07/22/2019
Pension scams cost Brits £4billion a year and are expected to be ‘the next big financial scandal’
In one case a former army veteran handed over £34,000 to invest in truffle-free farms that were never cultivated.
Legal, Regulation & Compliance
07/22/2019
Golden visa scandal: It’s £2m to live here. The Home Office won’t look into your past
Wily middlemen are helping rich foreigners to gain British residency without revealing the full source of their wealth
07/22/2019
UK Parliamentary Committee Questions StanChart's Remuneration Policy
Some 36% of StanChart's shareholders voted against the bank's 2019 directors' remuneration report at its annual shareholder meeting in London
07/22/2019
CSSF on mandatory notifications in a no-deal Brexit context
This means they shall no longer benefit from the relevant passporting regime and, as a result, will not be able provide their services in Luxembourg without authorisation by the CSSF.
07/22/2019
The FCA and its labyrinthine rulebook need a serious shake-up
Slow, inefficient and high-handed are all epithets flung at the UK financial watchdog
07/22/2019
Economic substance laws: the private wealth context
Although the article refers specifically to Jersey, the comments are directly applicable to Guernsey and the general principles can also be applied in relation to BVI and Cayman structures (albeit with some different nuances).
07/22/2019
Germany: 2.4 billion Euros penalty interest to the ECB
If a bank in the euro area has excess liquidity (more deposits than loans granted), it pays a penalty of 0.40%
07/22/2019
MPs turn up the heat on Standard Chartered boss over pension pay row
Field has asked whether the remuneration committee agrees with the view recently expressed by Winters to the FT that investors were “immature” for focussing on his pension arrangements.
07/22/2019
UK dirty money plan stirs ‘policy capture’ debate
Banks avoid new criminal law, as government relies more on public-private model to fight money laundering.
07/21/2019
Varley refuses to give witness statement in £1.5bn Barclays case
Bank denies claims of deceit made by Amanda Staveley’s PCP Capital
07/21/2019
Dublin wealth adviser sues banker Rothschild
The Irish legal action lodged last week is the latest of several taken over commission that Dubliner Juerg von Geitz alleges he is owed for referrals of high net worth and, in some cases, high profile Irish clients
07/19/2019
Deutsche Restructuring Sees Compliance, Financial Crime Teams Merged
By combining compliance and financial crime with risk management, Deutsche hopes to break free from the shadows of its past, something which should allow it to become more dynamic in its regulatory obligations.
07/19/2019
New Governance and Reporting Requirements for Large Private Limited Companies
Private limited companies need to consider whether these new arrangements apply to them and if they do; what do they require and when.
07/19/2019
Nordic Banks Pinched by Anti-Money-Laundering Compliance Costs
The banks have been swept up in the wave of crises over alleged compliance lapses that have rocked Europe’s banking sector.
07/19/2019
Memorandum of understanding: between the Financial Conduct Authority and the Bank of England
This MoU does not affect any arrangements under other MoUs.
07/19/2019
EBA publishes Report on regulatory perimeter, regulatory status and authorisation approaches in relation to FinTech activities
As to authorisation approaches, the EBA found that proportionality and flexibility principles are applied in the same way by competent authorities
07/19/2019
Baker McKenzie bangs NQ pay up to £95k guaranteed
It has been widely seen as a move to turn junior eyes back from US firms, which, without a thought for the bank balances of partners at UK firms, have sprayed NQs with salaries of over £140,000 (and that's not counting the bonus).
07/19/2019
Clyde & Co suspends partner and associate over money trouble
Clyde & Co wouldn't say exactly what the lawyers have allegedly done (or not done), but the firm can't be blamed for being a bit twitchy when it comes to accounting rules.
07/19/2019
FCA Statement on the MoU with the Bank of England
We have published an updated Memorandum of Understanding (MoU) between the FCA and the Bank of England (when exercising its prudential regulation functions through the Prudential Regulation Authority).
07/19/2019
European reinsurers can claim capital credit from Guernsey reinsurers
There is no reason why the benefit of that reinsurance should not be recognised under the Solvency II capital calculation.