- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

The FRC found that in relation to year ends for 2007 and 2008, the firm and McClean failed to obtain an adequate general understanding of the legal and regulatory environment in which PMS operated for the purposes of the audit.

Bank of England puts foot down in EU bankers' bonus row

The EU’s bonus cap limits the size of any variable payment to 100pc of the banker’s salary, or 200pc if shareholders approve.

UK regulators say won't apply EU bonus cap to all banks

National regulators must explain if they diverge from the rules as set out by the bloc's European Banking Authority (EBA).

FCA tells fund managers to make clear liquidity risks

In an update on this work, published today (29 February), the FCA said disclosure to investors in one of three areas the industry should focus on.

Broker refused FCA authorisation

The FCA gave Cross Keys Estate & Finance Limited final notice of its refusal after the firm failed to refer the regulator’s decision to the Upper Tribunal within 28 days.

Law firm opens new commercial division

A handful of new recruits are being taken on.

SEC Said to Pressure Lloyds on Disputed CoCo Bonds Tender Offer

The U.S. Securities and Exchange Commission pushed Lloyds Banking Group Plc to give bondholders more details on the terms of its buyback offer as the British bank prepares for a legal battle with creditors in the U.K. Supreme Court

Trusts and Privacy - A new battle front by Filippo Noseda, Withers

The use of trusts is under attack in a number of European jurisdictions, and the OECD's Common Reporting Standard poses significant further threats to their use.

£1.6m in the bank for Cherie Blair’s law firm, thanks to advising 'dictatorships'

Latest accounts for Mrs Blair's law firm show massive cash boost amid deals to advise autocratic regimes in Kazakhstan and Maldives

Hedge funds seek refuge from unfair European regulations

Lobbyists defend the interests of corporates against disruptive technologies, writes Paul Marshall

Fund managers in talks with regulator over clarity on fees

Currently, pension fund charges are subject to both UK and EU regulatory requirements

Richard Pease sues Henderson in £2.7m contract row

Pease, who joined Henderson following its acquisition of New Star

Kirkland & Ellis suffers London mass exit as seven partners walk out in less than a week

The news comes after a six-partner team from Kirkland announced they would exit the firm to set up a City private equity team at Sidley Austin.

Swiss banking giant charged with tax fraud and money laundering in Belgium

A statement from prosecutors said: "The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up constructions aimed at evading taxes."

U.S. Sanctions Warning Tests Resolve of Foreign Banks in Russia

Royal Bank of Scotland Group Plc, Barclays Plc and Deutsche Bank AG have shuttered activities in the country.

EU banking watchdog reveals 2016 stress test scenarios

The scenario implies negative growth in the EU’s gross domestic product in 2016 and 2017 of, in the worst case, minus 1.3 per cent

Lloyds lawyer says 'no value left in HBOS' comment taken out of context

A lawyer for Lloyds told a pre-trial hearing that the note, written by former Lloyds board director Archie Kane on Oct. 10, 2008

Court date set for Libyan sovereign fund dispute

The hearing is expected to run for four or five days, although the judgment may not come in the same week.

Calastone launches Data Services - a unique global fund distribution solution

MiFID II, the European regulatory framework designed to improve the transparency and oversight of financial markets, is moving responsibility to understand the distribution chain

Legal, Regulation & Compliance

A Question of Accountability

FRC fines Moore Stephens