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  • FOS: Ombudsman News 107

    29/01/2013
    Topics include: Q3 2012 complaints overview; bad weather related insurance complaints and catalogue shopping complaints.
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  • FRC: Outcome of investigation: Lehman Brothers International (Europe)

    29/01/2013
    FRC has announced the outcome of its investigation into the conduct of Members of the ICAEW and Ernst & Young LLP... (“E&Y”), as auditors to Lehman Brothers International (Europe) (“LBIE”). It has decided that no action should be taken against E&Y or any individuals in connection with their conduct in this matter. It is noted that at the start of the investigation, it appeared that LBIE failed to comply with CASS rules in a number of respects, however E&Y signed off their accountant’s report to the effect that LBIE was in compliance with them. Among the concerns raised was whether the treatment of money LBIE received from affiliates, post MiFID, complied with CASS and another was whether money relating to LBIE Prime Brokerage clients required segregation. In the course of the investigation, the investigation team obtained and reviewed E&Y’s audit files and hard copy documentation. The team also interviewed E&Y audit team staff. This matter was referred to an expert to consider the case. Following this, it has been decided that there is no realistic prospect that a tribunal would make an adverse finding against E&Y in the UK or members within that firm. The investigation will therefore be closed and no further action taken.
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  • FSB: Plenary meeting in Zurich (28 January 2013)

    29/01/2013
    FSB has published a note of this meeting. Among topics discussed: OTC derivatives reforms; resolution of failing financial institutions; risk... governance; accounting; shadow banking; LIBOR and other benchmarks.
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  • FSB: Shadow banking

    29/01/2013
    FSB has published responses to the consultative documents on strengthening oversight and regulation of shadow banking which are available to download... via the following link.
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  • FSCP: Consumer Bulletin Issue 2

    29/01/2013
    Topics include: EU developments; What the Financial Services Act 2012 means for consumers; consumer confusion over authorisation/registration and defining consumer disadvantage... and vulnerability.
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  • HMT: Financial Services Act 2012: summary of consultation responses on draft secondary legislation and Government response

    29/01/2013
    HMT has published a summary of responses in respect to three consultations (Implementing the Wheatley Review/Financial Services Bill: the FPC’s macro-prudential... tools on the levers that the Bank of England’s new Financial Policy Committee will have to address risks it identifies to financial stability/A new approach to financial regulation: draft secondary legislation on the remaining secondary legislation related to the Act) which include HMT’s responses to specific issues raised in the responses.
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  • DWP: Pensions and growth: whether to smooth assets and liabilities in scheme funding valuations and whether to introduce a new statutory objective for the Pensions Regulator

    28/01/2013
    This call for evidence seeks to gather views on: whether the smoothing of assets and liabilities would be appropriate in schemes... undertaking technical provisions (part 3) valuations, considering impacts on members, sponsoring employers and PPF; how smoothing might be applied; and whether a new statutory objective for the Pensions Regulator is necessary, or whether the appropriate considerations can be delivered under existing objectives, or alternatively whether other changes to the legislation are required. Responses to the call for evidence on the new objective are required by 21 February 2013 and responses to the call for evidence in relation to smoothing are required by 7 March 2013.
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  • EIOPA: Long-term guarantee assessment

    28/01/2013
    EIOPA has launched a technical assessment of the long-term guarantee package agreed by (the European Parliament, the Council of the EU... and the EC in the context of the Omnibus II Directive negotiations. Its aim is to test various options contained in the Solvency II LTG measures in order to assess the effects that the implementation of such measures may have on: policyholders and beneficiaries, insurance and reinsurance undertakings, supervisory authorities and the financial system as a whole. Insurance undertakings should follow the technical specifications available via the second link below. Participants will have until 31 March 2013 to carry out their estimation of the impact of the measures covered in the LTGA. In April and May the data submitted by insurance undertakings will, first, be validated by the national competent authorities and, then, be analysed by EIOPA at the EU level. The report presenting the technical results of the LTGA exercise together with EIOPA’s conclusions is planned to be published in the second half of June 2013. It is noted that the assessment covers life as well as non-life insurance companies in the different national markets.
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  • Final Notice: Tony Sanham

    28/01/2013
    FSA has issued a prohibition order against this individual on the grounds of fitness and properness. It is noted that... on 13 October 2011, he was convicted of one count of conspiracy to defraud and one count of dishonestly making false representation to make gain for himself or cause loss to another or expose another to risk for which he was sentenced to 4 years and 6 months imprisonment
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  • FSA: Factsheet for RDR firms

    28/01/2013
    FSA has published a factsheet which covers “top questions on RDR” from recent workshops. Specific topics include: independent and restricted... advice; adviser charging and professionalism.
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