12/03/2013
Asset management compliance has just 30% physical presence
Just under a third of compliance functions in surveyed UK asset management firms have staff who sit with the rest of the business,
Legal, Regulation & Compliance
12/03/2013
EU fines banks over rate-rigging
The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements.
12/02/2013
FCA warns investors against unauthorised firm
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
12/02/2013
JPMorgan Said to Snub Euribor Deal as EU Readies Bank Fines
An EU accord includes a finding of liability that can be used in civil cases.
12/01/2013
Wealth Adviser Guilty of Murdering Client and £343k Fraud
A financial adviser has been found guilty of murdering a client and defrauding him of £343,000.
12/01/2013
Ratings agencies 'deficient' says European regulator
The European Securities and Markets Authority said Fitch, Moody’s and Standard & Poor’s gave junior staff responsibility for sovereign ratings and had “inadequate” procedures in place to ensure market sensitive.
11/30/2013
FCA Faces Calls for More Disclosure on Currency-Rigging
The trade group wrote to the Financial Conduct Authority in recent weeks, asking how it should respond to clients’ inquiries about whether currency markets are being rigged.
11/28/2013
Swiss regulator urges banks to come clean on U.S. tax offences
Both the U.S. and Switzerland are eager to draw a line under a probe into undeclared money wealthy Americans have stowed in tax havens.
11/28/2013
City Regulator to Appoint Independent to Review RBS Business Lending
Financial Conduct Authority to appoint independent professional to review allegations that RBS mistreated small business customers
11/27/2013
FCA Looks to Crack Down on SVR Rate Hikes
The Financial Conduct Authority has signalled that it may look to crack down on clauses within mortgage contracts
11/27/2013
FNZ Selects Euroclear For Fund Settlement
In the UK, FNZ powers the wealth platforms for a significant portion of the market including Standard Life, AXA, Zurich, Friends Life, Close Brothers, JPMorgan Asset Management and HSBC.
11/27/2013
Apfa’s Gummer Urges FCA to Prevent ‘Bad Advisers’ From Resurfacing
The Association of Professional Advisers has called for the Financial Conduct Authority to do more to ensure advisers with a history of bad practice
11/27/2013
FCA further delays SIPP capital adequacy proposals
The regulator will now aim to publish its proposals for the minimum cash reserves SIPP providers will be required to hold within the first half of next year.
11/26/2013
Gold price-fixing scandal: UK's FCA scrutinises $20 trillion gold market
The UK Financial Conduct Authority is scrutinising how prices are set in the $20 trillion gold market.
11/26/2013
Agreement Paves Way for Marketing Cayman Funds
Memorandum of understanding signed with German financial services regulator
11/26/2013
Compliance Shortage in UK Asset Management
A third of major UK asset management firms do not have sufficient internal resource to manage their firm’s regulatory risk
11/26/2013
RBS Faces Possible Criminal Probe - FT
The paper added that the agency is assessing whether there was any criminal activity or whether the bank was engaging in lawful.
11/26/2013
Dentons Merger With McKenna Called Off
The vote on the tie-up was expected to take place by November 14 but hit delays, thought to stem from McKenna Long partners.
11/26/2013
Tribunal upholds £100k IFA fine over Gtep advice
The FCA has won a legal battle to fine Westwood Independent Financial Planners £100,000 over suitability failings in geared, traded endowment policy sales.
11/25/2013
FCA Slaps Outsourced Wealth Manager With £900k Fine
Wealth manager failed to adequately protect client money, according to notice published by the regulator.