Britain's markets watchdog to review post-Brexit rules

Business reporter(wp/reuters):::
Britain’s markets watchdog will review its rules as the country readies to leave the European Union, the source of its financial regulation for decades.

“Post-Brexit, we need to consider the future of regulation to ensure the regulatory landscape is fit for the challenge it faces,” the Financial Conduct Authority said in its new annual business plan published on Wednesday.

The watchdog’s chief executive, Andrew Bailey, said Brexit will be the most immediate challenge its faces.

“In order to ensure we are a regulator that continues to serve the public interest, we need to adapt to the ever-changing environment,” Bailey said.

The debate is likely to be heated.

Backers of Brexit say that leaving the EU gives Britain an opportunity to ease what they see as burdensome rules from the bloc, to maintain London as a competitive global financial centre.

Others, however, want Britain to stay aligned to the bloc, the biggest customer of Britain’s financial sector.

Britain’s finance ministry and parliament’s Treasury Select Committee (TSC) have already announced plans to review financial regulation.

The FCA said the review would look at issues such a as the cost of rules, and equivalence, the EU’s system of granting market access to non-EU financial firms.

Equivalence largely rests on staying aligned to the bloc’s rules, but the FCA and the Bank of England have warned against Britain becoming a “rule taker” or having to continually copy EU rules.

Britain has cut and pasted the EU’s equivalence regime into national law.

TSC Chair Nicky Morgan has said that the debate over the future of regulation could take decades to decide given deep philosophical divisions.

The FCA also said it will provide guidance to the finance ministry on extending the watchdog’s enforcement powers in the cryptocurrency sector, including its oversight of security tokens which resemble shares or debt, and utility tokens, which allow access to products or services without giving holders any rights.

UK markets watchdog bolsters protection of pension scheme members

Business reporter(wp/reuters):::
Committees that check if employees get a good deal from their work pension should also consider how retirement schemes examine the impact of climate change on investments, Britain’s markets watchdog proposed on Monday.

Firms that have workplace pension schemes already have to set up an independent governance committee, or IGC, to check that members are not being ripped off by unfair transaction costs.

The Financial Conduct Authority (FCA) is proposing to widen this remit to include a duty to report on environmental, social and governance (ESG) issues, consumer concerns, and how pension scheme providers select stocks and bonds to invest in, known as stewardship.

“We want to help make sure that these consumers do not lose money as a result of unsuitable investments, for example due to ESG risks including climate change,” the FCA said in its consultation paper.

“And we want these consumers to benefit from good stewardship of their investments, to create sustainable value as well as benefiting the economy and society.”

The proposals are part of the watchdog’s efforts to improve value for money in the investment sector by cracking down on unfair fees and charges.

Separate new rules has meant automatic enrolment of about 10 million employees into pension schemes.

But the FCA is worried that too many scheme members are not engaged enough in their pensions and it therefore want stronger IGCs to act on their behalf and improve competition among pension providers.

IGCs can raise any concern with the boards of insurers and other providers of pensions, and can escalate concerns to the FCA if it feels they have not been dealt with properly.

The FCA will publish final rule changes in the fourth quarter of 2019.

Thousands of activists block London roads to demand action on climate change

Staff reporter(wp/reuters):::

Thousands of environmental activists paralysed parts of central London on Monday by blocking Marble Arch, Oxford Circus and Waterloo Bridge in a bid to force the government to do more to tackle climate change.

Under sunny skies, activists sang songs or held signs that read “There is no Planet B” and “Extinction is forever” at some of the capital’s most iconic locations. Roadblocks will continue night and day at each site and the demonstrators say the protests could last at least a week.

The protests are being led by the British climate group Extinction Rebellion and will involve demonstrations in 33 countries around the world over the coming days.

“I realised that signing petitions and writing letters was not going to be enough. Real action is needed,” said Diana McCann, 66, a retired wine trader from south London, holding a banner in the middle of a traffic-free road. “It’s like a world war. We have to go on to a war footing.”

Extinction Rebellion, which generated headlines with a semi-nude protest in the House of Commons earlier this month, has warned its members that some of them could be arrested for taking part in non-violent civil disobedience.

The group is demanding the government declare a climate and ecological emergency, reduce greenhouse gas emissions to net zero by 2025 and create a citizen’s assembly of members of the public to lead on decisions to address climate change.

At the Shell building near the River Thames, two protesters scaled up scaffolding writing ‘Shell Knows!’ in red paint on the front of the building and three protesters glued their hands to the revolving doors at the entrance.

