Chancellor of the Exchequer George Osborne will today hail the “resetting” of the U.K.’s financial services regulatory system with a new banking agency with greater powers to replace an “old failed regime” overseen by the Financial Services Authority.
A lack of suitable Australian infrastructure for sale is encouraging the country’s pension funds to invest in foreign assets, including in China and Europe, according to an association representing the funds.
Treasurer Wayne Swan announced plans to curb tax concessions for wealthy Australians saving for their retirement amid government efforts to plug a budget deficit and make the A$1.5 trillion ($1.6 trillion) pension system more sustainable.
Libor ignored the crisis in Cyprus that’s roiling financial markets, showing the global benchmark for $300 trillion of securities remains divorced from reality six months after regulators laid out a plan to fix it.
Banks in the U.K. don’t need to be afraid of the new finance regulator, its chief executive officer said today, reversing the mantra of the previous top official at Britain’s financial-oversight agency.