United KingdomBank of England eyes minimum risk rule for banks home loans
Huw Jones
3 minute read
A person is silhouetted as he walks past The Bank of England, amid the outbreak of the coronavirus disease (COVID-19), in London, Britain, November 5, 2020. REUTERS/John Sibley/File Photo
There is a strong case for minimum rules for mortgages across all banks to ensure fair competition in the home loans market, Bank of England Deputy Governor Sam Woods said on Wednesday.
Banks attach a risk weighting to each home loan on their books, and these are added up to determine how much capital they set aside in case of defaults.
Bank of England tells firms to promote own RegTech products
04/16/2021 | 07:23am EDT
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LONDON (Reuters) -Britain s financial regulator called on Friday for the regulatory technology industry to press their own case for the greater adoption of cost-saving ways to automate compliance and spot money laundering, rather than expecting it to do so.
A report by the City of London Corporation said that annual cost of compliance for Britain s top five banks could be cut by at least 0.05%, or a combined 523 million pounds ($720 million), by the greater use of so-called RegTech.
The report called on regulators, alongside industry, to step up the use of RegTech to make finance more competitive and said it should be a regular topic of conversation between them.
3 Min Read
LONDON (Reuters) - A review of the UK’s insurance capital rules will not lead to any “radical departure” or a reduction in requirements, but it will take time to complete, Bank of England Deputy Governor Sam Woods said on Tuesday.
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Britain’s exit from the European Union has prompted the government to review insurance capital rules inherited from the bloc, raising industry hopes of less burdensome requirements.
Woods, who also heads the BoE’s Prudential Regulation Authority, which regulates Britain’s top banks and insurers, played down any such expectations.
“Now that we have left the EU we have no interest whatsoever in lowering levels of resilience or policyholder protection, but we can and should make changes to tailor regulation so it fits our market better and is more efficient and coherent,” Woods told the Association of British Insurers (ABI).
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