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
BBA brief is a round up of each morning’s banking policy news prepared by the BBA’s media team. It is a selection of the articles in the papers and broadcast stories. The content does not reflect the views of the BBA.
Carney’s tough stance on remuneration
A number of papers report on Mark Carney’s calls to for bankers’ salaries – not just their bonuses – to be put under scrutiny if they are found to have broken rules. In a lecture in Singapore, the Governor of the Bank of England said the EU bonus cap has “the undesirable side-effect of limiting the scope for remuneration to be cut”, therefore “standards may need to be developed to put non-bonus or fixed pay at risk”. He cited the idea of president of the New York Federal Reserve William Dudley, who suggested that senior staff receive a portion of their salary in ‘performance bonds’, which would be forfeited in the case of a large fine and could help recapitalise a bank (FT, £, p2).
In the wake of the foreign exchange rigging scandal, Dr Carney argued that “the repeated nature of these fines demonstrate that financial penalties alone are not sufficient to address issues raised” (Times, £, p43). He added that the rising number of scandals “mean it is simply untenable now to argue that the problem is one of a few bad apples. The issue is with the barrels in which they are stored” (Guardian, p28).
However, the Telegraph (B1) suggests that Dr Carney’s proposals could clash with the European Banking Authority’s opinion, stating that “pay that can be clawed back would count as a bonus”, and would therefore be subject to the EU bonus cap. Pinsent Masons partner Steven Cochrane told the paper: “It is extremely unlikely that existing contracts of employment would allow for this…any such changes to how banks treat fixed pay would represent a sea change in compensation culture and deter talent from entering financial services.”
Europe edges closer to full QE
The European Central Bank’s president Mario Draghi told MEPs that the Bank may buy government bonds if the eurozone economy deteriorates further, with the Times (£, p42) stating that this was his “first explicit statement that full-blown quantitative easing was on the cards”. He added that the central bank’s policies were already having a positive effect: “We are seeing early indications that our credit-easing package is delivering tangible benefits.” He also assured parliamentarians that the “euro is irreversible and the ECB will do whatever it takes within its mandate”. CityAM (p2) reports that an announcement of government bond purchases could come at the next ECB decision on 4 December.
FCA asks financial firms to improve complaints handling
A Financial Conduct Authority review into complaints handling practices has found that firms “could – and should – do more to deliver fair complaint handling and consistent outcomes for all consumers”, reports the Guardian (p30). Recommendations include phone lines for complaints costing no more than the basic rate and for all complaints to be reported to the FCA. The 15 unnamed companies under review – which range from banks to insurance firms – have agreed to adhere to these changes. Read BBA Policy Advisor Melanie Worthy’s thoughts below on the improving nature of the complaints handling review.Read more
PCBS calls for reform momentum to be maintained
The Parliamentary Commission on Banking Standards has widely briefed this morning’s papers warning that its proposals for reform could be stalling and calling on the Government and the banking industry to implement them in full. They argued that “it is essential that the momentum behind our reforms is maintained. There is much still to do.” (Times, £, p40 Independent, p7)
Cameron – “red warning lights” flashing for global economy – calls for trade reform
Writing in the Guardian (p31) Prime Minister David Cameron warns that “red warning lights are once again flashing on the dashboard of the global economy.” He sets out a number of measures to help push forward global growth and prioritises an EU trade agreement with America and reform of World Trade Organisation. He writes:“At this G20 I brought together a crucial meeting between President Obama and fellow European leaders to insist on urgent progress on a comprehensive EU-US trade deal that could add £10 billion to the UK economy alone. The new European Commission must put this at the top of its to-do list. At a time when the Eurozone is stalling we cannot duck such an opportunity for growth. We should sign more deals with Australia, and with China and India too. We need to persuade more countries of the benefits of free trade and open markets for all our peoples and for the wider world. We are also pressing for reform of the World Trade Organisation so that poverty busting trade deals are put together, agreed and implemented more quickly.” His comments were echoed by Angela Merkel in her press conference in Brisbane. (Euractiv)
FCA in spot inspections in investment banks
The Times (£, p40) reports that the Financial Conduct Authority (FCA) is making unannounced spot inspections of trading floors, which involve conducting interviews with traders about the positions they are taking in the market. The traders are reported to be given no warning of the interviews – something that the FCA is said to see as important so that they can properly understand the culture at each investment bank.