Activists said they smashed the glass of a revolving door and caused more than 6,000 pounds worth of damage. At least one person was arrested by police for criminal damage.

“EXTINCTION REBELLION”

At Oxford Circus, protesters unveiled a pink boat that says “TELL THE TRUTH” and on Waterloo Bridge demonstrators brought trees, hanging baskets and skate ramps.

The protest had a festive atmosphere, with many families in attendance, and a low police presence.

Extinction Rebellion wrote to Prime Minister Theresa May on Monday outlining their demands and asking for face-to-face talks, warning that they will escalate their disruptive actions over the coming weeks unless the government acts.

“Make no mistake, people are already dying,” the letter states. “In the majority world, indigenous communities are now on the brink of extinction. This crisis is only going to get worse … Prime minister, you cannot ignore this crisis any longer. We must act now.”

Organisers of the protests circulated legal advice to anyone planning to attend, requesting they refrain from using drugs and alcohol, and asking them to treat the public with respect.

London’s police have advised people travelling around London in the coming days to allow extra time for their journey in the event of road closures and general disruption.

The disruption follows similar action last November when thousands of protesters occupied five central London bridges. Police arrested 85 people that day.

Rowan McLaughlin, 47, a teacher, said this week’s protests were more important that the huge pro and anti-Brexit protests in London recently.

“In Europe, out of Europe, it makes no difference if we have no liveable habitat,” he said. “We’re just going to get bigger and more annoying until the government speaks to us.”

Anti-Semitism row: Jeremy Corbyn concerned evidence 'ignored'

Political reporter(wp/bbc):::

Jeremy Corbyn privately expressed concern that evidence of anti-Semitism within Labour was "mislaid or ignored", leaked recordings suggest.

The Sunday Times has released part of a conversation the party leader had with Dame Margaret Hodge, which she taped.

The Barking MP told the BBC she made the recording as an "insurance policy".

A Labour spokesman said the tape showed Mr Corbyn's desire for "robust and efficient" procedures and to "rebuild trust with the Jewish community".

Throughout much of his leadership, Mr Corbyn has been dogged by criticism from within the party about his handling of anti-Semitism claims.

Last year he became embroiled in a row with Labour's Dame Margaret over the issue, which saw the party launch - and then drop - disciplinary action against the long-serving Jewish MP.

She secretly recorded a conversation between the pair in February, as Mr Corbyn talked over a plan to recruit former cabinet minister Lord Falconer to review the party's complaints process.

"Just to reassure you, he's not going to be running the system; he's not entitled to do that," the Labour leader says on the tape, which was given to the Sunday Times.

"He will look at the speed of dealing with cases, the administration of them and the collation of the evidence before it's put before appropriate panels... because I was concerned that it was either being mislaid, ignored or not used, and there had to be some better system."

Speaking on BBC Radio 4's Sunday morning programme, Dame Margaret, who has been a fierce critic of Mr Corbyn's stance on anti-Semitism, said: "I think it reflects a complete breakdown of trust between people like me and the leader of the Labour party.

"The reason, actually, that I recorded that particular tape was as an insurance policy.

"I was having a one-to-one meeting with Jeremy Corbyn and ironically I didn't want what I said to be misrepresented so I thought it was best to record it."

She added that a newspaper article days later, reportedly based on leaked internal documents, contradicted what the Labour leader had said during their taped conversation and led her to believe "either he [Mr Corbyn] was lying or he was being lied to".

In March, Dame Margaret claimed Mr Corbyn had misled her - or been misled by his staff - over assurances the leader's office was not involved in disciplinary procedures.

Labour dismissed the suggestion as "categorically untrue".

Last week, the Jewish Labour Movement voted to pass a motion of no confidence in the Labour leader.

Its national secretary Peter Mason said reports of delays, inaction and interference from the leader's office showed the party's processes were "incapable of dealing with anti-Jewish racism".

'Vile racism'

Dame Margaret is among seven Labour MPs to write to the Sunday Times this weekend, calling for a "fully independent body" to deal with complaints of racism, harassment and bullying.

They complain of "a growing backlog of unresolved cases of vile racism".

"Despite telling us things are better, the party has clearly failed to get to grips with its anti-Semitism problem," the letter says.

"The current complaints system is broken. There must be a real change at the top of the party."

Dame Margaret told the BBC an independent system would restore confidence in Labour.

David Lammy, Labour MP for Tottenham, also backed the call, telling the BBC's Andrew Marr Show there had been a "failure of leadership" within the party.

