Legal, Regulation & Compliance

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.

07/26/2012

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.

07/25/2012

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

German Banks Seek Delay to EU Implementation of Basel III

This makes the planned start date of the Basel III rules "unrealistic," as more than just one to two months' notice is needed to analyze the final text of the regulations and directives, to make changes to information technology systems, an

07/24/2012

Adviser wins £260k VAT appeal against HMRC

Bloomsbury Wealth Management has won an appeal to have almost £260,000 in VAT repaid after a tax tribunal ruled the firm was providing services that were exempt from VAT.

07/24/2012

Deutsche Bank internal Libor clears board

A Deutsche Bank internal investigation into Libor has found that two former traders may have been involved in colluding to manipulate the rates but said there was no indication of failure at the top of the organisation, Reuters reported.