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TCC Website

On 25 August, the FSA published a fundamental review of trading activity regulation including a discussion paper (DP) that considers fundamental changes to the regulation of trading activities – one of the key recommendations of the Turner Review following material trading losses incurred during the crisis.

FSA explained that, since the Turner Review was published, the Basel Committee on Banking Supervision (BCBS) had proposed several reforms to the prudential regime for banks and in addition has mandated a fundamental review of trading activities called for in the Turner Review.

FSA believes that the delivery of a new, robust, long-term, approach to prudential requirements for trading activities is one of the key areas of regulatory reform that must be delivered to build a stronger financial system. The outcome of the BCBS’s fundamental review is central to achieving this objective internationally.

The DP describes the FSA’s current views and ideas in relation to major areas of reform that need to be considered to address areas of structural weakness that exacerbated the build up of risk before the financial crisis.

The DP sets out a number of recommendations which are grouped into three key areas:

1. Valuation: We recommend an increased regulatory focus on the valuation of traded positions and think there is a need for a specific assessment of valuation uncertainty.

2. Coverage, coherence and the capital framework: We recommend changing the structure of the capital framework to bring greater coherence and reduce the opportunities for structural arbitrage within the banking sector and the wider financial system.

3. Risk management and modelling: We recommend specific measures aimed at improving firms’ risk management and modelling standards, and ensuring that these are aligned with regulatory objectives.

The closing date for responses is 26 November 2010. The FSA will issue a feedback statement in the first half of 2011.


Source: Financial Services Authority

FSA Website

Gross mortgage lending totalled an estimated £13.6 billion in July, a 5% increase from £12.9 billion in June but down 3% from £14 billion in July 2009, according to new data from the Council of Mortgage Lenders. The new data suggests that lending remains on track to meet our new revised forecast, published earlier this month, of £140 billion for the year as a whole.

In their market commentary of 19 AUgust, CML economist Paul Samter commented:

“It is difficult to see anything other than a slow market for the rest of this year as underlying activity remains subdued. The rest of 2010 is likely to see rather lower lending and transaction numbers compared to the same period last year. Late 2009 saw a pick up as some home buyers looked to move before the end of the first stamp duty holiday."

“But for most home owners, the situation is not that bleak. The vast majority of households continue to pay their mortgages in full every month, and many have benefited from the record low interest rates. This looks set to continue for some time yet. While there are a range of risks to the outlook, low rates will further help most stay on top of their finances.”


Source: Council of Mortgage Lenders

CML Website

Major credit card providers have recently been acquiring e-commerce businesses. This signals an aggressive move by them into the world of cyber payments. A trend that's set to continue for payment schemes also presents opportunities for new technology companies. A synopsis of recent market activity shows rapid changes in the e-commerce landscape.

The CEO of Visa, Joseph Saunders, has said that CyberSource was purchased to defend market share from new companies which are getting into the e-commerce and mobile payments market. These include Ebay's Paypal and mobile phone payment applications such as Amazon App. It is clear that the acquisitions by Mastercard and American Express were similarly motivated.

There are many factors driving the change, aside from defensive moves by the payment scheme providers, for the surge in activity in the ecommerce market:

• New EU rules on payment services:
The Payment Service Directive allows non-banking firms authorised by the Financial Services Authority to provide payment solutions directly to consumers. This has allowed new technologies to be developed and brought to the market by both technology companies and other new providers. This has also driven innovation in the e-commerce market.

• Market size:
The market for e-commerce and mobile payments is huge and growing. It is currently estimated to be worth $500 billion worldwide. Paypal is estimated to have 12 to 14 percent of the market with Visa having 47 percent.

• Stagnating US markets:
Traditional credit card growth, particularly in North America, has stagnated. Consumers are opting for payments on their mobile phone or over the internet. As an example, two-thirds of the UK population is estimated to have a Paypal account.

• US restrictions on card fees:
The US government has capped the fees that card schemes can charge to merchants for use of debit cards by consumers to make purchases. Future action on capping credit card interest rates and fees is anticipated in the near future. These card fees are normally more than two per cent of overall purchases and they may be capped at a lower rate in the US in the next few months. This makes the debit card and credit card market potentially less profitable for Visa, Mastercard and American Express.


Source: Pinsent Masons

Pinsent Mason Website

The Financial Services Skills Council has published their latest edition of “Skillsnews”.


Source: Financial Services Skills Council

FSSC Website

The Financial Ombudsman Service has published advice on use of cashpoints and complaints, and illustrated their article with examples of recent cases with which they had dealt. This will be of interest to complaints officers who work in the retail banking sector.


Source: Financial Ombudsman Service

FOS Website

The Financial Ombudsman Service have stated that their many stakeholders – ranging from consumers deciding whether to pursue complaints, to trade associations carrying out policy research – look to the FOS to provide the information they need. The FOS stated that their aim to be as open and helpful as they can in making information freely available.

FOS is not at present subject to the Freedom of Information Act. But the Justice Minister announced in March 2010 that the Act would be extended to cover FOS (probably with effect from October 2011) – which is something FOS have stated that they welcome.

In the meantime, FOS already publishes extensive information about what they do and how they operate – all available on their website. FOS commits considerable resource to dialogue and liaison with those who use or have an interest in their service.


Source: Financial Ombudsman Service

FOS Website

Lloyd’s insurer Kiln is offering life insurance to people diagnosed with HIV, without the need to undergo time consuming medical examinations or wait for the provision of medical reports.

The recently relaunched policy, known as Harbour, is specifically designed for those with HIV. Life insurance of either £10,000 or £25,000 is available under Harbour, but optional accidental death cover of up to £200,000 significantly increases the level of coverage.

HIV is one of the fastest growing serious health conditions in the UK, with more people living with the condition than ever before. According to the Health Protection Agency there are currently around 83,000 people living with HIV in the UK.

Some 18,000 people with HIV have died in the UK since the early 1980s, but the development of effective anti-HIV drugs means they can stay healthier for longer.

“Medical treatment for HIV was very limited until the development of highly-active antiretroviral treatment late last century. Continued improvements in treatment mean that those diagnosed early with HIV can enjoy long and fruitful lives,” says Cathy Toomey, underwriter at Kiln Life Syndicate 308, which specialises in high risk and medically impaired life coverages.

A study published in The Lancet medical journal found that people taking HIV treatments can now expect to live into their 60s, compared with about 80 for the wider population. The study found that better treatment was adding an average 13-years to the life spans of people with HIV, while a person diagnosed at 20 years old could expect to live for another 49 years.


Source: Lloyd's of London

Lloyd's Website