UK Banks told to stop using so much jargon

From Fresh Business Thinking –

“The UK's banks and other financial services businesses have been told to use less jargon by the City regulator.

The Financial Conduct Authority (FCA) has warned the financial services industry that it uses too much small print, which is full of jargon and overly complicated language.

The regulator wants banks and other financial businesses to write small print in a more informative and easier-to-read way, to help customers understand what they are reading.

It said companies would receive fewer complaints and have higher customers satisfaction rates if their small print was written in a more creative way.”

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British regulators hope to call time on banking scandals

From The Economist –

“Can misbehaving bankers be reined in? In the wake of seemingly endless banking scandals, Mark Carney, governor of the Bank of England, promised on June 10th to do just that. “The age of irresponsibility is over,” Mr Carney declared. The bank, the Financial Conduct Authority (a fellow regulator) and the Treasury hope to adopt and export a new model for regulating scandal-ridden fixed income, currency and commodities (“FICC”) markets. Recent wrongdoing in this area includes the rigging of LIBOR, a benchmark interest rate, and the manipulation of currency markets. Yet authorities have struggled to bring the individuals responsible to account.

Banks have not gone unpunished for their sins: it seems that at every recent results season, they have had to set aside ever greater provisions for fines, often sapping their already feeble profits. Between 2009 and 2014 the world’s banks incurred £160 billion ($245 billion) in such costs and set aside a further £46 billion to cover future payouts, says CCP, a research group.”

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Foreign exchange allegations 'as bad as Libor', says regulator

From BBC

“Allegations of foreign exchange rate-fixing at major banks are "every bit as bad" as the Libor scandal, the boss of the UK's financial regulator has said.

Martin Wheatley, the head of the Financial Conduct Authority (FCA), told MPs that 10 banks were now helping with its investigation.

Traders are alleged to have colluded in setting certain key exchange rates in the £3bn-a-day forex market.”

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