Financial institutions face two categories of emergencies arising out of the coronavirus disease that could impair their functioning. The first is directly financial: a sudden drop in the value of financial assets, or loss of liquidity, whether domestically or elsewhere in the world that could lead to a national or even global financial crisis. The second is operational: the failure of the support structures that underpin the financial system.
In a letter to authorised credit brokers on 13 February, the FCA explain what they considered to be the key risks credit brokers pose to their consumers or markets.
The UK’s financial regulators have imposed a ban and fine of over £150,000 on the former CEO of Scottish mutual insurer, SBMIA, for misconduct involving his liability to tax.
Despite August being the height of the holiday season, central bankers at the ECB have found the time to issue a newsletter calling on banks supervised under the Single Supervisory Mechanism to step up their Brexit preparations.