Legal & Regulation News

Legal & Regulation News

Equitable Life compensation bid expected

6 September, 2010

BBC News: Pensioners hit by the Equitable Life scandal are to make a final bid to persuade the government to pay them full compensation.

Bankers' bonus tax failed, admits Alistair Darling

3 September, 2010

Telegraph: The 50pc tax on bankers' bonuses brought in by the previous government failed to change the City's attitude to pay, Alistair Darling, the former Chancellor of the Exchequer, has admitted.

Banks are cutting use of bonuses to recruit

3 September, 2010

FT.com: Investment banks are using far fewer lucrative “guaranteed” bonus packages to attract recruits in response to the global regulatory crackdown on bank pay, according to a closely watched industry report.

Ben Bernanke: new regulations may prompt ' too big to fail' banks to break up

3 September, 2010

Telegraph: America's wave of new financial regulation is likely to prompt the country's biggest financial institutions to break themselves up, according to the chairman of the Federal Reserve.

Europe agrees new agencies to supervise financial firms

3 September, 2010

BBC News: The European Union has reached agreement on reforms to financial supervision, officials have said.

SocGen fined £1.6m in latest FSA crackdown

26 August, 2010

Telegraph: The Financial Services Authority has fined the London branch of French investment bank Societe Generale £1.6m for systematic financial reporting failures over more than two years.

FSA says bank trading needs tougher rules

26 August, 2010

Reuters: Ending the regulatory dividing line between a bank's trading and core books would price risk better and help avoid more public bailouts sparked by the financial crisis, the markets watchdog said on Wednesday.

PPF unveils plans to fund all future pension benefits

25 August, 2010

FT Adviser: The Pension Protection Fund (PPF) was on Wednesday expected to announce plans that would allow it to pay out all future benefits.

Tax regime drives 20pc of big businesses to consider leaving UK

25 August, 2010

Telegraph: Around one in five large British businesses has considered relocating abroad for tax reasons, a report commissioned by HM Revenue & Customs found.

Zurich UK fined £2m for data loss

25 August, 2010

Independent: The UK operation of Zurich Insurance was fined a record £2.28m yesterday for losing the confidential personal details of 46,000 British customers.

Scrapping FSA gives too much power to too few, banks warn

23 August, 2010

Telegraph: Britain's largest banks are to warn the Coalition Government that its shake-up of financial regulation risks creating an "accountability gap".

Banks and retailers hit by accounting changes

23 August, 2010

Independent: Britain's banks and retailers are facing a £60bn increase in their balance sheet liabilities if proposed accounting changes are implemented in 2013.

Court seizes assets of ex-Money Portal chief

19 August, 2010

FT Advsier: A Serious Fraud Office investigation into the collapse of GP Noble Trustees Ltd has gone global after assets of former Money Portal director Tony Morris were frozen in Australia.

US banks receive Basel III boost

19 August, 2010

FT.com: Big US banks should be able to meet tighter global capital requirements without having to raise substantial amounts of new equity, according to calculations byBarclays Capital.

Judge criticises US over 'soft' fine for Barclays Bank

18 August, 2010

Guardian: Washington court criticises 'sweetheart deal' and $298m fine for bank that flouted international sanctions.

FSA fines insurance broker £150,000

18 August, 2010

Guardian: City watchdog bans Andrew Jeffery and four other individuals as part of its drive to clean up the insurance industry.

Pensions: government pushes for end to all contracting out

18 August, 2010

Citywire: The Department for Work and Pensions is considering extending the abolition of contracting out to all pension schemes.

Barclays fined £190m for sanction breaking

17 August, 2010

Guardian: Barclays faces penalty from US authorities for handling covert financial transactions involving banks from Cuba, Iran and Libya.

EC rules to hit UK companies

17 August, 2010

CityAM: Institutions including Lloyds Banking Group and Royal Bank of Scotland will be hit by an overhaul of European rules giving regulators greater powers over combined banking and insurance groups.

Bankers threaten to move abroad over bonus restrictions

16 August, 2010

Telegraph: HSBC is thinking of relocating to Hong Kong as banks claim to be hamstrung by bonus restrictions.

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