10/20/2014
Inflexible views on flexible pay
In just 36 hours last week, a crack widened into a chasm between two key regulators on the issue of bankers’ pay. Closing that gap is going to take a very long time.
Legal, Regulation & Compliance
10/20/2014
Bank of England warns on bankers’ pay
Shareholders have gone from getting 60 cents for every dollar in pay for staff before the crisis to getting 25 cents per dollar in 2013.
10/20/2014
Guernsey regulator supports new benchmark standards for TCSPs
The Guernsey Financial Services Commission (GFSC) has welcomed the Group of International Finance Centre Supervisors' (GIFCS) new benchmark for the regulation of trust and corporate service providers (TCSPs).
10/20/2014
Ogier advises Friends Life on £317 million sale of Lombard
Following the sale, Friends Life intends to return the full £317 million to shareholders via a buy-back of Friends Life's shares.
10/19/2014
UK Beneficial Owner Disclosure and Its Potential Impact on Global Financial Businesses
As part of the continued international focus on combatting cross-border tax evasion and other financial crimes, during the June 2013 Lough Erne Summit presided over by the United Kingdom (G8 Summit), the G8 countries agreed to a set of principles intended
10/18/2014
Heirs to art looted by Nazis sue Swiss bank for fraudulent sales
USB accused of using family name to establish 'sham' foundation, rather than looking for surviving relatives.
10/17/2014
Woman, 20, 'conned ex-Schroders bank president out of £80k by posing as police officer'
Sir George Mallinckrodt, retired head of the huge merchant bank, handed over jewellery and cash in alleged 'doorstep fraud' at his Chelsea home
10/17/2014
JPMorgan sets aside $1bn as penalties loom
It is a sign that JPMorgan is close to settling enforcement action, which is being led by authorities in the UK and US and affects more than 15 banks.
10/17/2014
Ofcom completes total pension buy-in with Legal & General
The final deal covered £50 million in liabilities and around 350 plan members for the London-based firm and its Ofcom (former ITC) Staff Pension Plan Ofcom is the regulator for the U.K. communications industries.
10/17/2014
Tier 1 (investor) visa – the price goes up - Withers
The UK Government has at last published the changes that are being made to the Tier 1 (investor) visa route, and we can confirm that the minimum financial threshold is being increased to £2 million. This will not apply to existing holders of the vis
10/17/2014
New benchmark for regulating trust and corporate service providers
The Standard, the first of its type, introduces a new minimum benchmark for businesses administering international trusts and companies to follow. It was formally adopted at GIFCS’ Plenary meeting last month.
10/16/2014
BLP corporate finance partner exits for McDermott
She was previously seconded to the energy company's London office.
10/16/2014
Ex-UBS Exec Opens Up About Swiss Tax Shelters In Weil Case
As federal prosecutors began laying out their case against ex-wealth management head Raoul Weil for conspiring to conceal $20 billion in Americans' assets from the Internal Revenue Service.
10/16/2014
Harneys shortlisted in British Legal Awards 2014
The winners are chosen by an independent panel of judges
10/16/2014
Bank Bonuses That Aren’t Called Bonuses Banned in Europe
Europe’s top banking regulator moved to close a loophole that allows banks to sidestep limits on bonuses by awarding staff payments under different names.
10/16/2014
Addleshaws installs regional office heads as former Manchester chief quits for PwC
Addleshaw Goddard has appointed Tim Wheldon and Malcolm Pike as office heads in Leeds and Manchester respectively in the firm’s latest management change.
10/15/2014
Changes to the UK Tax Residence Rules for AIFs and Pitfalls to Avoid - Dechert
The measure is undoubtedly a positive step for the UK fund industry.
10/15/2014
Regulators launch crack down on 'shadow' banking sector
The change means that if a hedge fund, for example, wants to borrow $100 from a bank, it must now provide collateral worth at least $106.
10/15/2014
Weavering founder pleads not guilty in London fraud trial
The high-profile trial, due to last 10 to 12 weeks, comes at a time of renewed scrutiny of Britain's Serious Fraud Office (SFO), with fresh questions asked this week in parliament about its competency and fitness for purpose.
10/15/2014
UK banks cough up
Britain's biggest banks have paid out £1.5bn to compensate small firms who were mis-sold complex interest rate hedging products