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EC to regulate credit rating agencies

The European Commission’s consultation on credit rating agencies ended last month and by the end of October the EC will table proposals to regulate them.

The urgency, the European Mortgage Federation has explained, is because that is the last date by which it will be possible to get the proposals approved by the Council of Ministers before parliament breaks for elections in June 2009.

According to the EC, the credit rating agencies “share responsibility for the current market turmoil”, and in the section dealing with authorisation, operation and supervision, it argues that self-regulation under the International Organisation of Securities Commissions code has not worked.

It proposes that either the role of the Committee of European Securities Regulators should be reinforced to oversee this or that a new agency should be created to do so.


Abbey appoints Pester to integrate B&B branches

Abbey has appointed Paul Pester to take responsibility for Bradford & Bingley’s retail distribution in the wake of the restructuring of the buy-to-let lender.

Mutual lack of joined-up thinking

Is John Goodfellow, chief executive of Skipton Building Society and chairman of the Building Societies Association, being subversive or has the society been caught short when it comes to joined-up thinking?

GEMHL to close Wolverhampton facility

GE Money Home Lending is set to close its office in Wolverhampton as a result of the current volatility in the market.

Having a website is a necessity, not a luxury

On flicking through the general insurance trade press recently I was amazed to read that a third of GI brokers do not have a website and that more than half of them said they had no plans to develop one in the next 12 months.


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