05/22/2019
FCA wins case against unauthorised investment firm
The scheme took in at least £1m from investors, but in reality the money was used to fund a Mayfair office, brokers' wages and Mr Chitty's personal spending.
Legal, Regulation & Compliance
05/21/2019
France considers pulling out of Fatca
Move dependent on negotiations to avoid double taxation for French American citizens
05/21/2019
Crypto scams bite UK
The FCA said fraudsters then contact the victim, aiming to secure more funds and new targets in the form of the victim's friends and family.
05/21/2019
Scottish Widows says IGCs should not oversee pathways
The pathways include an option for consumers who have no plans to touch their money in the next five years and for those who plan to use their money to set up a guaranteed income within the next five years.
05/20/2019
US investor urges First Group to split and pull out of 'destructive' UK rail network
In the UK, it runs three UK rail franchises – Great Western Railway, South Western Railway and TransPennine Express – and is bidding for the West Coast Partnership franchise, which is due to be awarded in the summer.
05/20/2019
Amsterdam airport is WeChat Pay's first smart airport in Europe
The WeChat app will give Chinese passengers access to a package of services specifically aimed at Schiphol.
05/20/2019
JP Morgan, Citigroup Among Banks Fined $1.2B For Currency Rigging
“Foreign exchange spot trading activities are one of the largest markets in the world, worth billions of euros every day,” noted Vestager in a press release and added that the unsavory behavior of some banks “undermined the integrity of
05/20/2019
Dirty money bill has ‘too many loopholes’
The report, which supports the passing of a bill to implement a register of overseas interests, said the bill had a string of loopholes including limited powers to punish offenders.
05/20/2019
FCA Proposes Guidance On Cryptoassets, But Questions Remain
The FCA consultation on guidance asks for responses to the questions it poses by April 2019.
05/20/2019
FCA investigations into City directors rise sharply
Complaints about ‘non financial’ behaviour soar at insurers and banks
05/20/2019
The next step in the battle for data? EU Commission opens formal investigation into Ireland's insurance market
The Commission explicitly states that the data pooling in question probably contributes to effective competition and benefits consumers
05/20/2019
Fraud firm run by Norwich brothers declared in default
A number of IFA firms are included in the most recent list, as well as a business called Vantage Investment Group.
05/19/2019
£200 million rollout of full fibre broadband begins
31 schools in rural areas amongst the first to benefit
05/19/2019
IMF urges German banking sector to accelerate restructuring
The IMF said the life insurance sector - which has been struggling to pay out on life insurance policies in an era of historically low interest rates - needed to speed up its move away from conventional guaranteed-return products to other kinds of product
05/19/2019
May to make 'new, bold offer' in Brexit bill, Labour sceptical
The date of the vote and the substance of what lawmakers will be asked to consider - including whether they will be given chance to indicate what preferences might secure a majority before the vote is binding - have yet to be made public.
05/19/2019
ISDA consultations on benchmark fallbacks
The first consultation sets out options for adjustments that will apply to the relevant risk-free rates
05/19/2019
Central Bank of Ireland issues urgent Brussels warning to traders
Addressing a funds industry conference, he called for progress on a long-term solution that would see trading settlement move permanently to Brussels.
05/19/2019
Who's Who Legal crowns Carey Olsen as Guernsey firm of the year
Carey Olsen was named Guernsey firm of the year based on detailed industry research and feedback from clients and other legal professionals around the world.
05/19/2019
Barclays and Co-op Bank in failed takeover discussions
The gambit has emerged less than two years after Qatari conglomerate Al Faisal Holding and Swiss investment firm Interritus hired Barclays to advise them on a bid for Co-op Bank.
05/17/2019
Leading the way on regulation by Karina McTeague
The UK Parliament had just taken a decisive lead in the regulation of financial services by establishing the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) under the Twin Peaks model.