02/07/2018
FCA wins authorisation cancellation fee complaint
The FCA initially rejected the complaint and it was then referred to the Complaints Commissioner.
Legal, Regulation & Compliance
02/06/2018
Unexplained wealth orders stalled by Stormont impasse
A failure to provide a response to a UWO may give rise to a presumption that the property is recoverable under any subsequent civil recovery action.
02/06/2018
Seven Investment Management warns on clone attack
Seven Investment Management (7IM) appears to have become the latest firm to be the target of scammers cloning its identity.
02/06/2018
Lloyds to axe handful of wealth roles in business restructure
In net terms 465 jobs will go, with Lloyds planning to create 465 new positions across the business.
02/06/2018
European banks intensify checks of Russian clients
Should the banks detect any violations associated with a certain customer, his or her account will be subject to restrictions, since the financial institution will start asking the client for additional information for each transaction
02/06/2018
EIOPA publishes the first paper of a series on systemic risk and macroprudential policy in the insurance sector
The paper also includes a proposal for a macroprudential framework for insurance and defines specific operational objectives based on the previously-identified sources of systemic risk.
02/05/2018
Guernsey playing a key role as UK financial services prepare for Brexit
He admitted it was currently unclear how Guernsey should best position itself to continue to do business with the UK post-Brexit, but was clear that the island was ‘part of the British financial family’.
02/05/2018
Baker McKenzie partner embroiled in sexual assault scandal to leave as firm faces SRA scrutiny
The Baker McKenzie partner at the centre of a sexual assault scandal is set to leave the firm
02/05/2018
Linklaters criticised for alleged errors in professional negligence claim over Arsenal share sale
In a particulars of claim form, filed on 31 January, Bracewell-Smith alleges that Linklaters was negligent and in breach of its duty of care in relation to advice given on loan notes she received in exchange for her stake in the club.
02/05/2018
Private Clients in Sweden
If an individual does not stay in Sweden on a permanent basis, but has previously lived in Sweden and has essential connections there, he or she would be considered resident for tax purposes.
02/04/2018
Cayman leads key UK lobby group
It also means Cayman will host the pre-Joint Ministerial Council meetings – which are typically held in late summer between the overseas territories leaders.
02/04/2018
Law watchdog broadens inquiry into claims of Hogan Lovells misconduct in South Africa
The claims have been made in a memo sent to the SRA by Paul O’Sullivan, a private investigator, at not-for-profit Forensics for Justice.
02/02/2018
Swiss private bank broke money-laundering rules in Brazilian cases: FINMA
FINMA has investigated more than a dozen Swiss banks in relation to the Petrobras and Odebrecht cases and launched four enforcement proceedings, one of which is pending
02/02/2018
Russian central bank to demand higher provisions for M&A deals
Nabiullina also said the central bank wanted to extend the deposit insurance system to depositors from small and medium enterprise sectors.
02/02/2018
Swiss regulator censures Gazprombank after Panama Papers
Bank banned from taking new private clients over failings on money laundering checks
02/02/2018
EBA launches 2018 EU-wide stress test exercise
The EBA expects to publish the results of the exercise by 2 November 2018.
02/02/2018
Pilatus Bank supervision comes under scrutiny of EU banking watchdog
European Banking Authority looks into MFSA's actions as regulator
02/01/2018
Swiss see no quick deal on new EU treaty
"That was never a decision of Switzerland. This was a communication of the European Union"
02/01/2018
FCA prosecution of individual in £1.4 million investment scheme
His sentence follows that of Dr Aleem Mirza, Michael Moore and Paul Moore who were also given sentences of imprisonment at an earlier hearing for their involvement in the investment scheme which attracted more than 300 investors.
02/01/2018
Sustainable Finance: High-Level Expert Group delivers roadmap for greener and cleaner economy
The financial sector has a key role to play in reaching those goals, as large amounts of private capital could be mobilised towards such sustainable investments.