RBS in inclusion review
RBS global head of inclusion Marjorie Strachan tells the Times (£, p5) that the bank is looking at introducing a more gender neutral title of “Mx” as opposed to Mr or Miss. Emphasising the importance of staff training for transgender customers, she said: “We recognise it can be extremely upsetting if a customer who is undergoing gender re-assignment walks into a branch and doesn’t have an easy option in explaining their needs.” The article also reports that the bank may stop asking for a mother’s maiden name as a security question due to the rise of two-father families. A spokesman for Stonewall, the gay equality campaign group, said: “The best businesses in 21st-century Britain are ones who respond to the needs of all their customers, that includes LGBT people, people with two dads or people who change their gender.”
Labour looks to restrict bonuses for takeovers
Shadow Business Secretary Chuka Umunna has told the Times (£, 37) that large bonuses for bankers involved in corporate takeovers should be restricted. “We need greater transparency on the way people who advise on these transactions are rewarded,” he said. “We need to look at whether it is appropriate to have huge success payments for takeovers that incentivise advisers to complete a deal even if it might not be in a company’s best interests. At the moment, there is a takeover bus that once it has started is very hard to stop and that builds behind transactions without thought for the impact on the company. This is one reason we will restrict voting rights of shareholders who appear on a register after a takeover is announced to stop carpet-baggers and speculators”.Read more
De-risking in the banking industry
The FT’s ‘Big Read’ (£, p13) focuses on the phenomenon of ‘de-risking’. It warns that as “regulators have cracked down on money laundering and terrorist finance, banks have severed their ties with many clients in developing nations in an attempt to limit the risk of being hit by massive fines. The banks and other critics say this carries an unintended humanitarian cost by adding charities and non-governmental organisations to the ranks of the ‘de-banked’.”
The article quotes from a private report by the BBA and other organisations which shows the scale of the challenge. The article says, “Research from the International Chamber of Commerce suggests a major impact on trade finance. Drawing on the responses of 298 banks in 127 countries, it found that anti-money laundering and “know-your-customer” requirements had led to 68 per cent of surveyed banks declining transactions in 2013. Africa was the hardest hit, and small and medium-sized businesses were the most acutely affected sector.” The paper says that the BBA’s report was discussed at the global standard setting body – the Financial Action Task Force in October. Governor of the Bank of England Mark Carney has also voiced concerns and said that the matter would be discussed at the G20 this week. He warned of the possibility of “parts of the world being unbanked or less actively banked” and called for better co-ordination between regulators. Scott Paul, senior humanitarian policy adviser at Oxfam America described the situation that banks face as “a case of non-negligible risk and negligible reward”.
New payments regulator sets out approach to regulating the industry
Yesterday the Payment Systems Regulator published its proposed shake-up of the payments infrastructure in the UK. The FT (£, p4) notes that one of the main areas of focus for the new regulator will be the ownership of the payments infrastructure with the new chief executive of the PSR, Hannah Nixon commenting “One of the things we’re really focused on is how to get easier, better access to the systems directly. Some challengers will want to go through the sponsor bank because it’s easier for them. But we want to make sure direct access is as straightforward as it can be and that those who go indirectly can do it easily.” The PSR also intends to take responsibility for setting payments strategy and will take over some quasi regulatory functions currently carried out by the Payments Council.
G20 Summit starts today
Leaders of the G20 countries meet in Brisbane today. Ahead of the meeting the Australian Prime Minister, Tony Abbott has written in the Australian media that the focus of the summit should be on jobs and growth. He writes: “Six years ago, the impacts of the global financial crisis reverberated throughout the world. While those crisis years are behind us, we still struggle with its legacy of debt and joblessness. The challenge for G20 leaders is clear – to lift growth, boost jobs and strengthen financial resilience. We need to encourage demand to ward off the deflation that threatens the major economies of Europe”. The Australian Finance Minister, Joe Hockey has also promised “very aggressive approaches” on dealing with tax avoidance by multinational companies (BBC News).Read more
Banking fines for forex manipulation
It was announced yesterday that banks will be fined a total of £2.7 billion as regulators from the UK, US and Switzlerland impose fines for traders’ attempts to manipulate the foreign exchange markets (Times, £, p1). The Guardian (p1) reports that these banking fines have resulted in a £1.1 billion windfall for the Treasury ahead of next month’s Autumn Statement. Though decisions have not yet been made regarding how the money will be spent, Deputy Prime Minister Nick Clegg identified the NHS and tax cuts for those on low and middle incomes as possible uses. The Independent (p4) reports that the Serious Fraud Office is investigating to establish whether it can bring criminal actions against those responsible.
