Complaints by whistleblowers to the UK’s Financial Conduct Authority (FCA) soared by 24% in 2019, covering a range of issues from customer protection through to market manipulation and data security.
Strong case for external auditors to check RWA, says BCBS’s Coen
Auditors should check banks’ calculations of their risk weighted assets (RWAs) to reduce the chance of inaccuracies said Bill Coen, the secretary general of the Basel Committee on Banking Supervision (BCBS).
DSB conducting user survey and setting up user forum
The Derivatives Service Bureau (DSB) is conducting a user survey and establishing a group-wide agreement forum as part of its 2019 industry consultation milestones.
Former Fed chair worries about banking culture
The current culture of the financial system and that of banks in particular is a source of concern, said Paul Volcker, a former chairman of the US Federal Reserve Board.
All-time-high leveraged loan market ‘poses risks to banks’
US corporate leverage is now higher than that seen before the 2007-9 global financial crisis potentially creating risks for banks, warned Moody’s Investors Service.
GAO gives OCC recommendations to avoid regulatory capture
The US Government Accountability Office (GAO) has given the Office of the Comptroller of the Currency (OCC) nine recommendations to make it less susceptible to regulatory capture.
CFTC accepts defeat over trader manipulation case
The US Commodity Futures Trading Commission (CFTC) has accepted the dismissal of a five-year case it brought against DRW Investments for market manipulation and will not appeal it.
SEC: most cybersecurity incidents not reported
According to the US Securities and Exchange Commission (SEC) only four public companies out of 42 reported a cybersecurity incident in 2018 in their regulatory filings.
Fed may include bitcoin collapse in stress tests
The US Federal Reserve Board is considering a range of extraordinary risks to the banking system, such as a bitcoin collapse, massive trader misconduct or a war with North Korea.
G20 leaders urged to tackle regulatory fragmentation
There is a real risk that the fragmentation of global capital markets could eventually see them grinding to a halt with all kinds of negative consequences for the real economy. This has focused the FSB and the G20 to try and come up with a solution. By Justin Pugsley.
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