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Showing 18841 - 18850 of 19303 matches filtered by 'news item'

  • BIS/BERR: Enhancing consumer confidence by modernising consumer law

    21/08/2012
    This consultation seeks views on Government proposals for transposing certain provisions of the Consumer Rights Directive (2011/83/EU) into UK law. ... It proposes that areas such as financial services are better covered through existing, sector specific legislation and that, therefore, the option of extending the CRD information and cancellation provisions to this sector and others should not be pursued. Responses are required by 1 November 2012.
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  • EIOPA: Annual Report 2011

    21/08/2012
    EIOPA has published its annual report providing an overview of its work during the year. A summary of the report... is also available to download via the following link.
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  • Final Notice: Anthony Adams

    21/08/2012
    Further to Friday’s update and the enforcement action against Richard Rhys, this Final Notice notes a prohibition order against the individual,... a former director and compliance officer of MNFA. FSA has prohibited him from performing any significant influence function at any authorised or exempt person or exempt professional firm, other than as, or through, an appointed representative within the meaning of FSMA. FSA concluded that he failed to understand the restrictions on promoting UCIS and was partly responsible for MNFA promoting the EBP Scheme, a UCIS,, and failed to take any steps to ensure that there was compliance monitoring of MNFA’s sale of the EBP Scheme (despite being the compliance officer).
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  • FRC: MoU with the Institute and Faculty of Actuaries

    21/08/2012
    FRC has published the text of a 2012 MoU between it and the Institute and Faculty of Actuaries in relation to... oversight and actuarial technical standards.
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  • FSA: Assessing the possible sources of systemic risk from hedge funds

    21/08/2012
    FSA has published this report which sets out the results of FSA’s latest Hedge Fund Survey (HFS) conducted in March 2012... and the Hedge Fund as Counterparty Survey (HFACS) conducted in April 2012. Key findings include: aggregate assets under management increased in the survey period, the footprint of surveyed hedge funds is modest in most markets when measured by the value of their exposures and by turnover. Possible exceptions are the convertible bond, interest rate derivative and commodity derivative markets; leverage remains largely unchanged and modest for most funds; surveyed hedge funds report that they are able to liquidate their assets in a shorter timeframe than the period after which their liabilities would fall due; counterparty exposures of surveyed hedge funds remain fairly concentrated among five banks and measures of portfolio concentration have remained largely unchanged for most surveyed funds. FSA intends to repeat the HFS in September 2012 and the HFACS in October 2012.
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  • FSA: Insider dealing case

    21/08/2012
    Further to a case brought by FSA resulting in convictions for insider dealing in 2010, FSA now reports that confiscation orders... totalling £1,534,000 have been made against Christian Littlewood and Angie Littlewood. They were each ordered to pay £767,000 representing the benefit obtained by each of them from insider dealing. This will be paid out of funds and assets which were restrained by the court on FSA’s application at the time of their arrest. The Littlewoods and Helmy Omar Sa’aid, the third defendant, were convicted of insider dealing in eight stocks making a total profit of £590,000. The total amount confiscated in this case, including the previous order of £640,000 against Sa’aid totals £2,174,000. This is as a result of the application of the confiscation regime which allows the court to assume that the proceeds of other trading that took place within the same period represent the proceeds of crime. If for any reason the sums are not paid within six months, the Littlewoods will be liable to serve an extra three years in prison. FSA has also publicised Final Notices by which prohibition orders have been imposed against the Littlewoods and notes that it has four other insider dealing cases pending.
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  • FSA: Non-FSMA complaints

    21/08/2012
    FSA notes that the Payment Services Directive (PSD), Electronic Money Directive (EMD) and Business Names Regulations (BNR) now come under its... remit, but that its under these directives are not carried out under FSMA. PSD, EMD and BNR do not contain provisions for any potential complainant to take their complaint to the Complaints Commissioner in the event that they should wish to progress their complaint to Stage 2. Therefore, FSA has made alternative arrangements for any such complaints to be dealt with internally by a senior member of staff who has not been involved in any way with the matter being complained of.
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  • TSC/BoE: Fixing LIBOR: some preliminary findings

