- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

French regulator won't restrict UK fund managers

Legg Mason said uncertainty on delegation rules was a factor in its decision to open a Dublin office

Fidelity wins EU court challenge to Danish withholding tax on dividends paid to foreign funds

The withholding tax repayment was denied as, under the Danish legislation, to be exempt from withholding tax, a UCITS must be resident in Denmark and have Article 16 C fund status.

FCA proposes changes to complaint handling rules to help victims of authorised push payment fraud

The FCA shares concerns with the Payment Systems Regulator and the industry that APP fraud is a growing problem. This consultation published today builds on the work of the FCA and PSR to better protect consumers from APP fraud.

New draft template aims to help distributors meet their MiFID II responsibilities

The template has been subject to a number of preliminary trials by a sample of distributors to ensure it is ready to proceed to the testing stage

Charities, defined benefit pension schemes, and the Pensions Regulator - Withers

By the Regulator's own admission, it is now clearer on what it expects from pension trustees, is quicker to act, and is tougher on those who fail to act in the interests of members.

The Fundraising Regulation's updated guidance on handling complaints - Withers

Charities should consider implementing internal Complaints Policies to guide staff in responding to complaints quickly and helpfully.

Lessons from Pugachev – trust considerations

The Protector also had positive powers such as to add beneficiaries and to remove trustees with or without cause.

Industry reacts to surge in problem development lending cases

“Development is not just about value, feasibility is just as important.”

Iceland: From crisis to hotspot, 10 years on from the financial crisis

The fodder crop was a staple in the Icelandic diet centuries ago and has made a comeback in trendy restaurants in recent years, but these plants aren’t for eating.

Yorkshire Bank deal for Virgin Money ‘could spark flurry of banking mergers’

He said technology and compliance costs will be high on banks’ radar.

Chancellor backs mutual recognition model for financial services

Your weekly briefing on the UK economy

The 5th Anti-Money Laundering Directive and the art world

AMLD5 brings new challenges for ‘obliged entities’ including financial institutions, tax professionals, providers of virtual currencies and those trading in luxury goods – such as art dealers.

Deutsche Bank stressing out about US stress tests

Germany’s largest bank seems doomed to fail the review by US regulators, causing further damage to its reputation and loss of key personnel.

French bank SocGen says has wound down contracts with Mossack Fonseca

In March, Mossack Fonseca announced it would be shutting down due to the economic and reputational damage inflicted by the scandal.

197 arrests made under new bank fraud scheme

The scheme was first introduced as a pilot in London during October 2016, before a national roll-out began in May 2017.

Deutsche Bank spends $17 billion in a decade on legal costs

Despite spending $17 billion, the bank still has 5 of its biggest cases outstanding and has set aside $2.9 billion for litigation provision 1st qtr.

Basel Committee issues progress report on banks' implementation of the Principles for effective risk data aggregation and reporting

The report reviews G-SIBs' progress in implementing the Principles in 2017. A previous progress report, published in March 2017, assessed implementation during 2016.

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