Emails included in the FSA’s investigation of Barclays’ Libor manipulation have shown uncomfortably close relationships between derivatives traders and those employees responsible for submitting the banks’ day-to-day ratings.
The FSA has fined Barclays Bank £59.5m for misconduct relating to the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor), in the largest ever penalty imposed by the City watchdog.
First quartile funds that fluctuate within the risk spectrum will not be deemed suitable for many clients after RDR, forcing advisers to change the way they screen products, according to Mike Webb CEO of Rathbones Unit Trust Management.
The IMA’s Richard Saunders asks what lessons can be learned from the “shareholder spring” and says if there are less headlines made next AGM season, it does not mean there’s less engagement from shareholders,
More than 2,400 people have come forward to disclose undeclared foreign assets through the Liechtenstein Disclosure Facility, according to HM Revenue & Customs, which says it may now bring in as much as three times the £1bn in revenue it was projected to.
There are major gaps in the readiness of the worlds compliance industry to comply, on 1 Jan 2013, with the pending implementation of the US Foreign Account Tax Compliance Act, a new survey conducted by Thomson Reuters reveals.
Clients with half a million pounds or more will not go independent post-RDR because they expect the option of holding individual shares, bonds and even derivatives, Gary Reynolds, director and chief investment officer at Courtiers, has predicted.
The FSA’s guidance on replacement business and centralised investment propositions (CIPs) contains potentially “some of the most devastating guidance” seen in the area of business conduct, according to a white paper from The Consulting Consortium (TCC).
Skandia has today launched its adviser charging system on the Skandia Investment Solutions platform, enabling advisers to sign their customers up “as and when they see them” ahead of RDR implementation.
The Financial Services Authority has fined IFA Patrick Francis O’Donnell £60,000 for advising his clients to invest in Unregulated Collective Investment Schemes (Ucis), when these products were clearly unsuitable.
The Financial Services Authority (FSA) has increased the Annual Funding Requirement (AFR) of UK regulated firms by 11% from last year’s figure to £559.8m, representing a 3.2% reduction from its earlier proposal of £578.4m in February.
Discretionary investment managers offering a service direct to clients will not be able to describe themselves as independent post-RDR, according to Gary Reynolds chief investment officer at Courtiers.
