Latest news with #financialregulation
Zawya
2 hours ago
- Automotive
- Zawya
Oman: FSA denies minimum price hike for vehicle insurance
Muscat – The Financial Services Authority (FSA) has responded to recent concerns circulating on social media regarding alleged increases in the minimum prices of vehicle insurance by some insurance companies. In an official statement, the FSA clarified that no approval has been granted to raise the minimum pricing levels for vehicle insurance. The authority emphasized its ongoing role in monitoring insurance pricing to maintain price stability within safe and appropriate limits. The FSA reaffirmed its adherence to the principle of a free market, noting that insurance pricing is determined by several factors, including supply and demand dynamics, the performance of insurance portfolios, and profitability levels. It stated that any change in insurance tariffs must be communicated to the Authority with valid justifications before implementation. The Authority urged policyholders and the public to rely on its official social media channels for accurate and updated information on the insurance market. As the regulatory and supervisory body for Oman's financial non-banking sector, the FSA continues to monitor market practices to ensure fairness and transparency. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
CNN
17 hours ago
- Business
- CNN
Jamie Dimon and Trump finally had a meeting after battling for years
President Donald Trump met at the White House last week with a powerful business leader he's repeatedly clashed with in the past: JPMorgan Chase CEO Jamie Dimon. During the Oval Office meeting, Trump and Dimon discussed the economy, trade, financial regulation and the Federal Reserve, a person familiar with the matter told CNN. The meeting, first reported by The Wall Street Journal, follows years of tensions between two of the most powerful people on the planet. According to the Journal, Dimon and Trump have met twice in the past two months, and the meeting last week included Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Dimon has also, during a separate conversation with Trump, defended Fed Chair Jerome Powell and stressed that history shows political attempts to force interest rates down often backfire, the source told CNN. A White House spokesperson said officials don't comment on private meetings that may or may not have happened. JPMorgan also declined to comment. Dimon and Trump have scuffled over multiple topics over the years, and the insults have been personal. In 2023, Dimon said Trump doesn't understand the debt ceiling, saying it's 'one more thing he doesn't know very much about.' After Dimon urged business leaders to support Nikki Haley in the GOP presidential primary, Trump called Dimon a 'highly overrated globalist.' In 2018, Trump said Dimon doesn't have the 'smarts' to be president, adding that he's a 'nervous mess.' Asked during a CNBC interview on Thursday about the reports of an improving relationship, Dimon declined to get into specifics but stressed he believes it's important to meet with varying leaders. 'We reach out to the administration all the time. They reach out all the time. I think it's a good thing,' Dimon told CNBC. The Powell-led Fed kept interest rates steady on Wednesday for the fifth meeting in a row, refusing to bow to White House pressure to dramatically slash borrowing costs. Trump responded on Thursday by attacking Powell in a Truth Social post as 'TOO ANGRY, TOO STUPID & TOO POLITICAL' to lead the Fed. Powell, a Republican, was nominated by Trump himself for the crucial role. Powell was then reappointed by President Joe Biden. Asked about the latest Trump attack against Powell, Dimon said he's 'not going to agree with all that language,' but noted he's 'never seen a president ever say they want higher interest rates.' Politicians often favor low rates from the Fed in the hopes they will make it cheap to borrow and speed growth. But if central banks keep rates too low, they can unintentionally boost prices. 'I think Jay Powell is a professional. I think independence is important. I think independence actually keeps interest rates lower,' Dimon said, alluding to historical examples of political pressure on central banks that backfired by fueling inflation. 'The president gets the chance to pick a new Fed chair eight months from now,' Dimon said, when Powell's term expires in May 2026. 'I think they're kind of doing the right thing. The economy has been chugging along. …. If inflation comes down and the economy continues to do well, they'll probably reduce rates shortly.' Investors are losing confidence the Fed will cut rates at the next meeting. The chance of a rate cut in September has dropped from about 65% earlier this week to 39% on Thursday, according to the CME FedWatch Tool. Dimon sounded the alarm about Trump's tariffs in early April as markets plummeted, warning the historically high levies 'will slow down growth.' However, the JPMorgan boss struck a more positive tone on Thursday, noting Trump's tariffs have been 'greatly moderated' and are being 'more carefully done' than during the administration's initial rollout. 'Some is being passed on and some is not,' Dimon said, referring to businesses raising prices. 'We just don't know yet. You may see more effect down the road. We'll have to wait and see.'