'Fully investigated'

A Labour spokesman said: "The Labour Party takes all complaints of anti-Semitism extremely seriously and we are committed to challenging and campaigning against it in all its forms.

"All complaints about anti-Semitism are fully investigated in line with our rules and procedures and any appropriate disciplinary action is taken."

A party source told the BBC that before Jennie Formby became general secretary a year ago, there had been concerns that Jewish activists not in breach of rules were targeted, while efforts to tackle clear cut cases of anti-Semitism were obstructed.

UK parliament very likely to consider new Brexit referendum - Hammond

Political reporter(wp/reuters):::
The idea of a second Brexit referendum is very likely to be put before Britain’s parliament again although the government remains opposed to any new plebiscite, the British finance minister said on Friday.

Philip Hammond said he hoped parliament would break the Brexit impasse by passing a deal by the end of June, potentially ending the calls for a new referendum, and there was a “good chance” of a breakthrough in talks with the opposition Labour Party.

“I remain optimistic that over the next couple of months we will get a deal done,” he told reporters in Washington where he is attending meetings at the International Monetary Fund.

But a second referendum could not be ruled out.

“It’s a proposition that could and, on all the evidence, is very likely to be put to parliament at some stage,” Hammond said.

Prime Minister Theresa May has so far failed to get her own Conservative Party behind the Brexit divorce deal she agreed with other European Union leaders last year, forcing her to ask the bloc for a delay and to start talks with Labour about how to break the impasse in parliament.

Many Labour lawmakers are pressing their leader Jeremy Corbyn to demand a new referendum in talks with the government.

Hammond said that while the government was opposed to a new public vote, other Labour demands - such as a customs union with the EU - were up for debate.

Hammond said about six months would be needed to hold a referendum, so if parliament voted in a couple of months’ time to make one a condition of approving a Brexit deal, there would be no time before Britain is due to leave the EU on Oct. 31.

One of May’s most pro-EU ministers, Hammond has faced criticism from Brexit supporters for saying Britain should stay close to the bloc. He angered them again recently by describing another Brexit referendum as a “perfectly credible proposition”.

“(A second referendum) in the end is an issue about parliament and parliamentary numbers, and where the Labour Party ends up on this, as the Labour Party itself is deeply divided on this issue and at some point will have to decide on where it stands,” Hammond said.

Parliament has previously rejected the idea of a new referendum and other possible solutions the Brexit impasse.

BREXIT DIVIDEND?

Hammond said the risk of a no-deal Brexit had been reduced but not averted by this week’s delay of Britain’s exit and such an outcome would be felt in the global economy.

Ending the uncertainty would “unleash the very large stock of potential investment that is hanging over the UK economy in suspended animation,” he said.

Bank of England Governor Mark Carney said on Thursday that Brexit had pushed business uncertainty “through the roof”.

Carney is due to step down at the end of January, having delayed his departure twice to help Brexit preparations.

Hammond said Brexit could put off some qualified candidates in the search for the next BoE governor which was now underway.

“There may be some candidates who might be deterred from an application because of the political debate around Brexit, which inevitably the governor of the Bank of England can’t avoid being part of,” he said.

Supporters of Brexit have often accused Carney of giving over-gloomy assessments of the costs of leaving the EU.

Hammond also said the Brexit delay was hampering government efforts to improve economic productivity and could throw off course a planned multi-year budget for government departments due late this year.

Police open fire as vehicle rams Ukraine embassy car in London; no injuries

Crime reporter(wp/reuters):::

Police in London opened fire outside the Ukrainian embassy on Saturday after a man rammed his vehicle into the ambassador’s empty parked car at least twice before being arrested, officials said.

No one was hurt in the incident, which happened early on Saturday outside the embassy building in the affluent Holland Park area of west London, and it was not being treated as terrorism, police said in a statement.

The embassy said in a statement that the ambassador’s empty official vehicle had been deliberately rammed as it sat parked in front of the building.

“The police were called immediately, and the suspect’s vehicle was blocked up,” it added.

“Nevertheless, despite the police actions, the attacker hit the ambassador’s car again. In response, the police were forced to open fire on the perpetrator’s vehicle.”

TV footage later showed a silver car slewed across the cordoned-off road with its driver’s door open and window shattered.

Police said they had been called at around 9.50 am on Saturday to reports of a car having hit several vehicles in the road.

“On arrival at the scene, a vehicle was driven at police officers,” they added in a statement. “Police firearms and Taser were discharged, the vehicle was stopped and a man, aged in his 40s, was arrested.”

The man was taken to hospital as a precaution but was not injured, they added.

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