    21/08/2012
    FSA has published this report, together with supplementary and written evidence. Andrew Tyrie comments: “it seems that the FSA was... on the case. In explaining what was wrong with the culture at Barclays, the FSA showed some welcome evidence of a new, judgement-led regulatory approach. It will be a great step forward if the regulators get away from box-ticking and endless data collection and instead devote more careful thought to where risk really lies … FSA were less adroit in their handling of the removal of Bob Diamond. They appeared, initially, to be content to allow Mr Diamond to continue in his role, until public pressure mounted over the LIBOR scandal. Then, without engaging in any formal process, they decided that he should go. Both responses were misjudged. Regulators should not decide the composition of boards in response to headlines. … Such an informal approach, as was taken in this case, is open to abuse in the future. The PRA and the Bank need better corporate governance. The absence of a requirement for effective governance in the new regulatory framework is a serious defect of the Financial Services Bill … FSA needs to give high priority to its investigations into other banks, including those largely owned by the taxpayer. … Firms must be encouraged to report to the regulator instances they find of their own misconduct. While such a firm should still be required to pay compensation to any other party who has been disadvantaged by the misconduct, in cases where a firm makes a complete admission of its own culpability the FSA should retain flexibility in setting the fine payable. The FSA should have regard to the desirability of encouraging other firms to confess their misdemeanours in a similar way. The FSA may also need to re-examine its treatment of whistleblowers, both corporate and individual, in order to provide the appropriate incentives for the reporting of wrongdoing”. Among its recommendations: higher fines for firms that fail to co-operate with regulators, the need to examine gaps in the criminal law following the Wheatley review, and a much stronger governance framework at BoE (BoE has responded in a press release – see last link below). TSC recommends that FSA set out clearly for firms any concerns it has about a senior appointment. TSC also recommends that the Parliamentary Commission on Banking Standards consider how to mitigate the risk that the leadership style of a chief executive may permit a lack of effective challenge or to the firm committing strategic mistakes.
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  • Upper Tribunal Decision: Quarters Trustees Limited/John Quarrell/Susan Beaumont

    21/08/2012
    The Pensions Regulator had applied to strike out the applicants’ reference notice by which they sought to refer to the Upper... Tribunal an Order made by the Pensions Regulator’s Determination Panel dated 20 August 2009 prohibiting the Applicants from acting as trustees of any occupational pension scheme established under trust pursuant to s3(1)(c) Pensions Act 1995. FSA’s application sought to strike out references served by John Quarrell and Susan Beaumont on 14 April 2011. By those references, those applicants referred Decision Notices dated 18 March 2011 withdrawing their approvals and issuing prohibition orders against them. The applications of the two regulators were heard together as both sought strike out of the references pursuant to rule 8(3)(b) of the Rules on the basis that the applicants failed to cooperate with the Tribunal to such an extent that the Tribunal cannot deal with the proceedings fairly and justly. The Tribunal directed the reference to be struck out, concluding (with some discussion of case law) that there was no reasonable prospect of the applicants demonstrating that they are fit and proper persons to act as trustees of trust-based occupational pension schemes and also noting a failure to cooperate on the part of the applicants as an additional ground for striking out the references.
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  • BIS: Supervisory guidance for managing risks associated with the settlement of foreign exchange transactions

    17/08/2012
    This consultation aims to review and update supervisory guidance (last published in 2000) in order to ensure that such risks are... properly managed: it will provide a more comprehensive and detailed view on governance arrangements and the management of principal risk, replacement cost risk and all other FX settlement-related risks. It promotes the use of payment-versus-payment arrangements, where practicable, to reduce principal risk. Responses should be received by 12 October 2012.
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