The Independent
a day ago
- Business
- The Independent
Lenders encouraged to improve digital processes to help borrowers' understanding
People looking to borrow digitally could be at risk of bypassing important information if lenders' online and in-app processes are not designed well enough, the regulator has said. Lenders are being encouraged by the Financial Conduct Authority (FCA) to consider how their digital processes can help prospective borrowers understand what they are signing up for. The FCA has shared examples of good and poor practice with lenders. It found that some were using shorter, simplified language and providing 'explainer' videos that helped customer understanding. However, the design of some digital loan processes lacked 'positive friction', the regulator said. Even though some digital processes are designed to be quick, firms can consider the appropriate amount of friction required, the regulator said, so customers have the opportunity to read and understand the information provided. Firms may have access to data that indicates customers are advancing through applications too quickly and not accessing key information, features or help, the regulator said. Under the Consumer Duty, the FCA expects firms to understand the needs, characteristics and objectives of their customers, and this should inform how products are designed and how customers will interact with them. Firms can identify customers with characteristics of vulnerability and those requiring additional support through digital channels. They can also review the effectiveness of the support available, the regulator said. Alison Walters, director of consumer finance at the FCA, said: 'Online and app-based applications can make it easier for people to get the credit they need to navigate their financial lives. 'But poorly designed applications could mean people bypass important information. We're sharing examples of what works and what doesn't, so lenders can better support their customers.'
Japan Times
a day ago
- Business
- Japan Times
Japan considers tighter oversight to avoid bond market ‘spoofing'
The financial industry is looking to tighten oversight of trading in government bond futures, after Nomura Holdings joined a list of brokerages fined for manipulating the instruments. The Japan Securities Dealers Association and Japan Exchange Group are discussing ways to prevent a banned trade known as spoofing, their officials said, asking not to be identified because the matter is private. They are considering revising a guideline for reviewing trading in Japanese government bond futures and other derivatives, as well as offering more thorough training for financial firms, the officials added. Japan is stepping up efforts to stamp out impropriety in its financial markets after concluding last year that Nomura broke the law in 2021. Spoofing involves placing fake orders to give market participants a false impression about supply and demand to make profitable trades. The practice isn't unique to Japan, and regulators in other markets have also been trying to curb it. JSDA is an industry group that self-regulates brokerages in coordination with the Financial Services Agency. Japanese government bond futures are listed on a derivatives exchange in Osaka, and JPX has a regulatory arm called Japan Exchange Regulation that seeks to ensure securities transactions are fair. Traders could also benefit from clearer guidance. The line between spoofing and regular transactions can be contentious — a former Nomura trader who is accused of having committed the act four years ago has insisted he is innocent. Some Japanese government bond traders have noted the rules were opaque enough that almost anyone could be tripped up and lose their job. The guideline was created in 2020 by JPX for companies to review their own derivatives trades, after the FSA penalized Citigroup Inc. and Mitsubishi UFJ Financial Group in the preceding two years for spoofing JGB futures, the officials said. Any revision would be the first since it was formed, they added. JPX shares the guideline only with member firms, keeping it from the general public. JSDA and JPX are examining whether the guideline needs revising for more effective screening of transactions, the officials said. They are also considering educating brokerages about best practices, rather than prescribing quantifiable benchmarks, such as a limit on a trader's market share, the officials added. The discussion are at an early stage and there is no specific deadline, according to the officials. Once ideas are finalized, they will probably discuss them with brokerages, they said. JSDA is considering with other relevant parties how to deal with the matter, a spokesman said in a written response. A representative for JPX declined to comment. The Securities and Exchange Surveillance Commission, the FSA's investigative arm, asked JSDA to come up with preventive measures after Nomura paid a fine of ¥21.8 million ($147,000) in October, commission officials said, asking not to be identified due to their policy. JSDA undertook a survey in February and March as a preparatory step, the officials said. It polled roughly 80 member firms that trade Japanese government bond futures, including brokerages and commercial banks. The queries focused on how the companies' management and compliance officers as well as independent auditors oversee such transactions, JSDA officials said. JPX is also looking into the need to toughen oversight on other financial products that are susceptible to spoofing, such as stocks, its officials said.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Trump and Dimon Are Talking Again After Yearslong Rift
JPMorgan Chase Chief Executive Jamie Dimon visited the White House twice in the past two months, a sign of detente after years of tension between the head of America's biggest bank and President Trump. Last week, Dimon met with Trump in the Oval Office to discuss the economy, trade and financial regulation, people familiar with the matter said. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick were also in attendance, the people said.
