10/18/2016
FCA asks Standard Life to review non-advised annuity sales
These firms are now being asked by the FCA to review all non-advised sales from July 2008 and, where appropriate, provide redress.
Legal, Regulation & Compliance
10/18/2016
Standard Life told by watchdog to review annuity sales
The FCA did not disclose which insurers had taken part in its industrywide review.
10/18/2016
How EU fund rules leave gaps in investor protection
That structure meant the fund generated 34.7 million euros in performance fees for Mediolanum in 2015.
10/18/2016
ECB’s QE programme strains eurozone repo market
Short-term borrowing costs often swing sharply at the end of a quarter
10/18/2016
Britain and New Zealand agree to start regular trade talks in wake of Brexit
UK continues courting countries outside the EU on trade but cannot formally agree any deals until it has left the bloc
10/18/2016
Munich Prosecutors Limit Appeals of Deutsche Bank Acquittals
The rest is more complex and needs review in Germany’s top criminal court.
10/18/2016
European Securities and Markets Authority Consults on Proposed Guidelines on Product Governance Requirements under MiFID II
The requirements in MiFID II were further specified in secondary legislation which was adopted by the European Commission in April 2016.
10/18/2016
High Court rejects claim that dealings between bank and client went beyond an ordinary arm's length bank-client relationship
Although Rose J's judgment does not rule out undue influence and unconscionable bargain as a possible avenue for a client claim against a bank, it made clear that only in the most exceptional of circumstances could they succeed.
10/18/2016
MLD V – ECB opinion and updated procedure file - Herbert Smith Freehills
The Council of the European Union has published an opinion of the European Central Bank (ECB) on the proposed fifth Money Laundering Directive (MLD V). MLD V sets out additional measures to counter the financing of terrorism, to increase transparency of f
10/18/2016
U.K. Watchdog to Stamp Out Longstanding Investment-Banking Practices
Move aimed at improving competition among banks in selling of stocks and bonds
10/18/2016
Marmite this be the start of Inflation in the UK? James Klempster, head of portfolio management at Momentum
Consumer goods producer Unilever and retailer Tesco had a very public spat last week over the suggestion that the former’s prices needed to go up to reflect the impact of a weakened sterling on input costs.
10/18/2016
Ombudsman ticks off SJP adviser over pension advice
The adviser suggested that paying into a pension would help reduce her bill and recommended a new plan, despite the woman already having one which she could have resumed contributing to at any time.
10/18/2016
Debevoise Advises HarbourVest in the Acquisition of the Investment Portfolio of SVG Capital for £806.6 Million
Following the acquisition, the board of SVG Capital expects approximately £1,118 million to be returned to shareholders through a series of tender offers and the winding up of the company.
10/17/2016
Goldman wins its Libyan defence, but one has to question what price its reputation?
Goldman Sachs won a $1 billion lawsuit brought against it by the Libyan Investment Authority
10/17/2016
Barclays taken to tribunal by Qatar funding banker
wrongful dismissal and is planning to make a claim under the whistleblower protection laws.
10/17/2016
UK prosecutors question Barclays executives for Libor probe
Former and current Barclays senior managers are being investigated over rate-rigging scandal
10/17/2016
Prime minister backs Lloyds whistleblower's FCA fight
He first raised a complaint about the bank with the regulator in 2012.
10/17/2016
Lawyers prepare for deluge of UK non-dom tax work
There is so much to be done that it is pretty clear tax advisers are going to run out of time
10/14/2016
RBS banned from managing retirement funds and plans in U.S.
An RBS representative couldn’t immediately be reached for comment.
10/14/2016
Legislation to criminalise failure to prevent tax evasion published
These proposals very deliberately target the most senior executives in a business.