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....Younger generations in particular now trust the security of smartphones, with their ability to handle a range of biometric authentication methods, whether fingerprint, voice, or image and video recognition. Fintech start-ups are making the most of a more relaxed financial regulatory environment within the European Union (EU), which from 2018, will also see banks forced to share customer data, as long as customers give their permission. ... [Read full article on BBC ]
Monday 27th of March 2017 11:28:16 PM
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. The banks and financial regulators should do more to tackle the vicious cycle of debt and overcharging, says a Lords committee. ... [Read full article on BBC ]
Saturday 25th of March 2017 12:08:14 AM
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Latest Finance News related to Financial Regulator

Bye-bye bank charges? image
Source : BBC [Read Article] Monday 27th of March 2017 11:28:16 PM
....Younger generations in particular now trust the security of smartphones, with their ability to handle a range of biometric authentication methods, whether fingerprint, voice, or image and video recognition. Fintech start-ups are making the most of a more relaxed financial regulatory environment within the European Union (EU), which from 2018, will also see banks forced to share customer data, as long as customers give their permission. ...
High cost credit products must be tackled, say Lords image
Source : BBC [Read Article] Saturday 25th of March 2017 12:08:14 AM
. The banks and financial regulators should do more to tackle the vicious cycle of debt and overcharging, says a Lords committee. ...
Were YOU mis-sold your pension? Prudential and Standard Life review annuity sales image
Source : Daily Express [Read Article] Saturday 25th of February 2017 01:13:00 PM
. Standard Life announced it has put aside £175million for compensation and is working with the financial regulator to provide redress. ...
Paris, Frankfurt, Vilnius: how EU cities are vying for London's bankers image
Source : Guardian [Read Article] Tuesday 21st of February 2017 06:00:11 PM
....Frankfurt faces a similar problem. Home to the European Central Bank, the Bundesbank, the EU insurance authority and Germany’s financial regulator, it sees itself as a stable, sensible and respected European financial hub. ...
Sir Andrew Witty nears his last Glaxo goodbye image
Source : Guardian [Read Article] Sunday 5th of February 2017 07:00:07 AM
....It’s a controversial thought, but sometimes you do have to love Barclays – the lender that routinely tells gags that make itself the butt of the joke. It called itself the “go to” bank – and then became the place that financial regulators would go to when they needed to trouser a large fine. ...
Deutsche Bank's $630m Russian fine reflects badly on banking | Nils Pratley image
.... In the post-crisis era, battalions of compliance officers have been recruited and trained. The costs are enormous and still increasing, say the banks, but financial regulators have got what they demanded. ...
Mark Carney: internet-only lenders pose risk to UK financial system image
Source : Guardian [Read Article] Wednesday 25th of January 2017 06:24:20 PM
....Cyber-attacks could also strip customers of digital money, leaving them to face huge losses without the traditional protection offered by regulators, he said. The warning follows a speech last year by Adair Turner, the former chief financial regulator, who said losses on loans made over the internet could make the worst bankers look like “lending geniuses”. ...
Financial firms in talks with Amsterdam over relocation from London image
Source : Guardian [Read Article] Monday 23rd of January 2017 05:34:01 PM
....”. Amsterdam is also bidding for the relocation of the EU-wide financial regulator, the European Banking Authority (EBA), she said. ...
If the City vs Brussels is like a game of Jenga, it’s possible both sides could lose image
.... All that wholesale financial activity needs to be policed, and the bulk of the expertise is in London. It is also clear who stands behind the Bank of England, the UK’s chief financial regulator – it is the UK government and, ultimately, UK taxpayers. ...
Never-before-heard Bernie Madoff tapes reveal details of ruinous Ponzi scheme image
.... The 1976 sculpture, called Soft Screw, drew nearly $50,000 at Sotheby’s when Madoff’s assets were sold off after his disgrace. When financial regulators visited his firm’s offices, Madoff put the Soft Screw away. ...
No one can afford to stop the new consumer credit crisis image
Source : Guardian [Read Article] Sunday 8th of January 2017 07:05:11 AM
.... You might also question who is going to call time on them. The Bank of England is compromised now it has added the role of the chief financial regulator to its interest-rate-setting job. ...
Apple boss's salary and bonuses fall image
Source : BBC [Read Article] Friday 6th of January 2017 03:30:48 PM
....However, Mr Cook also received $136m from the sale of shares. The information is contained in a filing lodged with the US financial regulator, the Securities and Exchange Commission. ...
