05/22/2019
ECB speech on the future of global financial regulation
Mr de Guindos discusses the following three areas in which he believes further efforts are required
Legal, Regulation & Compliance
05/22/2019
LIBOR transition: Practical points for asset managers
Alternative risk free rates measure overnight borrowing costs in either unsecured or secured financial markets.
05/22/2019
Harlequin advice comes to haunt adviser
These benefits arose because the scheme had been converted from a defined benefit to a defined contribution scheme.
05/22/2019
Gibraltar-based insurer files for liquidation
The GFSC said that policyholders should be aware that whilst their policies are still valid, the firm is "not in a position to pay claims".
05/22/2019
UBS Is Poised to Settle Tax Case With Italy for $110 Million
Rival Credit Suisse Group AG in 2016 agreed to pay 109.5 million euros to Italian authorities investigating the bank’s past use of insurance policies, allegedly to help clients evade taxes.
05/22/2019
Legal bid to save British Steel with disputed £30m insurance claim usurped by insolvency
British Steel had sought further damages from the insurers to compensate for their slow response and incomplete investigation of the claim.
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.
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