George Osborne and Mark Carney give Mansion House speeches: In this year's Mansion House speeches:

  • George Osborne said he believes financial services regulation has improved significantly, not least with the BoE's role in supervision, the decision to ring-fence retail banking and improvements in capitalisation of firms. He looked forward to more competition and innovation, and the "fintech revolution" that he said Britain leads. He said he wants Britain to be the best place for banks to be headquartered. He heralded the Fair and Effective Markets Review, saying it is crucial to focus on accountability of individuals. He then moved to discuss Government stakes in banks, its plans to return Lloyds to the private sector and the plan to begin to do the same with RBS. He said it is important to do this, but it will take time. Finally, he turned to the EU debate and the Government's desire to see the EU benefit its members, and not merely impose costly and damaging regulation; and
  • Mark Carney focused on markets, and the necessary move from informal codes to formal regulation. He heralded the FICC review and the key problems it identified, which he summarised as:
    • market structures which presented specific opportunities for abuse and were vulnerable to conflicts of interest, collusion and thin markets;
    • standards of acceptable market practice that were usually poorly understood, often ignored and always lacked teeth;
    • systems of internal governance and control within firms that could not put the interests of anyone above those of "close-knit trading staff";
    • skewed incentives; and 
    • personal accountability that was lacking.

He noted the changes already in place, and highlighted the importance of meeting the review's recommendations. (Source: George Osborne Mansion House Speech and Mark Carney Mansion House Speech)

Treasury updates sanctions: Treasury has updated the financial sanctions lists in respect of the Ukraine and Yemen. (Source: Treasury Updates Sanctions)