10/18/2012
Sun Life fined £600000 by FSA for poor management
The firm's governance failings came to light following two significant transactions executed in 2008 and 2009.
Legal, Regulation & Compliance
10/18/2012
FSA should have halted RBS's ABN Amro deal
Parliament's cross-party Treasury Select Committee, chaired by Andrew Tyrie, also said banks needed a regulator with the self-confidence to intervene, even if that caused short-term destabilisation.
10/18/2012
FSA fines Bank of Scotland £4.2m over record-keeping flaws
As well as excluding this group, the problem was compounded when BOS incorrectly contacted 33,700 customers who should never have been included in the programme, and mistakenly made goodwill payments totalling £20.4 million to 22,700 of them.
10/18/2012
EIOPA’s QIS approach ‘not fit for purpose’, says Mercer
Not enough time has been given by the European Insurance and Occupational Pensions Authority (EIOPA) to consider the amendments needed to its approach to implementing Solvency II, to make it fit for the purpose of the IORP review, say Mercer.
10/17/2012
Addleshaw Goddard grows borrower practice with structured finance partner hire
He has broad experience across a wide range of structured financings including asset backed commercial paper, structured financial instruments, securitisation, derivatives and financial regulation for clients including Cantor Fitzgerald, Macquarie and BNP
10/17/2012
Linklaters elects Amsterdam lawyer as Western Europe head
Riemer replaces Jean-Pierre Blumberg
10/17/2012
UK financial services strangled by burden of new regulation
Pressure to keep up with new regulation and legislation risks competitiveness of UK FS sector
10/17/2012
FSA to restrict VCT and EIS sales
Bringing VCTs and EIS under the Ucis banner
10/17/2012
UBS found 3 other unauthorized trading incidents, court told
Adoboli, 32, faces two counts of fraud and two of false accounting, which he denies
10/16/2012
Ex-Bluebay Salesman Seeks $2.7 Million Bonus After Joining Rival
Bluebay is owned by Royal Bank of Canada, which paid 963 million pounds in 2010 for the firm to expand its wealth management business.
10/16/2012
Ex-Banker Girlfriends Doubled Money on Insider Trading
“These two women managed to almost double their money by trading on just one stock
10/16/2012
Société Générale Is Ordered to Halt Some Japan Activity
Orders based on Article 26(1) of the Banking Act and Article 9 of the Act on Provision, etc. of Trust Business by Financial Institutions
10/16/2012
Top European regulator backs EU-wide commission ban
ESMA is reponsible for ensuring financial stability and enhancing investor protection across the EU
10/15/2012
UBS CFO Says 550 Fired After $2.3 Billion Trading Loss
Bonuses at the investment bank were also reduced by about 60 percent after the loss.
10/15/2012
Ayrault Says Art Will Not Be Included in French Wealth Tax
The French government will not include art works in its wealth tax, the prime minister and budget minister said in separate interviews today.
10/15/2012
Spanish Court Bars Santander CEO From Banking
Late last year, Spain's previous administration had granted Saenz a partial pardon,
10/14/2012
Esma rejects Aima/BVI challenge
The European Securities and Markets Authority has rejected last-ditch attempts by two trade associations representing fund managers to reconsider new guidelines aimed at strengthening investor protection and harmonising regulatory practices.
10/14/2012
Two grad students discovered Libor rate rigging in 2010
Students Connan Snider and Thomas Youle were repeatedly turned down by academic finance journals
10/14/2012
HMRC tightens screw on expat workers in City
HMRC received £117.2m from its expat team’s compliance work in 2011-12, on top of the tax already paid by foreign workers in the City.
10/14/2012
New bank watchdog to monitor profits as well as their conduct
This week’s approach document will give extra detail on the FCA’s planned mode of operations.