The London Investment Banking Association (LIBA) has strenuously denied reports in the Financial Times that it is seeking to ‘water down’ the Basel II accord. LIBA responded by pointing out that its requests are intended to remove uncertainty and ensure the Accord remains ‘unambiguously clear’. In their report: ‘BBA/LIBA response to the Third Consultative Document on a New Basel Capital Accord’, the organisations claim that, ‘The new Accord is unduly complex and will be difficult for our members to implement and for national regulators, even in the G10, to supervise. The cost of compliance, for firms and supervisors will be high, and we question whether sufficient resources will be available within the supervisory bodies to ensure consistent application, across and within jurisdictions.’ Both the BBA and LIBA have requested the Accord place greater emphasis on allowing banks more freedom to establish their own capital needs and move away from what is increasingly being perceived as a prescriptive approach.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.