08/28/2019
FSCS receives 110 claims against collapsed adviser
It added it was too early to determine the value of the claims.
Legal, Regulation & Compliance
08/28/2019
A Bitcoin first? Stewarts obtains asset preservation order over cryptocurrency
Using the services of Chainalysis (a blockchain investigations firm), it was quickly established that 80 Bitcoin had been sent to a wallet held at Coinbase UK Ltd, the UK arm of San Francisco-based Coinbase, one of the world’s leading cryptocurrency
08/27/2019
PSD2 will bring changes to online banking, BPFI warns consumers
The increased security measures, known as strong customer authentication (SCA), will manifest in varying ways depending on which provider a person banks with.
08/27/2019
UK banks face week of hunger strikes and protests
Action will take place against Clydesdale, Danske and Lloyds over alleged mis-sold loans
08/27/2019
Mourant advises on US$274 million takeover
The acquisition of Toro was undertaken by contractual takeover under the Companies (Guernsey) Law, 2008.
08/27/2019
The SM&CR – what is it and why do we need it?
Based on this recommendation, Parliament passed legislation in December 2013 that prompted the primary regulators of the financial services sector, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), to implement a Senior Mana
08/26/2019
SMCR: A new era for international compliance
All of this puts current international heads of compliance in an interesting position. Accept responsibility they can't realistically adopt (or don't want to) - or hand over the head of compliance title to someone who will, or who feels they ca
08/26/2019
British citizens born in US risk having UK bank accounts frozen
Britons who left US as children being chased by their banks for a US tax ID they do not have
08/25/2019
Russian government poised to seize £4.5m Perthshire estate as Putin moves to claw back assets
The eight-bedroom baronial house is now part of a complex international web of property and business assets at the centre of attempts by Vladimir Putin’s regime to claw back interests linked to Mints.
08/23/2019
Private Equity In Ireland 2019
A noticeable trend over the last 12 months has been the increase in the number of secondary buyouts which historically had not been a common feature of the Irish PE landscape.
08/23/2019
Deutsche Bank to Pay $16.2 Million in `Princeling’ Bribery Case
Deutsche Bank employees created false books and records that concealed corrupt hiring practices, according to the SEC.
08/23/2019
Qatar-controlled bank investigated by UK over money laundering
Al Rayan has come under scrutiny after it was revealed some clients have links to terror and extremist groups, including the Muslim Brotherhood and Hamas
08/23/2019
Brussels eyes €100B wealth fund for ‘European champions’
Brussels gets serious about protecting its businesses against the likes of Apple and Alibaba.
08/23/2019
CMA orders RBS and Santander to fix PPI breaches
The CMA has today taken action against RBS and Santander after they failed to send, or sent inaccurate, annual PPI reminders.
08/23/2019
Global law firm's private client practice taken over
David Tait, Managing Partner for Clyde & Co Scotland said: "Gillespie Macandrew is an excellent fit for Nikki and her team and allows them to carry on providing high quality private client work for their clients."
08/23/2019
Luxembourg: Draft law to implement ATAD 2 released
The draft law largely follows the wording of the ATAD 2, but also addresses concerns raised by the marketplace and provides useful additional clarifications and examples in the commentary.
08/23/2019
FCA warns on 'unacceptable' advertising by CMCs
‘Firms should also understand that we will take their compliance with our rules on financial promotions into account when considering applications for full authorisation.’
08/22/2019
Fund rebates ruling against Hargreaves pits HMRC against FCA
The ‘alphabet soup’ of superclean share classes set to continue under court decision
08/22/2019
Danish regulator prepares report for police on Danske overcharging
The FSA said in June it was investigating the bank for failing to inform customers that it expected a poor performance from its Flexinvest Fri investment product, and for continuing to sell it to new customers.
08/22/2019
Norway watchdog finds DNB failed to comply with anti-money laundering rules
The FSA found improvements had been made since an earlier review in 2016 by DNB, the Nordic region’s biggest bank by market value, but said the lender still had significant shortcomings and had taken too long to start to rectify earlier problems.