11/12/2014
RBS IT Glitch: Ulster Bank Fined £2.75m for Meltdown
The central bank added that when RBS took over Ulster Bank's IT systems in 2005, there was a failure to properly understand the infrastructure or the risks associated with outsourcing.
Legal, Regulation & Compliance
11/12/2014
Guernsey Financial Services Commission adopts Thomson Reuters Accelus World-Check
The application also offers functionality for large volume/batch screening and automatic ongoing monitoring, to simplify the vetting process and manage larger volumes.
11/12/2014
National law firm expands family law team
National law firm has expanded its family law offering with the appointment of a partner, associate and solicitor.
11/12/2014
French banks' capital cushions need feathering
French banks may be sitting pretty having passed the recent European Central Bank stress tests, but they still need to plump their capital cushions
11/12/2014
Harrison Clark Rickerbys establishes older and vulnerable clients team
The new team will offer specialist advice on issues ranging from dementia to setting up special trusts for those receiving compensation awards
11/12/2014
SocGen Denies Bribing Qaddafi Friend in Libya Fund Case
The payments to Walid Giahmi’s company, Leinada Inc., were for “introductory, market intelligence and follow-up services,” the Paris-based bank said in documents at the first U.K. court hearing in the Libyan Investment Authority’s
11/11/2014
New bank rules proposed to end "too big to fail"
Banks may have to scrap dividends and rein in bonuses if they breach new rules designed to ensure that creditors rather than taxpayers pick up the bill when big lenders collapse.
11/11/2014
Barclays, HSBC Sued by U.S. Soldiers Over Attacks in Iraq
Barclays Plc (BARC), HSBC Holdings Plc and four other banks were accused in a lawsuit by U.S. soldiers of helping Iran process billions of dollars in transfers and finance terrorists who attacked Americans serving in Iraq.
11/11/2014
UK pension plan ‘unworkable’, warns expert
The penalty threat is part of a wider package of pension reforms, championed by George Osborne, which will give pension savers new freedom to cash in their pensions from next year.
11/11/2014
Danes reveal plans for public company register
Although the Cayman Islands government has been given leeway by the UK to address the issue of beneficial ownership in its own way, the issue is one of significant sensitivity to the offshore sector.
11/11/2014
Europe pulls back on research cost revamp
The regulator wants to separate these payments to reduce conflicts of interest, clarify the costs being incurred and ensure investors get a better deal.
11/10/2014
FCA reassures fund managers on new EU sales rules
The Financial Conduct Authority, the UK market regulator, has moved to reassure asset managers and financial advisers over new European Union rules that could redesignate £125 billion of standard UK retail funds as “complex investment products
11/10/2014
Bulgaria’s Central Bank Revokes License of Troubled Lender K.T.B.
Bulgaria’s central bank on Thursday revoked the license of one of the country’s biggest lenders and moved to open bankruptcy proceedings.
11/10/2014
World’s Largest Banks to Be Forced to Hold Big Capital Cushions
Financial Stability Board’s Plan Aims to Shield Taxpayers From Bailouts
11/10/2014
International law firm bolsters tax team with appointment of new London tax head
She joins the firm from Berwin Leighton Paisner where she has been a tax partner for over sixteen years.
11/10/2014
HSF elects former corporate head Palmer as senior partner
James is one of the UK's most highly regarded corporate lawyers
11/10/2014
Single family offices and the AIFMD - should you be bothered?
Despite the exemption for single-family offices, the AIFMD may still have unexpected specific consequences for single family businesses, or, at least, for family single offices managing the wealth generated by large single family businesses.
11/10/2014
Fund managers advised to improve KYC on Russian clients
However, these sanctions also extend to high-net-worth individuals (HNWIs) which invest in traditional and alternative fund vehicles.
11/10/2014
Did This Manhattan Firm Help Shield a Russian Bank From Sanctions?
A Manhattan PR firm run by a former journalist was hired to help burnish the image of a $10 billion Russian investment fund, an arm of a state-owned bank targeted by sanctions over the invasion of Crimea.
11/07/2014
Jersey Private Trust Companies
Private trust companies have been widely used in international structured finance transactions and are now used increasingly by high net-worth private clients.