The City regulator, the Financial Conduct Authority (FCA), has shelved plans for an inquiry into the culture, pay and behaviour of staff in banking.
The FCA had planned to see whether pay, promotion and other incentives contributed to misconduct seen in previous years.
The review was meant to be a major piece of work by the watchdog.
BBC News Website, 31 December 2015 : Banking culture inquiry shelved by regulator FCA
Are we surprised? No not really, and that is what makes it so damned sad. When they need bailing out we bail them out, but when we want to look at why they – as a sector – failed, “we” (i.e. an anonymous “they”) do not have the stomach for the fight. Read more…
Yvette Cooper has turned her fire on the frontrunner in the Labour leadership race as the party prepares to start sending out ballot papers.
“old solutions to old problems, not new answers to the problems of today”
BBC News Website 13 August 2015 : Yvette Cooper: Jeremy Corbyn’s economic policies ‘not credible’
In another of his periodic pronouncements Robert Peston ponders the possibility and impact of a Greek Exit from the Euro. His conclusion includes:
… an exacerbation of the Greek crisis would be an inconvenience for Britain. But by no means a disaster.
That said, the Treasury fears that Greek exit would be more damaging to the medium-term sustainability of the euro than most of the eurozone establishment apparently believes right now – in that it would prove the euro is not forever.
The euro would be turned into a glorified Deutschmark peg: speculators would have a big incentive to bet on who will be next to leave the currency; and history (the ERM for example) shows those bets can be self-fulfilling.
BBC News Website 5 may 2015 : How vulnerable would new UK government be to Grexit?
It’s the last paragraph that is the give-away. Read more…
Instinctively you reach to support Oxfam’s proposals for a bill which:
They want it introduced in the first 100 days – perhaps the urgency is such that MPs should work through the summer?
It is not easy though.
What is the difference between an “unfair tax break” and a rule framed to “protect our competitiveness”? Read more…
I was doing some telephone banking today and asked my bank to pay my quarterly electricity bill from my (standard UK) chequeing account – a smallish payment similar to payments I have made before.
The teller (or whatever you call the person on the other end of the phone) said (as usual) that the money would go through today, but then added “unless held up for fraud checks”!
Julian Ware-Lane is a Labour Parliamentary candidate. From his blog, I would guess that he is being approached by various pressure groups and either being asked to endorse their campaigns (as he has done for various health related campaigns) or being stuck on the horn’s of a dilemma by campaigns that I suspect he does not support. Perhaps the Labour Party is also feeding out details of campaigns to which candidates should (or should not) sign up.
I guess the Countryside Alliance has been in touch with him, and his post “On Boxing Day hunts“, shows how he is becoming a typical candidate:
Riding is a very enjoyable activity, especially in the company of friends, and to get out in the fresh air in our countryside is something marvellous.
The Governor of the Bank of England has weighed in to this never-ending debate:
“The succession of scandals means 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.”
“Compensation schemes overvalued the present and heavily discounted the future, encouraging imprudent risk taking and short-termism,” he said.
“Standards may need to be developed to put non-bonus or fixed pay at risk. That could potentially be achieved through payment in instruments other than cash.”
BBC News Website 17 November 2014 : Carney puts bankers’ pay in spotlight after misconduct shockwaves
He goes on to suggest that pay should be in the form of some form of bond which could be clawed back if necessary.
I think there is an easier solution. Read more…