› › Appointment Of John Griffith Jones As Chair Designate Of The Financial Conduct Authority

Appointment of John Griffith-Jones as Chair-designate of the Financial Conduct Authority

Author : Great Britain: Parliament: House of Commons: Treasury Committee

Publisher : The Stationery Office

Page : 40 pages

File Size : 22,56 MB

Release : 2013-01-18

Category : Business & Economics

ISBN : 9780215052438

Get eBook

Book Description

John Griffith-Jones is to chair the new Financial Conduct Authority (FCA). Although the FCA is a successor body to the Financial Services Authority (FSA), his is not a continuity role. The Committee believes that the FCA can be radically different from its predecessor under the new chair in at least four respects: He must restore the credibility of the conduct regulator. Although a great deal of time and effort was put into conduct matters, the FSA left consumers exposed to some of the worst scandals in UK financial history. The Committee expects Mr Griffith-Jones and his board to ensure that the new organisation adopts a radically different approach. It is noted that the PRA, which has assumed responsibility for most prudential aspects of the FSA's work, has done this, with its adoption of a move to judgement-based regulation.The FCA has different objectives from the old FSA: as well as having to ensure that markets work well, it has objectives with regard to consumer protection, the integrity of the UK financial system, and competition. The Committee has criticised the complexity of the objectives set out for the FCA in the Financial Services Bill; but Mr Griffith-Jones and the FCA's senior leadership will need to think about the inter-relationship of the FCA's objectives and how meaningfully to fulfil them. The Treasury Committee will engage in an oversight role of the governance at the FCA and with the commitments that Mr Griffith-Jones has made to the Committee, Parliament will expect the new FCA to respond to Treasury Committee requests for information promptly and thoroughly.









HC 881 - Press Briefing of the FCA's Business Plan for 2014/15

Author : Great Britain. Parliament. House of Commons. Treasury Committee

Publisher : The Stationery Office

Page : 87 pages

File Size : 11,21 MB

Release : 2015

Category : Business & Economics

ISBN : 0215084357

Get eBook

Book Description

On the evening of 27 March 2014, the Daily Telegraph published an article on its website describing a forthcoming thematic review by the Financial Conduct Authority (FCA) into the life insurance market. The same story appeared in the print edition of the Telegraph the following day. The story, based on an advance briefing given by the FCA to the Telegraph earlier that week, gave a misleading impression of the scope of the life insurance review, and was published before the FCA had made any official announcement of its own. When the markets opened on 28 March, the share prices of several leading life insurers began to fall heavily. Only when the FCA published a clarifying statement about the scope of the review - several hours later that day - did share prices begin to recover. On the day following the publication of the Telegraph article, the Chairman of this Committee called for a "full and transparent explanation about how such an apparently serious mistake came to be made by our financial services watchdog--the body appointed by Parliament to enforce high standards of conduct". Simon Davis, Partner at Clifford Chance LLP, was subsequently appointed to conduct an investigation, and reported his findings in December 2014. The Committee records its thanks to Mr Davis for undertaking this work and for the evidence he gave to it.



Appointment of Dr Mark Carney as Governor of the Bank of England

Author : Great Britain: Parliament: House of Commons: Treasury Committee

Publisher : The Stationery Office

Page : 100 pages

File Size : 45,18 MB

Release : 2013-04-19

Category : Business & Economics

ISBN : 9780215056955

Get eBook

Book Description

The Treasury Committee has today published a report following the pre-commencement hearing it held with the next Governor of the Bank of England, Dr Mark Carney, on 7 February 2013. During the hearing, Dr Carney offered his views on the UK's future monetary policy framework. The Treasury Committee will report its conclusions, based in part on Dr Carney's evidence, in its forthcoming Report on the Budget. The Bank of England has taken on a wide range of new powers. Significant structural and cultural change is underway. Dr Carney will be responsible for overseeing it. In evidence to the Committee, Dr Carney set out his preference for a consensus-based approach to leadership; this will be significant if it leads to a meaningful change of culture within the Bank. The Committee wishes Dr Carney every success for his term as Governor. He will bring a wide range of skills and a great deal of experience to the role. Dr Carney's appearance before the Treasury Select Committee has set an important precedent. No previous Governor of the Bank of England has been subject to such a rigorous pre-commencement hearing. In future, they will be.



