The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
EU urges Basel Committee to avoid disproportionate costs for banks
Reuters reports that European Union Finance Ministers will issue a statement at their meeting next week urging the Basel Committee to avoid imposing a disproportionate increase of costs on European banks. Ministers will say “the reform package would not be expected to result in a significant increase in the overall capital requirements for the European banking sector.” In a joint document, the French and German banking federations said the new rules as they stand “may mean that the capital requirements for banks will rise in some cases by up to a further 50 per cent.”
NCA warns over cyber threat
Criminals are outpacing UK businesses and law enforcement in “cyber arms race”, according to the National Crime Agency. It said there were 2.46 million ‘cyber incidents’ last year, including 700,000 frauds. The NCA highlighted the threat posed “by a few hundred international cyber criminals”, who exploit businesses through malware-facilitated fraud. The Government is to spend £1.9 billion over the next five years on cyber security.
Latest from the BBA
Read BBA Chief Executive Anthony Browne’s newsletter on the EU referendum vote, the BBA’s Retail Banking Conference and Andrew Bailey taking the reins at the FCA.
Latest from our sponsor Jaywing
Jaywing’s Data Management Practice Director, Inderjit Mund, blogs about the role of data management when it comes to regulatory compliance.
Conservative Party: leadership election MP ballot – second round
House of Commons Public Accounts Committee: Government. Balance sheet – witnesses: Tom Scholar, Ian Bulmer and Julian Kelly 10.30am
CBI: Medium-sized businesses conference in London (Speakers include Antonio Horta-Osorio)
Bank of England: Quoted Rates June 2016
Halifax: House Price index June 2016
ECB: monetary policy discussions June 2016
Stat of the day
$1.2796 – the weakest level that the pound hit against the dollar yesterday, a new 31 year low (Source: FT).
German Finance Minister Wolfgang Schaeuble has said he opposes a “race to the bottom” of competitive tax cuts following George Osborne’s recent pledge to slash UK corporation tax (BBC News).
The FT (£, p1) reports that the French Government is attempting to attract bankers from London to Paris by offering a more accommodating fiscal regime.
The Financial Conduct Authority has re-appointed Sue Lewis as Chairwoman of the Financial Services Consumer Panel (Reuters).
The FT (£, p19) reports that Berlin is bidding to take London’s crown as Europe’s leading fintech hub following the EU referendum vote.
Chinese officials have suggested they are open to opening trade talks with the UK following the EU referendum vote (Telegraph, B1).
European financial services commissioner Valdis Dombrovskis has insisted that the problems in the Italian banking sector preceded the UK’s vote to leave the European Union (Reuters).
What the commentators say
Reza Moghadam, Vice-Chairman for sovereigns and official institutions at Morgan Stanley, argues that “if Europe is to survive Brexit, it must complete the banking union” (FT, £, p13).