us treasury publishes fatca
The US Treasury Department has published new rules offering governments two options for how their financial institutions will comply with the impending Foreign Account Tax Compliance Act.
Regulation
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wealth managers views on the fscs
The FSA has urged “all stakeholders” in the financial services sector to engage with its Financial Services Compensation Scheme (FSCS) funding review in order to produce a system that is as fair as possible.
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jimmy carr fallout sees treasury announce plans
HM Treasury has announced a major crackdown on the promoters of aggressive tax avoidance schemes, which includes a proposal to strengthen the DOTAS rules to allow it to force promoters into providing the names of those avoiding tax.
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cofunds pledges to pass on rebates
Cofunds has confirmed it will pass rebates from bundled share classes onto clients, even in advance of finalised guidance from the FSA’s platform paper.
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fsa warns firms to opt in or out of rdr
The FSA has contacted a number of advisory firms, as well as lawyers and accountants, which it believes may wish to revoke their permission to provide investment advice after the implementation of RDR.
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commission dependence holding advisers back
Less than 16% of advisers had their business models RDR-ready at the end of Q2, according to latest analysis from Equifax’s MyTouchstone database, only a slight improvement on the 10% that were ready in Q1.
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banks face billions in Libor-fixing fines or not
In separate notes issued this morning Morgan Stanley and Nomura both explain the difficulties of calculating the level of the fines faced by the banks accused of fixing Libor.
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hsbc latest in firing line
HSBC is to be fined an estimated $1bn for failure to comply with anti-money laundering controls in the US, in the latest example of a bank failing to keep its house in order.
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sfo to consider criminal prosecutions over libor
Following the FSA’s investigation into ‘regulatory misbehaviour’ that resulting in the possibly illegal fixing of Libor, the SFO is to launhc its own criminal investigation.
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esma highlights adviser final mifid guidelines
The European Securities and Markets Authority (ESMA) has today highlighted failings in adviser practice as it publishes two final sets of guidelines under Mifid.
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europe not to follow uk ban on ifa commission
The European Union is not going to follow in the FSA’s footsteps and implement a blanket ban on commisison payments from financial product providers to its distributors.
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big four settle with fsa on mis-selling
As the maelstrom of bad news continues to overwhelm the banking sector the FSA has declared it has found serious failings in the sale of interest rate hedging products to some small businesses by Barclays, HSBC, Lloyds and RBS.
