06/02/2020
Trustees and Legal Professional Privilege
The Royal Court of Guernsey has recently considered the principles that apply to the creation of privileged documents when advice is obtained by trustees of a trust.
Legal, Regulation & Compliance
06/02/2020
Charles Stanley pauses financial planner hiring drive
The business has set target revenues of £350,000 per financial planner per annum, excluding investment management fees, as it looks to move the division into profitability.
06/02/2020
HMRC to go after company directors for furlough fraud
The taxman said it would hold directors "jointly and severally" liable for a penalty on the assumption "each partner is taken to know anything that any of the other partners knows".
06/02/2020
FCA slammed for Woodford complaint handling
Complaints Commissioner Antony Townsend also criticised the FCA for failing to signpost the Financial Ombudsman Service or Financial Services Compensation Scheme in relation to the lost pension fund.
06/02/2020
FCA update on test case of validity of business interruption claims and draft guidance for firms
FCA exercises power to remove passporting rights from Cypriot firms that used unauthorised celebrity endorsements
06/02/2020
FCA stops Montfort Intl from carrying out new pension business
Including where applications have not yet been submitted to product providers
06/02/2020
The Death of a Black Swan
A right to obtain an interlocutory injunction is not a cause of action.
06/02/2020
HMRC task forces collect £540 million in extra tax revenue
HMRC currently has over 200 active task forces focusing on sectors of the market where its intelligence suggests tax evasion and tax avoidance need addressing
06/01/2020
UK to extend Visa rights for Hong Kong’ers
Bonnie Glaser, Director, China power project at the Centre for Strategic and International Studies, said: “Ultimately we could see capital flight. We could see US businesses moving out of Hong Kong, expats leaving, and the end to Hong Kong as an int
06/01/2020
Curbing money laundering
SCB agreed to settle OFAC’s claim for $132m regarding 911 transactions worth around $133m to or through the United States in violation of Iranian Transactions and Sanctions Regulations (ITSR).
06/01/2020
Victory for fraud victim who took on HSBC
The client first contacted FTAdviser four days after she was the victim of a sophisticated APP scam.
06/01/2020
UK Government Seizes $185 Million From Dormant Bank Accounts for Crisis Relief
The U.K. government’s asset seizure program under the Dormant Bank and Building Society Accounts Act 2008 began in 2011.
06/01/2020
Woodford collapse one year on: Final £500m of investments “likely to be almost worthless” warns Willis Owen’s Lowcock
These proved hard enough to sell during the bull market of 2019 but could be almost impossible to offload now, with the UK heading towards what could be its deepest recession in living memory thanks to the global pandemic.
06/01/2020
Carey Olsen advises Hiscox on LSE capital raising
Working alongside onshore counsel Allen & Overy, the cross-jurisdictional Carey Olsen team was led in Bermuda by partner Mary Ward
06/01/2020
BNP Paribas Chinese Unit Fined for Anti-Money Laundering Violations
The penalties were part of the PBOC’s efforts to ramp up punishment of financial institutions that fail to adequately guard against money laundering.
06/01/2020
More than 200 leading businesses urge UK Government to deliver clean, inclusive and resilient recovery plan
Efforts to rescue and repair the economy in response to the current crisis can and should be aligned with the UK's legislated target of net zero emissions by 2050 at the latest.’
05/31/2020
Managing Conduct Risk And Protecting Against Market Abuse During The Covid-19 Crisis
Equally, firms must make clear to employees conduct expectations and highlight good conduct, employing a strong and robust Conduct Risk Framework to meet regulatory expectations and ensure compliance with regulations.
05/31/2020
COVID-19: PRA Q&As on CRR property valuation requirements
The document responds to queries raised by firms around difficulties in: conducting physical inspections due to social distancing measures; obtaining reliable property valuations; and use of house price indices.
05/31/2020
Malta seizes $1 bn in fake Libyan money
“The central bank of Libya headquartered in Tripoli is Libya’s only legitimate central bank,” the US diplomatic arm said in a statement.
05/31/2020
MALTA: Regulatory authorities making ‘significant progress’ in effectiveness against money laundering
The FIAU has also reportedly made strides to improve.