03/28/2012
FSA fines IFA £95k for mortgage fraud
The false information related to income declarations, residential and employment details and information about the purpose of the mortgage, said the FSA.
Legal, Regulation & Compliance
03/28/2012
Private equity firms looking to block Lloyds Banking Group plc loan sale
The loans are to be sold at a discount to the face value of £500m.
03/28/2012
RBS Rate Traders Sat With Libor Setter, Fired Banker Says
Tan Chi Min, let go over accusations he manipulated the London interbank offered rate, made the claims in court papers filed with the Singapore High Court on March 23.
03/28/2012
Cybercrime threat on the rise, says PwC report
The PwC report claimed that cases, and the perceived threat from the crime, had grown in the sector globally.
03/28/2012
CISI introduces mandatory integrity and ethics testing for members
The CISI is introducing new membership requirements for voting members in line with its commitment to champion the highest standards of ethical behaviour within financial services.
03/28/2012
Two ex-Cattles directors fined £600000 and banned
The actions have been taken because a number of the FSA’s market abuse, listing and disclosure rules, as well as Principles for Businesses, were found to have been breached in this case.
03/27/2012
Strauss-Kahn Charged With Procurement of Prostitutes
Strauss-Kahn, 62, turned himself in Feb. 21 and was held overnight to answer questions as investigators sought to determine whether he knew the women were prostitutes, or how they were paid.
03/27/2012
FSA suspends Sipp firm amid fraud investigation
The FSA has varied the permission of Nottingham-based HD Administrators on the grounds its directors Kathryn Clark and Michelle King do not appear to be fit and proper.
03/27/2012
Societe Generale to receive damages from Mail on Sunday
Societe Generale is to receive undisclosed damages from UK newspaper the Mail on Sunday over an article that falsely alleged the French bank was close to bankruptcy.
03/26/2012
Buy-to-let landlords are sitting on a 'tax timebomb’
Never mind how Budget 2012 might affect a relatively small number of millionaires using offshore companies to avoid Stamp Duty. Here and now, accountants say thousands of buy-to-let landlords are sitting on a “tax timebomb”.
03/26/2012
Barclays 'contactless' cards exposed to fraud
Barclays bank is facing the prospects of official fines after it emerged that more than 13 million customers have been exposed to potential fraud.
03/26/2012
Dorset yacht broker jailed for £210,000 VAT fraud
He used the proceeds of this crime to fund a seemingly comfortable lifestyle.
03/26/2012
Fears that top rate tax cut will not keep HSBC in UK
A cut in the 50p rate of income tax for top earners, unveiled in last week’s Budget, has failed to reassure fund managers that blue chips such as HSBC will remain in the UK.
03/26/2012
ECB tightens banks’ use of assets as collateral
The ECB provided no figures on the use of such bonds backed by the governments of Greece, Portugal and Ireland, the so-called “programme” countries.
03/26/2012
Mark Dampier: It's time the FSA made fund charges clearer
Over time they can make a huge difference to your investment returns, so I make no apologies to devoting this week's column to them, as well as the overall logistics of managing your investments efficiently.
03/26/2012
Clifford Chance Set to Lay Off London Associates as Linklaters Confirms Support Cuts
The redundancies are being handled through individual consultations, which are expected to close in around two weeks' time.
03/26/2012
Prudential email leak mocks 'horrendous' FSA policies
It also says that Prudential should up its lobbying efforts to change regulations it sees as "ill-judged".
03/26/2012
Charities threaten to boycott donors’ summit over tax plans
Leading charities are considering boycotting a high-profile philanthropy conference hosted by Downing Street this spring and a number of wealthy individuals have warned their own giving will fall as anger grows over Budget plans to cap tax relief on donat
03/26/2012
Stamp duty hike has private client lawyers in a wine-bar whirl
A number of property lawyers were reported to be thrashing out late-night deals in wine bars following last Wednesday’s Budget.
03/23/2012
FSA sends 'nasty letters’ to IFAs over single platform use
Simon Morris (pictured), partner in the Financial Services division of law firm CMS Cameron McKenna, said the FSA had recently been sending out 'nasty letters' to advisers on the use of single platforms.