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Supervisory shake-up bumps up costs for banks

By Huw Jones LONDON (Reuters) - British banks could pay up to a quarter more to be supervised as two new watchdogs adopt more intrusive regulation and impose higher fines which will be paid into the coffers of cash-strapped government. The defunct Financial Services Authority (FSA), scrapped in March to correct supervisory failures uncovered by the financial crisis, used to keep fines to subsidise its own operating costs.

Prudential fined £30 million for secret AIA bid plans

By Kirstin Ridley LONDON (Reuters) - Prudential Plc has been fined £30 million and had its CEO publicly censured for failing to inform Britain's regulator about an ill-fated Asian takeover because it feared a leak. The fine, one of the heaviest dished out by the Financial Services Authority (FSA), rekindles bitter memories of a costly misjudgement which Britain's biggest insurer and its Chief Executive Tidjane Thiam are keen to consign to the past.

Britain eases rules for start-up banks

By Huw Jones and Matt Scuffham LONDON (Reuters) - Start-up banks in Britain will not need as much capital as their established rivals starting from April, Britain's Financial Services Authority (FSA) said, in a move to boost competition. Under pressure from MPs to increase choice in a sector dominated by five banks, the FSA unveiled sweeping changes to authorise new entrants within six months, a process that currently takes a year or more.

Banks brace for news on competition and capital

By Huw Jones LONDON (Reuters) - Britain's banks discover next week how much extra capital they need to keep regulators happy and how much of a head start new entrants in the sector will get. The Bank of England's Financial Policy Committee, tasked with spotting system-wide risks, will announce on Wednesday the outcome of an inquiry into capital levels at British banks. Britain's banking supervisor Andrew Bailey has been checking how banks tot up risks on their books to determine overall capital requirements.

FSA to crack down on use of investor cash for CEO access -FT

March 4 (Reuters) - Britain's Financial Services Authority is set to go after asset managers using investors' money to pay for access to chief executives, the Financial Times reported on Monday. The FSA's head of asset management, Ed Harley, raised the possibility that asset managers found to be in breach of its rules would have to pay multimillion-pound fines, the Financial Times said on its website.

It was impossible to spot Libor rigging - UK watchdog

* Turner hits out at traders' "computer game" mentality * says FSA was "too slow" in tackling PPI mis-selling By Huw Jones LONDON, Feb 27 (Reuters) - Regulators could not have spotted the "lowballing" of Libor interest rates during the financial crisis even if they had looked, Britain's Financial Services Authority said.

UPDATE 3-Three men arrested in UK insider dealing probe

LONDON, Feb 27 (Reuters) - Three fund management employees have been arrested in London on suspicion of insider dealing and market abuse after police and regulators launched dawn raids on their homes and offices in the capital, the second such swoop this year. Britain's Financial Services Authority (FSA) said on Wednesday the three men, aged 33, 37 and 39, who are not linked to any other current insider dealing investigation, were in custody awaiting questioning after six premises were searched.

EXCLUSIVE-UPDATE 2-Santander UK probed over flawed advice-sources

* FSA says refers a bank for enforcement action * Santander UK could face fine or license changes -sources * Santander UK reviews advice unit, 800 jobs at risk (Adds Santander reviews unit's future, jobs at risk) By Steve Slater and Kirstin Ridley LONDON, Feb 13 (Reuters) - Santander's British arm is under investigation for possible investment advice failures and could face a fine or license changes that prevent it from offering such services in future, four industry sources said.

UK regulator slams cost of Europe's new insurance rules

By Sarah Mortimer LONDON, Feb 7 (Reuters) - A senior official at Britain's financial watchdog said the "shocking cost" of Europe's new solvency regulations could not be justified, given that they are expected to total billions of pounds to implement.

UPDATE 1-UK upholds record market rigging fine for Swift Trade

By Huw Jones LONDON, Jan 28 (Reuters) - A British court has upheld the Financial Services Authority's 8 million pound ($13 million) fine for Canadian trading firm Swift Trade, the British watchdog's largest penalty for market manipulation.
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