US regulator could become next Bank of England chief

Former US Commodity Futures Trading Commission chairman Christopher Giancarlo may be eyeing up the top job at the Bank of England, according to reports.

With incumbent governor Mark Carney’s term due to come to an end at the beginning of 2020 after an extension to support a smooth Brexit process, potential candidates are lining up for the role.

Reports had suggested current FCA chief executive and former Prudential Regulation Authority boss Andrew Bailey could be in line for the position, but sources have now told Financial News that American regulator Giancarlo was considering following in Canadian-born Carney’s footsteps.

At the time of writing neither Bailey nor Giancarlo had commented publicly on whether they would accept the role, but the Times reports that, as Britain prepares to leave the EU, the paper understands prime ministerial hopeful Boris Johnson would warm to a seasoned foreign candidate with international experience and clout.

Giancarlo became familiar with the EU and the Bank of England during his two year tenure running the US CFTC during discussions over whether British and American clearing houses should be subject to tighter controls.


BoE relaxed over proportion of high-LTV borrowers

The Bank of England’s executive director for stability and risk Alex Brazier has stated that the growth in high-LTV lending holds little cause for concern. In a speech focusing on the UK’s financial resilience given at the University of Warwick, Brazier highlighted three areas of debt that the bank has identified as indicators of underlying […]


High LTV lending on the rise: BoE

The share of mortgages above 90 per cent loan-to-value advanced in the first quarter of 2019 rose to 4.5 per cent from 3.3 per cent a year earlier, Bank of England data shows. The proportion of higher LTV lending is the highest the Bank has seen in almost two years, it says. The figures come […]

Lenders to review risks after BoE warning: Moneyfacts

Mortgage lenders are likely to scrutinise their pricing of high loan-to-income and high loan-to-value deals after a strong warning from the Bank of England, Moneyfacts predicts. Analysis by the comparison website shows how lenders have been lowering the cost of their riskier loans over time prompting concern from the Bank’s Prudential Regulation Authority. On Friday […]


Govt starts hunt for Carney’s successor at BoE

The government has started looking for a new Bank of England boss to replace Mark Carney when he steps down next year. The Canadian governor will have been in the post for six years when he leaves Threadneedle Street on January 31 2020. For the first time the government is using a recruitment firm to […]

Bridging is no longer a dirty word

It’s not that long ago that short-term finance, or, perhaps more specifically, bridging finance were viewed as dirty words by mortgage brokers. The rates on offer were punishing, meaning there were only a handful of situations where it would be appropriate to arrange one. Some lenders didn’t exactly uphold great reputations for service standards either; […]


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