Young should learn about savings
The Church of England has said that children as young as 4 should be encouraged to attend “savings clubs” in schools, in a bid to teach them about money to avoid them turning to payday lenders in the future (Mail, p32). The proposals have been put together by a taskforce, appointed by the Archbishop of Canterbury and chaired by Sir Hector Sants, former head of the Financial Conduct Authority. They are now seeking funding for a pilot of the scheme which will invite credit unions and building societies to set up “branches” inside primary schools, run by local volunteers (Telegraph, p4).
Rate rise may not happen until next autumn
The Bank of England’s quarterly inflation report suggests that markets shouldn’t be factoring in a short term increase in interest rates (Sky). The Bank also forecast that inflation is likely to fall below 1%, something Governor Mark Carney expects to have to write to the Chancellor to explain. Dr Carney said that “the spectre of economic stagnation” hangs over the eurozone, though forecasts showed that UK growth would remain high at 2.9% next year.Read more
Sky News reports that the Financial Conduct Authority and the Futures Trading Commission (CFTC) have fined five banks more than £2 billion collectively for colluding in key foreign exchange markets. BBC News adds that the fines follow a year-long investigation by regulators.
Low mortgage rates raise hopes for economic recovery in 2015
The Independent (p57) reports that mortgage rates have sunk to an all-time low, raising hopes that improving household finances can drive a stronger-than-expected recovery in 2015. Bank of England data found that the average cost of a two-year fixed-rate deal with a 25% deposit sank 0.22 percentage points in October, and the interest rate on a mortgage with a 90% loan to value has sunk from 4.5% in June to 3.99%.
UK and Swiss banks will be “least impacted” by TLAC rules
City AM (p15) says new rules presented by the Financial Stability Board mean that UK and Swiss banks will be best placed for new capital buffers. Under the rules, all globally systemically important banks will issue more capital to build up the buffers of total loss absorbing capacity (TLAC). The paper quotes Citi’s Andrew Coombs, who says UK and Swiss banks will be the least impacted by the rules as they will benefit from existing holding company structures from which they can issue senior. Click here to read BBA Senior Policy Director Adam Cull’s thoughts on the proposals.Read more
Impact of FSB proposals assessed
A number of papers review yesterday’s Financial Stability Board (FSB) proposals for total loss-absorbing capacity (TLAC). The Times (£, p52) notes that the rules are not dissimilar to the Vickers report, which “envisaged capital [requirements] of 17% of risk-weighted assets. The FT (£, p17) reports that dividends and bonuses are likely to be affected due to an increase in funding costs for globally systemically important banks (G-SIBs). The Telegraph (B3) adds that the rules could “see the biggest banks cede market share to those not deemed ‘systemically important’”. However, David Ereira, banking partner at Linklaters, said: “The FSB proposal is an important step in solving ‘too big to fail’…However, on its own it is insufficient to deal with the issue” (Guardian, p23).
The BBC quotes BBA chief executive Anthony Browne: “The banking industry strongly supports this work, which is a really important step in ending ‘too big to fail’ and ensuring that never again will taxpayers have to step in to bail out banks. We agree with the aims and objectives of the proposals for total loss absorbing capacity (‘TLAC’), that there should be sufficient resources available to absorb losses in the event of bank failure and provide new capital to ensure critical economic functions can continue to be provided.” Read BBA Senior Policy Director Adam Cull’s thoughts on the proposals below.