'Buy now, pay later' debts hitting young image
Source : BBC [Read Article] Wednesday 21st of December 2016 12:06:44 AM
....Citizens Advice said its analysis of 250 cases revealed cases of high fees, inadequate affordability checks and poor debt collection methods, such as repeated demands for repayments from debt-ridden customers. It is calling for the financial regulator to ensure providers display potential charges clearly, and make it clear that a failure to repay will lead to backdated interest payments and additional late payment fees. ...
Will it be a happy new year for your investment funds? image
Source : Guardian [Read Article] Saturday 17th of December 2016 07:00:15 AM
....1% average annual return between 1998 and 2008, despite the weaker performance of the global economy. “The most worrying thing [about Brexit] is how unrealistic the debate in the media and Westminster is compared with what anyone working in a major company or financial institution would tell you about the logistics involved – let alone trade negotiators and financial regulators, who think in terms of two- or three-year transition periods for even small demergers or regulatory reforms. ...
Sports Direct chairman seeks shareholder support as profits tumble image
Source : Guardian [Read Article] Friday 9th of December 2016 06:36:02 PM
....The special meeting has been called by the struggling retailer after 57% of independent shareholders failed to support Hellawell at the annual shareholder meeting in September. Under new financial regulatory rules which give independent shareholders more of a voice on the appointment of non-executive directors, the company has to hold a second vote 90 to 120 days after the first meeting if it wants to hold on to Hellawell. ...
Banks could face more PPI payouts as FCA delays deadline decision image
Source : Guardian [Read Article] Friday 9th of December 2016 10:44:26 AM
. Banks might have to pay out more in compensation to victims of the £40bn payment protection insurance scandal after the financial regulator delayed a decision on setting a deadline for complaints. ...
Brexit: French financial regulator wooing London banks image
Source : BBC [Read Article] Thursday 8th of December 2016 12:05:05 AM
. Some major banks are in advanced stages of planning to shift some operations from London to Paris, France's leading financial regulator has told the BBC. ...
New online payment safeguards 'brilliant news' image
Source : BBC [Read Article] Tuesday 29th of November 2016 09:45:28 AM
...."This is a welcome first step, but is not a cure and won't be enough to protect people from bank transfer scams," said Alex Neill, managing director of Which? Home and Legal Services. "With scams on the rise and scammers becoming ever more sophisticated, the financial regulators need to go further to ensure banks adequately tackle bank transfer fraud and safeguard us from scams. ...
Banks act to stop transfer scams and errors image
Source : Guardian [Read Article] Tuesday 29th of November 2016 09:30:45 AM
....About £75tn in payments was processed through Britain’s banks and building societies last year, but it is estimated that about £755m was stolen. In September, consumer body Which? lodged a “supercomplaint” with financial regulators demanding that UK banks do more to protect customers tricked into transferring money to fraudsters. ...
Why is UK's productivity still behind that of other major economies? image
Source : Guardian [Read Article] Thursday 24th of November 2016 07:27:07 PM
....There is no shortage of academic musing on the productivity puzzle. Senior policymakers have also written extensively about the possible reasons, among them the former chief financial regulator Adair Turner and Martin Weale at the Bank of England. ...
Bank transfer scams saw one victim lose £400,000 image
Source : Daily Express [Read Article] Tuesday 22nd of November 2016 12:01:00 AM
...."The harsh reality is if you're conned into making a payment to a fraudster via bank transfer you often stand to lose large sums of money. "We expect the financial regulators to use this opportunity to take meaningful action and propose new measures to help the victims of bank transfer fraud. ...
Savers to be warned about risks of Lifetime Isas image
Source : BBC [Read Article] Wednesday 16th of November 2016 12:24:39 PM
. A UK financial regulator says the new Lifetime Individual Savings Accounts (Lisas) should carry a series of warnings to consumers. ...
Mossack Fonseca fined $440,000 in British Virgin Islands image
Source : Guardian [Read Article] Tuesday 15th of November 2016 08:20:20 PM
. The British Virgin Islands has fined the law firm at the centre of the Panama Papers scandal $440,000 – the largest ever penalty issued by its financial regulator – but campaigners have described the punishment as “too little too late”. ...
Pension exit fee cap confirmed at 1% by regulator image
Source : BBC [Read Article] Tuesday 15th of November 2016 08:43:42 AM
. Early exit charges for people taking money out of their pension pots will be capped at 1%, the financial regulator has confirmed. ...
