12/18/2014
European Banks Stress Tests
20% of banks failed “stress tests” conducted by the European Banking Authority to see if they are strong enough to withstand another financial crisis.
Legal, Regulation & Compliance
12/18/2014
Credit Suisse and GLG settle Desmond court case ‘for £10m’
Media baron Richard Desmond has won a victory over Credit Suisse and hedge fund group GLG after they settled his £42 million court case over what he claimed was an “incomprehensible” financial investment.
12/18/2014
Swiss National Bank will cut interest rate to minus 0.25%
Switzerland's National Bank will bring in a negative interest rate cutting the value of large sums of money left on deposit in the country.
12/18/2014
Julius Baer pares BlackRock product range
The moves comes after the US fund house had gained a dominant share of Julius Baer's shelf space following the Swiss bank's acquisition of Merrill Lynch's wealth business.
12/17/2014
FCA: 50% of wealth managers failing to disclose ongoing charges
The FCA said it was ‘encouraged’ by findings over disclosure of charges and services to clients, despite having to refer one advice firm to enforcement over disclosure failures but added that wealth management firms were still getting it wrong
12/17/2014
Advisers raise concerns over Mas’s retirement directory
Andy Brooks, director at Brooks Wealth Management, questioned how advisers restricted to a certain number of providers can be seen to be giving the full breadth of retirement options.
12/17/2014
Money laundering: Parliament and Council negotiators agree on central registers
The rules would also require banks, auditors, lawyers, real estate agents and casinos, among others, to be more vigilant about suspicious transactions made by their clients.
12/17/2014
EU investment: Juncker's cunning plan
Many countries, including Germany, have delayed infrastructure improvements.
12/17/2014
Irish lawmakers open probe into banking crisis
Irish lawmakers have opened a fact-finding investigation into the causes of Ireland's banking crisis, when a collapsing property market exposed reckless lending and required an emergency international bailout.
12/17/2014
Raiffeisen Bank Said to Seek Buyers for Polish Business
Raiffeisen Bank International AG (RBI) may sell its largest foreign unit after Russia, Raiffeisen Bank Polska SA, according to two people with knowledge of the matter. Raiffeisen, which agreed with Polish regulators to take the unit public on the Warsaw
12/16/2014
Major banks pledge to offer basic accounts without penalty fees to those with poor credit histories
People who have been shut out of the banking system because of a poor credit history are to be offered basic accounts that come without punishing penalty fees by the end of next year
12/16/2014
Co-op Bank fails Bank of England stress test
The Co-Operative Bank is the only lender that has failed the Bank of England stress test, however two other banks were told they could be at risk in the event of a “severe economic downturn”
12/16/2014
Lehman trustee petitions U.S. Supreme Court over Barclays dispute
The trustee handling the liquidation of the brokerage unit of Lehman Brothers Holdings Inc filed a petition with the U.S. Supreme Court on Monday seeking review of the business's cash assets awarded to Barclays Plc (BARC.L).
12/16/2014
Banks breathe a sigh of relief, but expect tougher tests next time
Only one of the UK's eight big lenders failed the Bank of England's stress tests. That doesn't mean the rest can relax
12/16/2014
Duff & Phelps Launches Financial Regulatory and Compliance Practice with Acquisition of Kinetic Partners
As a result of this transaction, Duff & Phelps will create a dedicated Financial Regulatory and Compliance Practice, based on Kinetic Partners’ recognized leadership in providing regulatory consulting and compliance counsel to the financial serv
12/16/2014
No person will be blamed by inquiry into banking crash
The much-awaited €5m Oireachtas Banking Inquiry will not be able to blame anyone for Ireland's financial crash, unless that person agrees they made a mistake.
12/16/2014
German regulator set to lead new eurozone bank wind-down scheme
The president of Germany‘s financial regulator Bafin came within reach on Tuesday of leading a new eurozone scheme to wind down troubled banks
12/16/2014
U.Regulators Hit Hurdles on Fixing Benchmarks
U.K. regulators are expected to report in coming weeks on plans to fix global financial benchmarks.
12/16/2014
Switzerland Fissures as Account Secrecy Loses Charm
Fortress Switzerland is showing more cracks.
12/15/2014
Assets collapse, loans go bad Britain’s banks brace for a serious stress test
Simulated ‘market tantrum’ likely to be the first of an annual event under Bank of England’s new regulatory regime