FCA announces restrictions for payday lenders
The FCA has this morning revealed restrictions on the amount that payday lenders can charge their customers. The regulator announced that payday loan rates will be capped at 0.8% of the amount borrowed a day. No one will have to pay back more than double the original loan, with a £15 cap on default charges. The BBC notes that the price cap plan “remains unchanged from proposals the regulator published in July.” The Telegraph writes that “the unprecedented crackdown could put all but the three biggest players out of business”. However, consumer experts have warned that the regulator’s plans “do not go far enough in protecting vulnerable borrowers”, writes the Guardian.
Party leaders clash over EU at CBI conference
Prime Minister David Cameron told conference delegates an EU referendum was not scaring off inward investment into the UK, and reiterated his desire to reform the EU, writes the FT (£, p3). He said: “Simply standing here and saying, ‘I will stay in Europe, I will stick with whatever we have, come what may’ is not a plan”. Conversely, Labour leader Ed Miliband warned the conference that “leaving the single market would be a disaster for our country”. He added that Labour would “implement big reform of the banking system so that it is properly competitive and there are banks in every region with the sole purpose of lending to businesses in that region”. CBI president Sir Michael Rake opened the conference by stating that staying in a reformed EU “is overwhelmingly in our national interest” (Independent, p7).
The clashes continued in the House of Commons as the floor “descended into chaos and achrimony” due to confusion over the European Arrest Warrant (EAW), writes the Times (£, p1). Prime Minister David Cameron was forced to return from the Lord Mayor’s Banquet in order to avoid a Commons defeat after Shadow Homes Secretary Yvette Cooper forced a division once it emerged that a vote EU justice measures did not include the EAW.
Russia adjusts to sanctions
In an expectation that sanctions will last until 2017, writes the Telegraph (B4), the Bank of Russia has cut its growth forecast to zero next year and 0.1% in 2016. It also warned that capital flight would reach $128 billion (£81 billion) this year, much higher than previously claimed. In addition, the central bank fully floated the rouble yesterday in order to stabilise the currency on the foreign exchange market (FT, £, p7). The move came in an effort to deter investors from betting against the rouble after the Bank used $40 billion of foreign reserves since early October.Read more
Carney hails end of “too big to fail”
Ahead of the G20 meeting in Australia next weekend Bank of England Governor Mark Carney has hailed proposals on total loss absorbing capacity and bail-in as “a watershed in ending ‘too big to fail’ for banks.” According to the Telegraph (B3), “These measures will shift the burden of a bank bailout away from taxpayers to investors who own the banks or lend them funds. Under the new so-called “bail in” rules, globally systemic banks will have to hold “total loss absorbing capacity” [TLAC]– equity or debt that can be converted into shares – of at least 16-20pc of their assets, weighted for risk. They will also have to hold an additional layer based on how important they are deemed to be to the financial system, and to avoid banks underplaying how risky their loans are, their TLAC must be at least double the global standard for the leverage ratio – a measure of capital that does not take into account risk. The current Basel minimum leverage ratio is 3pc.” (Also see Guardian, p23)
US banks and regulators clash over cyber security
US banks are gearing up for a fight with retailers over who should foot the bill for cyber security attacks. An article on the front page of the FT (£) quotes Cam Fine, Head of the Independent Community Bankers of America, arguing that if a retailers systems are breached, “Shouldn’t they have to reimburse banks for all of the costs since it wasn’t the banks’ fault? That’s just common sense.” In a letter to retailer and grocer groups the National Association of Federal Credit Unions and the Credit Union National Association said that “The weak link in the system today is on the merchant end. As long as the security standards on the merchant side of the system are weaker than those on the financial institution side of the system, the vulnerability for consumers and financial institutions will be at your feet.”
France attempts to get FTT agreement by the end of the year
French Finance Minister Michel Sapin, who met with other EU finance ministers in Brussels on Friday has urged his colleagues to come to a deal on the Financial Transaction Tax by the end of the year. He said countries should “advance, even if by only a step”, on the tax as the “worst danger would be failure” (EU business).
