FCA recommends tighter rules for open-ended funds
- BOE and FCAto draft new rules in 2020 on open-ended funds
- Funds would have to either discount immediate redemptions or have longer redemption period without payout
- Plans to increase banks' 'neutral' counter-cyclical capital buffer to 2% from 1%
- Plans to lower banks' other capital requirements to leave total capital requirement largely unchanged
- UK lenders all pass 2019 stress test
- Says Barclays and Lloyds' AT1 capital would convert to equity if stress test scenario occurred.
There's nothing about the outlook for the economy or rates here and that's not a surprise with the BOE meeting coming up on December 19. This report was supposed to be released earlier but was delayed by the election.
