Free banking is a “dangerous myth”, according to Andrew Bailey, who is due to become the chief regulator of the financial services industry.

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Free banking ‘a dangerous myth’

The new federal consumer watchdog agency is considering drafting new rules governing transparency and safety in the rapidly growing market for prepaid cards . Consumer Financial Protection Bureau Director Richard Cordray said the cards have fewer regulatory protections than bank accounts and debit cards. The agency said it will focus rule-making on three key areas: disclosure of fees and terms, liability for unauthorized transactions and niche product features, such as overdrawing an account. The agency is holding a field hearing on the cards Wednesday in North Carolina. Read full article > >

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Consumer agency to target prepaid cards

Nearly 6,000 people made bogus compensation claims for payment protection insurance mis-selling to the Financial Ombudsman last year, as total complaints rose.

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Bogus PPI complaints ‘hit 6,000′

The Bank of England’s supervisory court commissions three independent reviews into its performance during the financial crisis.

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Bank of England’s role examined

In this election, we’re not having an argument that pits capitalism against socialism. We are trying to decide what kind of capitalism we want. It is a debate as American as Alexander Hamilton, Andrew Jackson and Henry Clay — which is to say that we have always done this. In light of the rise of inequality and the financial mess we just went through, it’s a discussion we very much need to have now. Read full article > >

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A choice of capitalisms

In the late 1990s, the craze for initial public offerings was hailed as the dawn of a new age. The Internet was replacing manufacturing. Who needed a factory floor when you could point and click? Facebook’s Friday IPO, which opened with a staggering $104 billion valuation for the company, hasn’t transported us back to the bubble years of the 1990s. But, like that time, today’s Facebook frenzy is about what our society values. When Mark Zuckerberg rang the opening bell on Friday, his company’s $38 share price wasn’t rooted solely in the economics of the social networking giant. What the financial analysts are selling isn’t just the initial public offering of a company that Zuckerberg started in his dorm room at Harvard eight years ago. They are selling an image of the United States. Read full article > >

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The $104 billion question: What does Facebook’s value say about ours?

Daniel Tarullo , the Federal Reserve’s point man on overhauling the financial system , has emerged as the most powerful figure wrestling with the nation’s biggest banks to make them take fewer risks that could endanger the economy. Read full article > >

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Fed’s Tarullo emerges as banks’ key federal foe on regulating risk

The governor of the Bank of England, Sir Mervyn King, rejects criticism of the bank’s role ahead of the financial crisis.

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King rejects criticism for crisis

Can mathematicians be blamed for the financial crash?

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One maths formula and the financial crash

The government says there were “serious failings” in the financial management of a trust running academy schools in Lincolnshire.

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Report criticises academy trust

Championship clubs agree to implement Financial Fair Play regulations from next season to “lay foundations” for the future.

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Clubs vote for financial changes

Official figures indicated that the British economy shrank in the first quarter, pushing the country into its second recession since the financial crisis.

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British Economy Slips Back Into Recession

Surging energy prices and a slower-than-expected economic recovery have worsened the financial outlook for Social Security compared with last year, while the picture for Medicare remains grim but essentially unchanged, according to annual forecasts released by the government Monday. Read full article > >

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Social Security’s financial forecast gets darker; Medicare’s outlook unchanged

The shooting of 17-year-old Trayvon Martin in Florida is reverberating today in an unlikely place: the executive suites of major corporations. In recent days, advocacy groups have targeted more than a dozen corporations over their financial support for the conservative organization that encouraged states to pass the “ Stand Your Ground ” legislation cited as a defense for George Zimmerman , the man charged with second-degree murder in the Feb. 26 shooting. Read full article > >

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Trayvon Martin shooting spurs protests against companies with ties to legislative group

Local authority pension schemes are still a “ticking time bomb”, the Taxpayers’ Alliance warns, despite their financial health improving over the past year.

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New warning over council pensions