If you're concerned about risk in the global financial services sector, the news that non-bank institutions assets now account for over half the financial assets in the global financial system might be cause for concern.
Its worrying enough that bank regulation is slowly being weakened (rolling back regulations put in place after 2008), but of course the non-bank institutions are even more lightly regulated; what could possibly go wrong?
Brussels sides with France to urge EU handling fee for cheap parcels https://www.politico.eu/article/brussels-sides-with-france-urge-eu-handling-fee-for-cheap-parcels/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication #CompetitionandIndustrialPolicy #FinancialServices #Sustainability #Technology #Security #Mobility #Customs #Finance #TradeUK #Budget #Safety #Fuels #Trade #Trade
Brussels sides with France to urge EU handling fee for cheap parcels https://www.politico.eu/article/brussels-sides-with-france-urge-eu-handling-fee-for-cheap-parcels/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication #CompetitionandIndustrialPolicy #FinancialServices #Sustainability #Technology #Security #Mobility #Customs #Finance #TradeUK #Budget #Safety #Fuels #Trade #Trade
The Bank of England has halved the time senior bankers need to wait for their bonuses (from eight to four years), therefore weakening regulatory constraints imposed after the financial crisis of 2008...
Regular readers will know what I will say; once more the 'this time its different' crowd have won a relaxation of rules imposed precisely because of the danger of bonus-driven behaviour by senior bankers on the last bubble.
Its myopic madness!
h/t FT
The FT reports:
'The head of the UK financial regulator has written to the chancellor outlining plans to change its flagship consumer protection rules after companies complained they were too heavy-handed & risked driving activity overseas'!
Does anyone think the financial services sector can be trusted when scandal after scandal suggests given the option they'll scam you? Have they already forgotten the car loans scam?
Is the FCA on your side?
Very much not!
Ethan Shone @openDemocracy makes the case that Rachel Reeves (and Labour more generally) are now a wholly own subsidiary of the financial services industry & are focussed on a corporate-privileging agenda.
While this may (or may not) be exaggerated (after all we might point to some non-corporate favouring actions this year), nonetheless as an overall trend it does explain Reeves' position taking (as I have also pointed out before).
Ethan Shone @openDemocracy makes the case that Rachel Reeves (and Labour more generally) are now a wholly own subsidiary of the financial services industry & are focussed on a corporate-privileging agenda.
While this may (or may not) be exaggerated (after all we might point to some non-corporate favouring actions this year), nonetheless as an overall trend it does explain Reeves' position taking (as I have also pointed out before).