House of Commons: Sessional Returns - HC 1

Author : Great Britain: Parliament: House of Commons

Publisher : The Stationery Office

Page : 350 pages

File Size : 46,4 MB

Release : 2013-09-13

Category : Political Science

ISBN : 9780215062277

Get eBook

Book Description

On cover and title page: House, committees of the whole House, general committees and select committees. On title page: Returns to orders of the House of Commons dated 14 May 2013 (the Chairman of Ways and Means)



House of Commons - Treasury Committee: Money Advice Service - HC 457

Author : Great Britain: Parliament: House of Commons: Treasury Committee

Publisher : The Stationery Office

Page : 126 pages

File Size : 35,80 MB

Release : 2013-12-03

Category : Business & Economics

ISBN : 9780215064738

Get eBook

Book Description

The Money Advice Service is not currently fit for purpose. The Committee considered whether to recommend that the MAS be scrapped completely but given that the Treasury had already announced its intention to conduct a review of the MAS they granted a stay of execution. They asked the Government to expedite this review and recommended that it should be independent, rather than led by the Treasury. The review must assess whether the MAS should continue to exist and, if so, how it can overcome the serious problems discussed. The current management of the MAS should also explain how they are going to act on the concerns identified. The independent review should seek to answer the following questions: Should the Money Advice Service-or something like it-exist as a statutory organisation? If so, what should the role and strategy of such a body be? Should it be a co-ordinator, commissioner or direct provider of advice? What channels should it use? If not, should the FCA take responsibility for the objectives of the Service? Does the FCA need greater statutory powers to hold the Money Advice Service to account? What are the views of other bodies in this sector about the way in which the Money Advice Service is now engaging with them? To what extent does the work of the Money Advice Service unnecessarily duplicate existing provision? What should the role of the Service be in each of the areas in which it operates? Is the remuneration of the Service's senior staff set at an appropriate level?



Law and Corporate Behaviour

Author : Christopher Hodges

Publisher : Bloomsbury Publishing

Page : 768 pages

File Size : 20,64 MB

Release : 2015-10-22

Category : Law

ISBN : 1782255834

Get eBook

Book Description

This book examines the theories and practice of how to control corporate behaviour through legal techniques. The principal theories examined are deterrence, economic rational acting, responsive regulation, and the findings of behavioural psychology. Leading examples of the various approaches are given in order to illustrate the models: private enforcement of law through litigation in the USA, public enforcement of competition law by the European Commission, and the recent reform of policies on public enforcement of regulatory law in the United Kingdom. Noting that behavioural psychology has as yet had only limited application in legal and regulatory theory, the book then analyses various European regulatory structures where behavioural techniques can be seen or could be applied. Sectors examined include financial services, civil aviation, pharmaceuticals, and workplace health & safety. Key findings are that 'enforcement' has to focus on identifying the causes of non-compliance, so as to be able to support improved performance, rather than be based on fear motivating complete compliance. Systems in which reporting is essential for safety only function with a no-blame culture. The book concludes by proposing an holistic model for maximising compliance within large organisations, combining public regulatory and criminal controls with internal corporate systems and external influences by stakeholders, held together by a unified core of ethical principles. Hence, the book proposes a new theory of ethical regulation. This title is included in Bloomsbury Professional's International Arbitration online service.



HC 891 - The UK's EU Budget Contributions

Author : Great Britain. Parliament. House of Commons. Treasury Committee

Publisher : The Stationery Office

Page : 24 pages

File Size : 25,71 MB

Release : 2015

Category : Business & Economics

ISBN : 0215081714

Get eBook

Book Description

On 17 October 2014, the European Commission informed HM Treasury that the UK would have to make an additional contribution to the EU budget of approximately 2.1 billion euro. This additional contribution had been prompted by revisions to EU Member States' historic Gross National Income (GNI) data, dating back to 1995. Member States make several annual contributions to the EU budget, by far the most significant being a levy on GNI. This levy is charged as a percentage rate on Member States' annual GNI, with the rate set at a level designed to cover exactly the portion of the EU Budget which remains unfunded once the other sources of income - namely Traditional Own Resources' and VAT-based resources - have been taken into account. The result is that an individual Member State contributes to this portion of the budget in proportion to its share of total GNI across all Member States. In 2013, GNI-based contributions amounted to 74 per cent of the EU's total budget. Emerging from the ECOFIN summit of 7 November 2014, the Chancellor claimed to have "halved the bill" of £1.7 billion demanded by the EU. He later described this as the result of "hard-fought negotiation" with the Commission to ensure that the consequential change to the UK's rebate would apply. The calculation of the rebate, and the circumstances in which it applies, are embedded in EU law. This is set out in detail in Council Decision 2007/436/EC and the supporting Council document on the UK correction. These documents establish the precise method for calculating the rebate. On the basis of the evidence the Committee has seen, it should have been unambiguously clear to the Treasury, well in advance of ECOFIN on 7 November 2014, that the UK was entitled to a rebate on any additional budget contributions that could arise from the GNI revisions.