Spotlight on branch closures
The Mail on Sunday (p98) reported on how many banks are looking to reduce the number of bank branches in their network. In the Sunday Times Becky Barrow said that she had not used a bank branch for more than a decade but still argues that “it would be a great shame if more communities lost the last bank in town” as many elderly people and businesses rely on them.Read more
CMA announces competition inquiry
The CMA’s announcement of a new inquiry into the personal current account and SME banking markets is picked up widely in the papers. The Times (£, p53) reports that the scope of the inquiry has been narrowed and the Mail (p19) speculates that the inquiry could lead to the end of free-in-credit banking. The FT (£, p3) reports that the Labour Party sees the CMA’s action as the watchdog jumping “before it was pushed… It is understood that Mr Balls privately encouraged the CMA to get on with a banking review before the general election, avoiding what could be seen as a blow to its independence if Mr Miliband won in 2015.” In a separate article the FT (£, p3) quotes Conservative MP Mark Garnier saying: “Ultimately, the issue is opacity of charging on current accounts – no one really has any idea how much they’re being charged.”
BBA Chief Executive Anthony Browne was quoted in various papers stating that the banks would “co-operate fully” with the inquiry. “There are already substantial changes currently under way across the industry to strengthen competition, which improves choice and service for customers.” Read his full comments here. In CityAM (p20) Treasury Minister Andrea Leadsom notes that there are “around 25 potential new banks in discussions with regulators”. She says that “A key part of our long-term economic plan is to inject much more competition into the UK banking sector, and the CMA’s decision represents an important next step towards achieving this.”
Alex Brummer writes in the Mail (p77) that the inquiry will allow the authorities to address the impact of mergers following the financial crisis. The Independent’s James Moore (p64) notes that the CMA has restricted options in attempting to foster more competition, writing that selling off branches will have a limited impact as they are “no longer anything like as important as they were”, whilst Nils Pratley writes in the Guardian (p42) that breaking up the banks “looks hellishly expensive”. Allister Heath echoes this point in the Telegraph (B2) stating that “last thing anybody needs is yet more useless, disruptive, top-down bank break-ups”. However, he adds that if the CMA “felt like being brave” it would address the issue of “free banking”.
ECB prepares for full blown QE
European Central Bank President Mario Draghi has instructed his staff to prepare “further measures” to combat low inflation in the single currency area which will be enacted “if needed”. The Independent (p61) reports that it is expected that this will include the purchase of European sovereign bonds. The paper quotes Jennifer McKeown of Capital Economics said saying that Draghi’s press conference “provided the firmest support yet for our long-held view that the Bank will implement full-blown quantitative easing… It is now a matter of when rather than if”. Draghi also predicted that the markets could expect a €1 trillion injection of liquidity from the ECB. The price of the euro dropped sharply in reaction to the news.
Rumours of Labour leadership plotting grow
The front page of the Times (£) says that two senior Shadow Cabinet members – Andy Burnham and Yvette Cooper – have met to discuss a post-Miliband Labour Party amid rumours that they have signed a non-aggression pact. The Independent splashes on news that Labour backbenchers are hoping to persuade 100 of their colleagues to sign up to a letter calling for a change in leadership which would force Ed Miliband out.
Number of credit cards at highest levels for four years
CityAM (p18) reports on BBA stats that show that the total number of credit cards has risen to its highest levels for four years. It quotes BBA Chief Economist Richard Woolhouse saying, “When we feel more secure in our jobs and optimistic about the economic outlook, we are more likely to take on more credit. So it’s pleasing to see that the number of cards in issue is now higher than at any time for four years. But there are also a lot of lenders offering zero per cent rates and interest-free periods at the moment. It’s very striking that as much as 42 per cent of all lending on credit cards does not incur an interest charge. Such deals will clearly make this type of borrowing much more attractive to customers.” See the full release here.Read more
CMA announce full market investigation
The Competition and Markets Authority (CMA) has announced that the personal current account market and small business banking will face a full investigation. Alex Chisholm, the chief executive of the CMA said this morning that: “After carefully considering the consultation responses, most of which supported a market investigation, we remain of the view that there should be a full market investigation into the sector” (Telegraph). The CMA will appoint a panel of experts to lead the investigation. An article in today’s Guardian (p29) which anticipates the announcement includes comments by banks chiefs Ross McEwan and António Horta Osório, warning of the high cost of splitting up the banks.
Reacting to this morning’s announcement by the CMA, BBA Chief Executive Anthony Browne said: “All the banks will co-operate fully with this investigation. There are already substantial changes currently underway across the banking industry to strengthen competition, which improves choice and service for customers. Banks are pro-competition – they compete for business every day. This summer we published a series of ideas to help new banks set up and smaller players to grow. We hope these suggestions will be taken up by regulators and politicians.”