After Tesco fraud, are other banks vulnerable to cyber-attacks? image
Source : Guardian [Read Article] Saturday 12th of November 2016 07:00:42 AM
....No bank can ever claim to be 100% secure and attacks by fraudsters are a fact of life. Cliff Moyce, global head of financial services at technology firm DataArt, told Guardian Money that the financial regulators need to take a stronger line if further incidents are to be prevented. ...
Investment scams peddled by rogue law firms double image
Source : Daily Express [Read Article] Friday 4th of November 2016 06:06:00 PM
.... Research the scheme and look at official sources. Look for warnings or decisions from financial regulators. ...
Standard Chartered drags down FTSE 100 image
Source : BBC [Read Article] Wednesday 2nd of November 2016 08:49:07 AM
....On Tuesday, Standard Chartered reported underlying pre-tax profits of $458m, compared with a $139m loss last year, but chief executive Bill Winters said "income and profit levels are not yet acceptable". Standard Chartered also said it could face action from Hong Kong's financial regulator over its role as joint sponsor of a share flotation in 2009. ...
FTSE 100 falls as Standard Chartered sinks image
Source : BBC [Read Article] Tuesday 1st of November 2016 09:00:16 AM
....The Asia-focused bank reported underlying pre-tax profits of $458m, compared with a $139m loss last year, but chief executive Bill Winters said "income and profit levels are not yet acceptable". Standard Chartered also said it could face action from Hong Kong's financial regulator over its role as joint sponsor of a share flotation in 2009. ...
Banks' online security is failing customers, says Which? image
Source : Guardian [Read Article] Thursday 20th of October 2016 09:30:46 AM
....In its most recent test, carried out in August, Which? found that only five of the 11 banks had adopted such security checks to protect customers. In September, Which? used its super-complaint powers to call on the financial regulator to investigate whether banks could do more to protect people who are tricked into transferring money to a fraudster. ...
RBS says it has resolved debit card computer glitch image
Source : BBC [Read Article] Friday 14th of October 2016 02:18:38 PM
....In June 2015, hundreds of thousands of payments failed to reach the accounts of RBS customers. And in 2012, RBS Group suffered a widespread IT system failure that led to a £56m fine by two financial regulators. ...
Brexit bienvenue image
Source : BBC [Read Article] Tuesday 4th of October 2016 11:21:32 PM
. Three months after the Brexit vote, the Financial Markets Authority (AMF) - France's financial regulator - is receiving a steady stream of enquiries from London-based companies about the possibilities of relocation. ...
Yahoo: Senators pile on pressure over hack attack image
Source : BBC [Read Article] Tuesday 27th of September 2016 05:52:38 PM
....In a letter to chief executive Marissa Mayer, six Democratic politicians said the hack into 500 million user accounts was "unacceptable". It comes a day after another senator called on the powerful SEC financial regulator to investigate. ...
Which? files supercomplaint against banks over transfer fraud image
Source : Guardian [Read Article] Thursday 22nd of September 2016 11:01:24 PM
. UK banks should do more to protect customers tricked into transferring money to fraudsters, according to a consumer body that has lodged a “supercomplaint” with financial regulators. ...
US asks Deutsche Bank for $14bn to settle mortgage investigation image
Source : BBC [Read Article] Thursday 15th of September 2016 11:49:24 PM
.... . Neil Wilson at ETX Capital said that given the potential size of the settlement, "you have to wonder if financial regulators are starting to do more harm than good". ...
Investors risk losing £8m in failed 'mini-bonds' image
Source : Guardian [Read Article] Wednesday 7th of September 2016 03:21:56 PM
....Investors in the failed SEB bonds were targeted by IPM to also invest in Providence Bonds. Many are highly critical of both the role of IPM and the financial regulators. ...
Bankrupt Hanjin seeks court protection for its ships image
Source : BBC [Read Article] Monday 5th of September 2016 03:17:55 AM
.... . South Korea's financial regulator said the company wanted to file for bankruptcy protection in more than 40 countries to protect its fleet. ...
South Korean shipping giant Hanjin to enter receivership image
Source : BBC [Read Article] Wednesday 31st of August 2016 03:04:12 AM
....Hanjin may get some financial relief courtesy of rival Hyundai Merchant Marine (HMM). Shares of HMM jumped by as much as 22% after Korea's financial regulator said the firm may buy some of Hanjin's assets. ...
