proposed standard, put out to public consultation, can be used for disclosures under the various regimes being rolled out to aid global consistency, the IAASB said. Nigel Sleigh-Johnson, director for audit and corporate reporting at the ICAEW, a London-based professional accounting body, said the proposed standards were a much-needed underpinning for high quality disclosures.

Persons: Nigel Sleigh, Johnson, Huw Jones, Mark Potter Organizations: Union, KPMG, Deloitte, PwC, Auditing, Assurance, Board, EU, Thomson Locations: London

For investors looking to weed out climate laggards from portfolios, these are vital questions but existing guidelines on emissions reporting and new rules due to come in for the United States and Europe are unlikely to provide hard answers. The United States is on track to announce similar rules this year and the corporate standard, first launched in 2001 and revised in 2004, is also embedded in other international emissions reporting standards. Nonetheless, many investors scrutinise carbon emissions data to gauge how polluting a company is, how it compares with rivals and how this might affect its bottom line and share price. Another area of investor concern is how companies account for their own energy use, or Scope 2 emissions. The GHGP allows companies to buy green energy to offset their emissions, using contractual instruments such as renewable energy certificates, and reflect this in their reporting.

Persons: Fabrizio Bensch, Vanessa Bingle, David Lubin, Subaru, SCA's Lubin, Laura Kane, Kane, Jimmy Jia, Jia, abrdn, Pedro Faria, Faria, Pankaj Bhatia, Douglas Gillison, Sumanta Sen, Dan Flynn, David Clarke Organizations: REUTERS, Toyota, Shell, Greenhouse, World Business, Sustainable Development, World Resources Institute, Reuters, Alpha Financial Markets Consulting, Analytics, Subaru, North, Voya Investment Management, Voya, EU, Sustainability, IFRS, Oxford Smith School of Enterprise, Reuters Graphics, U.S . Securities, Exchange, Thomson Locations: Berlin, Germany, United States, Europe, Japan, North America, U.S, Britain, British, EU

☆ UK financial watchdog urges NatWest chair to stay put
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 31 (Reuters) - The chairman of NatWest (NWG.L) Howard Davies should remain in office to ensure stability for the bank, a senior official at Britain's Financial Conduct Authority said on Monday. "I agree with his view that it's important to have stability at NatWest and that having a chair remain in place will help support that," Mills told reporters. Davies said he intended to stay on at the bank for now - after also facing calls to resign. "The FCA position is that ultimately it's a decision for the board and its shareholders. We urge those shareholders and board to achieve stability," Mills said.

Persons: Howard Davies, Sheldon Mills, Andrew Griffith, Davies, Alison Rose, Mills, Rose, Nigel Farage's, Huw Jones Organizations: NatWest, Britain's, Authority, FCA, BBC, Thomson

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