The BBA published a report on competition this summer entitled Promoting competition in the UK banking industry, set out four measures to level the playing field in banking.
Confident consumers snap up credit cards
Today the BBA released statistics showing that the number of credit cards on issue stands at 59.7 million – the highest number in four years. The figures also show that 42% of borrowing on cards is interest free and card borrowing is growing at a rate of 5.7% annually.
Commenting on the statistics, Richard Woolhouse, the BBA’s Chief Economist, said: “These figures underline two significant trends – stronger consumer confidence and the increasing competiveness of many credit card deals on offer to customers. When we feel more secure in our jobs and optimistic about the economic outlook we are more likely to take on more credit. So it’s pleasing to see that the number of cards in issue is now higher than at any time for four years. But there are also a lot of lenders offering 0% rates and interest-free period at the moment. It’s very striking that as much as 42% of all lending on credit cards does not incur an interest charge. Such deals will clearly make this type of borrowing much more attractive to customers”. You can read the release here.
Banks urged to disclose more information on fraud
The Times (£, p7) reports that Donald Toon, director of the economic crime command at the National Crime Agency, yesterday told the Treasury Select Committee that he did not have a full picture of the levels of economic crime in the UK. His remarks prompted the Committee’s chairman, Andrew Tyrie, to question the reliability of the statistics available on financial fraud, saying: “It sounds as if we have a much bigger problem than is currently being admitted”.
China to sell US dollar bonds
The FT (£, p30) writes that the Bank of China has begun marketing Basel III compliant debt to global fund managers, making them the first mainland Chinese lender to sell dollar bonds to US investors. According to the article the bank hopes to make around $3 billion (£1.9 billion) from the sales. The ten year bonds will also meet requirements for European and Asian investors. The paper says that Chinese banks have been issuing debt “aggressively” this year to improve balance sheets ahead of new capital rules, raising a total of $27 billion (£16.9 billion) this year, compared to $4.7 billion (£2.9 billion) over the same period in 2013.Read more
CMA announcement on banking competition due tomorrow
Sky News reports that the Competition and Markets Authority will announce tomorrow that it is going ahead with a formal probe into the supply of banking services to small and medium-sized companies and personal current accounts.
Bailey warns of “overzealous” application of money laundering rules
Andrew Bailey, chief executive of the Prudential Regulation Authority, yesterday warned that overzealous application of money laundering rules is hindering British banks abroad and cutting off poorer countries from global financial markets (City AM, p2). Giving evidence to the Lords Sub Committee on Economic and Financial Affairs, Mr Bailey called for more international cooperation on money laundering rules to stop banking services being withdrawn from emerging economies, and claimed there was a “serious international coordination problem” over rules defining money laundering (Guardian, p30). Mr Bailey also told peers that banks should decide how much their staff earn, not regulators (Telegraph).
Tougher regulatory requirements and revenue declines cause investment banks to rethink
According to the FT (£), executives working in investment banking are being forced to rethink, design and shrink their trading operations in the face of tougher regulatory requirements and revenue declines. The paper reports that investment banks have not only had to deal with stricter capital rules and higher compliance and IT costs, but they have also seen high-margin complex products make way for simpler less profitable instruments. The FT adds that as a result, most banks are continuing to cut jobs, and some have pulled out of certain assets and are outsourcing whole areas. It quotes Barclays’ RoE Challenges report, which found that return on equity for European lenders’ investment banking divisions has halved from 21-25 per cent pre-crisis to 10-12 per cent last year.
Holiday pay ruling
The FT (£, p1) says senior business leaders have attacked a legal ruling yesterday that gave millions of UK workers the right to receive extra holiday pay. CBI director general John Cridland told the paper that “goal posts are simply moving here” and warned of “mission creep.” The ruling limits the scope for historic payouts, meaning that companies will not face a huge wave of backdated claims, but could boost the wages of around five million workers before a general election where questions about who benefits from the economic recovery will be debated, the paper adds. The Guardian (p4) notes that the Government has announced it will set up a taskforce to try to limit the impact on employers of the ruling.Read more