02/04/2016
FCA weighs opening IFAs to P2P FOS claims
In a consultation paper published today, the FCA proposed changing the current rules which mean investors cannot lodge a complaint about poor advice on P2P agreements.
Legal, Regulation & Compliance
02/04/2016
Deutsche Bank must face US lawsuit over US$3.1 billion mortgage loss: judge
Deutsche Bank AG must face a U.S. lawsuit seeking to hold it liable for causing US$3.1 billion of investor losses by failing to properly monitor 10 trusts backed by toxic residential mortgages
02/04/2016
Barclays Agrees to Offload Derivatives Contracts to JPMorgan
Rates swaps are usually classified as less risky and capital consumptive than equity or credit derivatives.
02/04/2016
Clarifying intentions: overall responsibility for the legal function under the Senior Managers Regime
On 27 January 2016, the FCA issued a statement to clarify an issue that there is uncertainty in the market as to whether an individual in charge of a firm’s legal function requires approval under the new Senior Managers Regime (SMR) when it enters i
02/04/2016
Santander re-enters investment advice market
Santander plans to have a force of 225 advisers across the country by the end of March.
02/04/2016
French Couple Files Lawsuit Against Former IMF Head on Suspicion of Fraud
French couple sued former IMF head on financial fraud and misuse of corporate assets.
02/04/2016
Spotlight now on Swiss bank caught in 1MDB saga
BSI is a relative latecomer in Singapore's private banking scene, having started business here only in 2010.
02/04/2016
Boutique lawyer e3 focusing on Liverpool expansion
Employment law specialist targeting growth in city after recruiting non-executive director David Ost
02/03/2016
Up to 15% of equity funds ‘may have been mis-sold’ – Esma
Esma studied the performance and disclosure documents of 2,600 funds across Europe over 2012-2014 and found that between 5 and 15 per cent of retail equity funds “could potentially be closet indexers”.
02/03/2016
HSBC subsidiary hired senior staff with unaccredited degrees
Two senior compliance staff hired by HSBC Saudi Arabia, a subsidiary of the main British bank, have unaccredited business degrees, a Channel 4 News investigation finds.
02/03/2016
Regulators fine firms £18mn after insurer collapses
This misconduct contributed to the failure of several insurance schemes as well as to three insurers going into administration.
02/03/2016
Major international law firm opens its own Iran office in Tehran
This includes the right to provide legal advice in Iran.
02/03/2016
Corporate News Weekly Round-Up - Christopher Hines, Withers
Delaware Court Enforces ‘Good Faith’ Negotiations, New Disclosure Requirements for UK Companies and UNFCCC Adopts ‘Paris Agreement’
02/03/2016
Financial regulators call for more detail on EU referendum deal
Britain has clashed with Brussels on various elements of financial regulation introduced since the crisis, most prominently on the issue of a cap to banker bonuses.
02/02/2016
Gazprombank closes down London operations
Gazprombank’s London office had been effectively dormant since 2012, when the bank withdrew its application for a UK investment banking license after authorities demanded more information about its shareholders, Bloomberg reported at the time.
02/02/2016
French court backs charges against HSBC in tax fraud probe
The court rejected an appeal by HSBC that charges first brought in April for facilitating tax fraud and illegal practices be dropped.
02/02/2016
Serbia: Belgrade Mayor Connected to Another Offshore Company
This is the fourth company in the British Virgin Islands that KRIK journalists found is connected to Mali.
02/02/2016
Barclays wary of regulatory 'bumps' for RBS, hikes Lloyds PPI forecasts
Barclays said this raised questions about the potential for capital distribution given that the half-year dividend was already just 0.75p.
02/02/2016
HSBC share price: Bank loses appeal against tax-evasion probe in France
Lender ‘disappointed’ as French court rejects its requests
02/02/2016
Egypt, Russia, UAE to sign deal on joint investment fund tomorrow
The signing ceremony will take place during the 10th session of the Egyptian-Russian Committee meetings.