PPI claim deadline proposed for June 2019 image
Source : BBC [Read Article] Tuesday 2nd of August 2016 07:30:43 AM
....The Financial Conduct Authority (FCA) wants to set a June 2019 deadline for people to make claims over mis-sold payment protection insurance (PPI). The financial regulator wants the rule for setting the deadline to come into force by the middle of 2017 alongside a public awareness campaign. ...
Singapore seizes $177m as part of Malaysia corruption probe image
Source : BBC [Read Article] Thursday 21st of July 2016 07:11:50 AM
....Singapore is one of several global authorities investigating alleged fraud at 1MDB, which was set up by Malaysian Prime Minister Najib Razak in 2009. The country's financial regulator said in a statement on Thursday investigations into 1MDB began in March 2015. ...
Virgin Money offers top 2.5 per cent one-year savings rate - but there's a catch image
Source : Daily Express [Read Article] Wednesday 20th of July 2016 03:56:00 PM
....Customers of the bond are also signed up to the “United Rewards” scheme, which gives the chance to win prizes, such as matchday tickets and replica shirts. Earlier this week, the financial regulator named and shamed the lowest paying savings providers to encourage customers to move to another deal. ...
Bank account switching falls by 5% despite incentives image
Source : BBC [Read Article] Tuesday 19th of July 2016 11:25:03 PM
. Despite financial inducements and efforts by financial regulators to get more people to switch bank accounts, fewer people are doing so. ...
German regulator BaFin objects to a London HQ for merged exchanges image
Source : Guardian [Read Article] Tuesday 28th of June 2016 04:03:29 PM
. Germany’s financial regulator has delivered a double blow to London, saying it could neither host the headquarters of a merged Deutsche Börse-London Stock Exchange after the UK leaves the EU, nor could it remain a centre for trading in euros. ...
City news: National living wage, Goals soccer centre, Churchill Retirement Living and BP image
....7billion after accusing the company of understating its severity. In 2012 BP paid £360milion to settle claims from US financial regulator the Securities and Exchange Commission that it misled the markets. ...
BP to pay $175m to investors over Deepwater Horizon spill image
Source : Guardian [Read Article] Friday 3rd of June 2016 10:14:15 AM
....This earlier ruling is thought to have hastened the settlement because it would have benefited BP had the case gone to trial as planned in July. In 2012, BP paid $525m to settle claims from the Securities and Exchange Commission, the US financial regulator, that it misled the markets over the size of the spill. ...
Mossack Fonseca still under investigation in British Virgin Islands image
Source : Guardian [Read Article] Tuesday 24th of May 2016 07:12:42 PM
. Mossack Fonseca, the law firm at the centre of the Panama Papers revelations, remains under investigation in the British Virgin Islands, the country’s financial regulator has confirmed. ...
How Mossack Fonseca missed warning signs of £70m boiler room fraud image
.... Had a web search been carried out, the firm would have found warning lights flashing. Six months earlier, the UK’s financial regulator had warned that Price Stone was a potential front for confidence tricksters targeting UK investors. ...
Over-confidence is a still a risk in the City, says new FCA chief image
Source : Guardian [Read Article] Monday 9th of May 2016 10:56:00 AM
.... Wheatley’s temporary replacement Tracey McDermott was criticised in December for dropping a review into banking culture. The current head of the PRA said that the culture and people in banks mattered “a great deal” to financial regulators. ...
Osborne’s fairy godmother can’t make debts vanish forever image
Source : Guardian [Read Article] Sunday 8th of May 2016 08:00:02 AM
.... This money is the punishment for the PPI rip-off scandal, the foreign exchange fixing scam, the Libor interest rate racket and the recklessness that meant banks needed to be punished for nearly going bust in 2008. The financial regulators have acted like Camelot, the lottery operator, which takes every contribution and then redistributes them unevenly according to an agreed formula. ...
Oil giants should ditch high-cost projects, thinktank says image
Source : Guardian [Read Article] Wednesday 4th of May 2016 11:01:35 PM
....“A simple carbon sensitivity analysis shows that oil majors pursuing volume at all costs can deliver lower shareholder value than a more disciplined approach. That is why financial regulators need to make 2C stress tests standard practice for the energy sector to help avoid companies wasting capital,” said James Leaton, research director at Carbon Tracker, a non-profit financial thinktank. ...
