UK and France resist EU bank safety net

clock

Britain and France are at odds with other European Union countries over plans to insure against future bank failures, in another sign of the problems in trying to forge a common response to the bloc's economic woes.

Michel Barnier, EU internal market commissioner, set out plans for member states to form national funds to help wind up or reorganise failing banks, funded by a levy on the financial sector, writes the FT. London rejected the idea, arguing it would introduce "moral hazard" and encourage banks to think the levy was an insurance premium that entitled them to help if they got into trouble. French officials said Paris had similar concerns. FULL STORY...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Rio Stedford: Tackling lack of representation in financial services

Rio Stedford: Tackling lack of representation in financial services

'Celebrate your wins openly, and remember, success is not a solo journey'

Rio Stedford
clock 04 November 2024 • 4 min read
News editor's view: Autumn Budget – a trick or treat for financial advisers?

News editor's view: Autumn Budget – a trick or treat for financial advisers?

The news editor's Friday Night Takeaway from 1 November

Sahar Nazir
clock 01 November 2024 • 3 min read
Considering client emotions: Dealing with post-Budget anxiety

Considering client emotions: Dealing with post-Budget anxiety

Advisers need to understand client emotions during 'turbulent times'

Isabel Baxter
clock 01 November 2024 • 4 min read