average fca fine trebles since financial crisis
The average size of the penalties imposed by the Financial Conduct Authority has risen substantially between 2008 and 2013, new research by Kinetic Partners reveals.
Regulation
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EFAMA says industry wants more time for MiFID II
The director general of EFAMA has said the financial industry feels ‘rushed’ into implementing MiFID II following a discussion on EU regulatory initiatives at the group’s annual general meeting.
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MiFID II in sight after entry into EU Journal
MiFID II, the European legislation aimed at improving financial transparency, is to come into force on 2 July after being published in the Official Journal of the EU today.
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fca says banks paid 1pt1bn for swap missselling
Banks nabbed selling miss-selling interest rate hedging products have forked out £1.1bn in compensation, the FCA said.
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treasury boe and fca roll out market abuse review
Chancellor George Osborne is launching a 12-month review of market abuse targeting the UKs foreign exchange market with tougher rules for criminal offences.
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fca issues far-reaching client money changes
The UK’s Financial Conduct Authority has signalled a sharper regulatory focus on holding client money with the publication of its policy statement today, and the prospect of other jurisdictions following suit.
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Coutts reviews client advice
Coutts has written to clients to inform it is conducting a review into the suitability of its historic investment advice, a response to the regulators Dear CEO letters sent in 2011.
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WMA advises EU against blunderbuss regulation
The UK Wealth Management Association has strongly recommended that retail and wholesale markets are clearly differentiated in the next EU legislative mandate in order to avoid a blunderbuss approach to regulation.
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Barclays fined 26m for gold fixing failings
Barclays Bank’s reputation has taken another heavy blow this morning after the Financial Conduct Authority handed it a £26m fine for failing to manage conflicts of interest in relation to gold trading.
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Are ratings services doing enough to adapt
The demands on ratings services have been growing in recent years as both in terms of the quantity and types of service they offer advisers, as regulatory and financial pressures mount across the sector.
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Credit Suisse pleads guilty in US court and agrees
Credit Suisse has pleaded guilty to conspiracy to assist US customers in presenting false income tax returns and has paid a settlement to the US Government of $2.8bn.
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Treasury clarifies rules on VCT share issuance
The Government has amended the Finance Bill legislation to remove the uncertainty which had caused some venture capital trusts to delay allotting shares in the 2014-15 tax year.