Panama Papers: US launches criminal inquiry into tax avoidance claims image
Source : Guardian [Read Article] Tuesday 19th of April 2016 09:52:20 PM
....“When taxes are evaded, when state assets are taken and put into these havens, all of these things can have a tremendous negative effect on our mission to end poverty and boost prosperity,” he said. Christine Lagarde, managing director of the IMF, said the world’s financial regulators had long been “alarmed” about Panama’s lax approach to taxation and corruption but failed to take action. ...
IMF chief: regulators long 'alarmed' over Panama's handling of taxation image
Source : Guardian [Read Article] Saturday 16th of April 2016 07:52:51 PM
. The head of the International Monetary Fund (IMF) said on Saturday the world’s financial regulators had long been “alarmed” about Panama’s lax approach to taxation and corruption but failed to take action. ...
Crisis plans of big US banks rejected image
Source : BBC [Read Article] Wednesday 13th of April 2016 03:51:07 PM
.... . On Tuesday, the Government Oversight Committee (GAO), a bi-partisan group, said financial regulators were not providing banks with enough information about how the plans were reviewed. ...
IMF homes on the eurozone's weakest link: Italy image
Source : Guardian [Read Article] Wednesday 13th of April 2016 01:13:34 PM
. When financial regulators say the European banking system is safe from another major crash they are talking about the funds banks can use to offset their losses. ...
Re flood-risk homes … at last, affordable cover image
Source : Guardian [Read Article] Saturday 9th of April 2016 06:00:08 AM
....Billions of pounds have been paid out by the industry in recent years following a series of devastating flooding events, across the north of England and in Cumbria in particular. Flood Re, which offers subsidised cover, received the final go ahead from financial regulators last week, and opened for business on Monday. ...
Sanctioned clients on Panama firm's books image
Source : BBC [Read Article] Monday 4th of April 2016 06:24:49 PM
.... . It was not until August 2015 that Mossack Fonseca acknowledged the company was on a blacklist and reported it to financial regulators in the Seychelles. ...
Flood Re scheme brings affordable insurance to homes in high-risk areas image
....A controversial new scheme designed to let home insurers offer affordable cover to the 350,000 UK homes at high risk of flooding is to be launched. Flood Re, which claims to be a world first, received the final go ahead from financial regulators last week, and on Monday will start accepting the first premiums and offering cover to householders. ...
Source : Reuters [Read Article] Monday 14th of March 2016 01:27:23 PM
. Britain's financial regulator wants to encourage the availability of automated, or "robo", financial advice, already common in the United States, to cut the cost of such advice for less well-off consumers. ...
Regulators accuse ANZ of rate-fixing image
Source : BBC [Read Article] Friday 4th of March 2016 03:51:26 AM
.... . Barclays Bank, JP Morgan, Swiss bank UBS, Royal Bank of Scotland and Deutsche Bank have all been fined by financial regulators for this practice, which is seen as market manipulation and corrosive to trust in the financial markets. ...
Why Cameron tussled with the French over the City image
Source : Telegraph [Read Article] Monday 22nd of February 2016 09:08:32 AM
.... In the end, Brussels actually rode to the UK’s defence when the EU general court slapped down the ECB’s policy (albeit on a technicality). The UK’s new settlement enshrines a level financial regulatory playing field between those in and outside the eurozone. ...
Lord McFall quits Banking Standards Board after mobile phone row image
Source : Telegraph [Read Article] Friday 19th of February 2016 03:24:49 PM
.... . However, not all banks have signed up and some in the sector have questioned whether another industry group is needed, as others already exist and financial regulators are intervening more to improve behaviour. ...
New energy bill row after British Gas reveals bumper profits image
Source : Guardian [Read Article] Thursday 18th of February 2016 08:09:47 AM
....Ann Robinson, director of consumer policy at uSwitch. com said the British Gas results should send warning signals to financial regulators finalising a report following a two-year review of the energy markets. ...
Source : Reuters [Read Article] Tuesday 16th of February 2016 02:39:10 PM
.... After winning billions of pounds in compensation from banks for Britons who were mis-sold insurance products on loans, some lawyers are turning their sights on British insurers. Along with the country's financial regulator, law firms are looking at whether people who bought a fixed income for life with their retirement savings were properly informed about a product known as an "enhanced" annuity, which pays out more for people who have a shorter life expectancy. ...
PPI claims firms face crackdown on fees image
Source : Telegraph [Read Article] Monday 15th of February 2016 06:36:16 PM
.... PPI was designed to help borrowers with loan repayments if they lost their job or were otherwise left unable to pay. However, the financial regulator found that the products were ineffective and many customers were needlessly sold such protection. ...
