07/29/2012
Surge in suspicious trade reports to FSA
The quality of the warnings, known as STRs, has been deemed to be good and several have sparked investigations by the regulator’s market monitoring divisions.
Legal, Regulation & Compliance
07/29/2012
'Britons evaded £200m in tax' using HSBC-owned Swiss bank
Trade minister who headed banking division is facing further pressure
07/29/2012
Ex-Billionaire Quinn Says Anglo Irish Cost Family $4.1 Billion
Ireland’s High Court found both men and the elder Quinn’s nephew Peter Darragh Quinn in contempt of court last month for putting assets outside of the reach of Anglo Irish’s successor, Irish Bank Resolution Corp.
07/29/2012
Libor scandal: RBS facing huge fine, warns chief Stephen Hester
Stephen Hester has warned that Royal Bank of Scotland is facing a huge fine over the Libor scandal that has engulfed Barclays.
07/29/2012
HSBC to set aside £600m to cover mis-selling and money laundering scandals
HSBC is also likely to face questions over the potential impact of Libor-related claims.
07/29/2012
£500-a-day banker admits benefit fraud
Adam Lancelot, 35, spent his earnings on a Mercedes convertible, a kitchen refurbishment, foreign holidays and restaurant meals.
07/29/2012
RBS could face Libor fines, admits Hester
He said that the taxpayer-backed bank was being probed as part of the Financial Services Authority (FSA) investigation into the rigging of the Libor. Barclays lost three executives and faces a £290m fine.
07/29/2012
New regulator must be smarter, faster and bolder says Panel
The Financial Services Consumer Panel has today made six recommendations that it believes are essential if the FCA is to deliver more effective protection for consumers than its predecessor
07/26/2012
Investors demand hedge funds show clean hands on Libor
These hedge funds have responded with in-depth internal probes which they hope will assure investors that they did not collude with the banks, are completely clean and will not become embroiled in the affair, people familiar with the funds said.
07/26/2012
STEP publishes ‘five point plan’ to combat tax evasion
Central to this programme is the view that professional bodies such as STEP have a key role in working constructively with tax authorities around the world to develop guidelines as to what constitutes abusive tax avoidance.
07/26/2012
OECD welcomes multilateral efforts to improve international tax compliance and transparency
The OECD welcomed today a new model international tax agreement designed to improve cross-border tax compliance and boost transparency.
07/26/2012
G5 FATCA agreement strengthens UK ability to tackle tax evasion
This is a key step towards delivering on the commitment to an intergovernmental approach to implementing the US Foreign Account Tax Compliance Act (FATCA) made by the same countries in their joint statement published on 8 February 2012.
07/26/2012
Another FSA probe at Barclays
The FSA's probe also relates to a debt sale by Barclays the following year.
07/26/2012
Six sent to prison for UK insider dealing ring
The six betrayed the principles of confidentiality and trust that are essential to the operation of the commercial world, the judge added.
07/25/2012
Mexico fines HSBC for lax money-laundering controls
It is the biggest fine ever charged against a bank by the CNBV, the Mexican regulator said.
07/25/2012
FSA's Turner backs end to ‘free’ banking
Turner (pictured) said in a speech at Bloomberg that the banking sector required new entrants in order to improve public perception, but that the practice of offering current accounts with no charge was preventing this.
07/25/2012
Fidelity Joins BlackRock in Weighing Libor Action Against Banks
Global regulators are reviewing the rate-setting mechanism and contemplating criminal charges against bank traders who manipulated Libor
07/25/2012
Former HSBC worker Herve Falciani arrested over stolen account details
Swiss authorities confirmed they were carrying out a criminal investigation into the matter, which dates back to 2008.
07/25/2012
European regulator Esma publishes ETF and Ucits guidelines
According to Esma, the guidelines will strengthen investor protection and set out the types of financial index Ucits products can invest in.
07/25/2012
LG sees PEP tumble as firm blames 'increased property costs'
Managing partner Hugh Maule put the blame on “increased property costs” in London as PEP slipped from £412,000 in 2010-11 to £303,000 in 2011-12.