11/26/2013
Tribunal upholds £100k IFA fine over Gtep advice
The FCA has won a legal battle to fine Westwood Independent Financial Planners £100,000 over suitability failings in geared, traded endowment policy sales.
Legal, Regulation & Compliance
11/25/2013
FCA Slaps Outsourced Wealth Manager With £900k Fine
Wealth manager failed to adequately protect client money, according to notice published by the regulator.
11/25/2013
PwC Finds Fund Firm Compliance Heads Working 12-hour Shifts
A PwC survey has found a third of UK asset management firms are unsure they have the resources to cope with growing regulatory demands.
11/25/2013
UK's Serious Fraud Office may launch RBS criminal probe -report
Britain's Serious Fraud Office is considering the possibility of launching a criminal investigation into allegations that Royal Bank of Scotland mistreated struggling small businesses.
11/24/2013
Speechly Bircham opens its fourth European base in Paris
Litigation partner Frederic Jeannin also joined from STC Partners, while corporate partner Thibaut Caharel joined the team from Parisian firm PDGB Avocats.
11/24/2013
FCA proposes new rules on dealing commission for investment managers
The Financial Conduct Authority has today proposed improvements to the rules and new guidance over investment managers’ use of client commissions. These changes will ensure that charges paid by consumers for executing trades and related services &am
11/24/2013
Hungary Top Court to Probe Forex Loan Contracts' Validity
Hungary's supreme court said Monday that it is launching a probe into the validity of foreign-currency loan contracts
11/24/2013
Hungary fines 11 banks $43 million for collusion
Most of the exchange rate losses had to be swallowed by the banks.
11/24/2013
Top German banker urges ECB to finalise details on bank tests
The European Central Bank should quickly finalise details of forthcoming health checks on European banks because the sector faces a big challenge in completing the planned balance sheet exercises.
11/24/2013
Finance professionals say regulation not enough to stop a crisis
Only thirty-five out of the three hundred surveyed are said to be convinced that regulators have a grasp on how the crisis came about.
11/23/2013
Glasgow Based Investment Banker Convicted of Stealing More Than £400,000 From Clients' Accounts
George Kalmar will be sentenced on Tuesday after he was convicted at Glasgow Sheriff Court of pocketing the cash and spending it on women, gems and five-star benders.
11/21/2013
Barclays to launch summary judgment application in Dewey & LeBoeuf court battle
The bank has been pursuing the three former partners for repayment of loans it granted them for capital contributions ahead of the firm’s collapse in 2012
11/21/2013
Clifford Chance London head Bickerton runs unopposed in second term
The poll will close at the end of next week when Bickerton is expected to take up a second four-year term.
11/21/2013
Stephenson Harwood records 10 per cent revenue uptick at half-year point
We’ll focus primarily on growing our existing network, but we wouldn’t rule out opening any new offices in future.
11/21/2013
Osborne Clarke reveals 12 per cent turnover rise at half-year point
The first half of the financial year has been a period of investment for the firm.
11/21/2013
European Banks Legal Tab Tops $77 Billion as Probes Widen
The penalties come as regulators require firms to set aside more funds to strengthen finances and as executives look for ways to boost shareholder returns even amid lower revenue.
11/20/2013
FCA freezes assets of suspected boiler room
As well as the asset freeze (which prevents the firm from selling its assets) the court order also stops FCW from selling investments regulated by the FCA.
11/20/2013
Modelling integrity through culture by Martin Wheatley
Speech by Martin Wheatley, Chief Executive of the FCA, at the FCA Markets Conference 2013.
11/20/2013
City Regulator Takes Action Against Former Co-op Bank Directors
The Financial Conduct Authority has begun an investigation into the role of former senior directors at the Co-operative Bank.
11/19/2013
How to identify the environmental, social and governance drivers of country risks?
AXA has contributed to the development of a fourth "blueprint" in the CRO Forum's series on managing environmental, social and governance (ESG) challenges in business transactions, focusing on new trends in country risk assessments.