German arm of Maple Bank shut down image
Source : BBC [Read Article] Sunday 7th of February 2016 03:15:50 PM
....At the time it was reported that authorities were looking into allegations that bank staff had illegally claimed back more than €100m ($110m; £76m) in tax. But Sunday's announcement from the financial regulator made no mention of that case. ...
Who will speak for Brittin? Not MPs on the warpath over Google image
Source : Guardian [Read Article] Sunday 7th of February 2016 09:00:38 AM
....”. There are other views, of course, including the US Department of Justice and financial regulators, whom HSBC cites when it says the release could make it easier for criminals to launder money. ...
Prudential shares spooked by Chinese capital crackdown image
Source : Telegraph [Read Article] Tuesday 2nd of February 2016 04:02:49 PM
. Prudential shares slumped on Tuesday after China's financial regulator launched a crackdown on citizens buying insurance overseas. ...
City watchdogs open probe into HBOS directors  image
Source : Telegraph [Read Article] Thursday 28th of January 2016 10:50:36 AM
.... . The financial regulator of the day, the Financial Services Authority (FSA), failed to take records on the crucial meeting in January 2009 when the decision to investigate Mr Cummings alone was taken, according to last year's report. ...
Five priorities to help Andrew Bailey avoid burnout at the FCA image
Source : Telegraph [Read Article] Tuesday 26th of January 2016 08:02:54 PM
.... . An effigy of Bailey’s immediate predecessor Martin Wheatley was burnt outside his offices (admittedly during his time as head of the Hong Kong financial regulator); Wheatley’s predecessor, Hector Sants, retired from his job at Barclays with “exhaustion and stress” soon after leaving what was then the Financial Services Authority. ...
Andrew Bailey is new City watchdog boss image
Source : BBC [Read Article] Tuesday 26th of January 2016 10:33:07 AM
....Since Mr Wheatley was ousted as FCA boss by the chancellor in the summer, the regulator has proposed a time limit be set on payment protection insurance (PPI) compensation claims and signalled a lighter touch approach to its regulation of the City. Mr Wheatley was originally hired as boss of the FCA because of his reputation as a tough global financial regulator. ...
Accounting watchdog weighs up inquiry into KPMG's audit of HBOS image
Source : Guardian [Read Article] Thursday 21st of January 2016 11:22:22 AM
.... The combined bank was bailed out by taxpayers a month later at a cost of £20bn. The FRC said it asked Rees to investigate after reading a report by financial regulators into HBOS’s collapse published in November. ...
If this market turmoil forces a US rate cut, the outlook will truly be grim image
Source : Guardian [Read Article] Wednesday 20th of January 2016 07:59:00 PM
.... Now, says chief executive Stuart Gulliver, next month’s full-year figures will include “an update,” which is not necessarily the same as a decision. What is HSBC waiting for? Evidence that Chinese financial regulators know how to run a stock market? You may be waiting a while. ...
'Rip-off' pension exit fees will be capped, says George Osborne image
Source : Guardian [Read Article] Tuesday 19th of January 2016 04:39:32 PM
....The government has announced plans to cap the “rip-off” exit charges levied on savers who opt to cash in their pension pots as a result of the pension freedoms introduced in April last year. George Osborne said on Tuesday that the government will place a duty on the financial regulator to cap “prohibitive” exit fees, which can run into thousands of pounds and stop consumers from accessing their funds early. ...
HSBC fights to stop money-laundering report going public image
Source : Guardian [Read Article] Thursday 14th of January 2016 06:49:26 PM
....Citing that submission, which was backed by regulators in four different countries, HSBC said publishing the monitor’s report would “undermine the very purpose of the monitoring by compromising the ability of the monitor and the government to assess HSBC’s progress in improving its anti-money laundering and sanctions compliance programme”. Publication would “negatively affect the ability of HSBC’s financial regulators to fully discharge their supervisory responsibilities over HSBC”, and would “provide criminals seeking to engage in activities such as money laundering or terrorist financing a road map for exploiting current weakness in the anti-money laundering and sanctions programme at HSBC and potentially other financial institutions”. ...
George Osborne's new tax guru apologises for her bank lobbying job image
Source : Telegraph [Read Article] Tuesday 12th of January 2016 06:31:44 PM
.... . The BBA oversaw the Libor benchmark by compiling daily estimates from a panel of banks until 2012, when the financial regulator imposed multi-million-pound fines and started criminal proceedings against numerous bankers accused of submitting false rates for their own advantage. ...

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