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Showing 18851 - 18860 of 19303 matches filtered by 'news item'

  • Final Notice: Richard Rhys

    17/08/2012
    FSA has imposed a prohibition order against the individual, a former director of MNFA Limited (which went into creditors’ voluntary liquidation... in 2009 and lost its Part IV permission that year), who was mainly responsible for the investment and business development side of the business. He was also the leading approved person in the marketing and promotion of a scheme called the environmentally beneficial plant scheme (the "EBP Scheme”) by the firm, whose customers invested around £11.6m in the EBP Scheme that it unlawfully promoted and the majority of investors have subsequently sustained substantial losses. FSA concluded that the scheme had been promoted in a way that risked it being mis-sold to the investors and that the individual had been directly responsible for this. FSA said that he had made statements in order to promote the EBP Scheme that obviously risked misleading investors (and did in fact mislead them), without applying his mind to that risk; caused the firm to promote the EBP Scheme without conducting proper due diligence and without complying with the regulatory standards, including the required statutory and regulatory promotional requirements for an unregulated collective investment scheme; failed to inform himself of and understand the relevant UCIS requirements and failed to take any steps to ensure MNFA assessed the suitability of its advice to customers. It is noted that the matter had originally been referred to the Upper Tribunal, but that the reference was withdrawn following settlement discussions with FSA.
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  • FRC: Equitable Life Assurance Society

    17/08/2012
    The Accountancy and Actuarial Discipline Board (AADB), an FRC board, has announced the outcome of two investigations being conducted into the... conduct of an Ernst & Young LLP actuary in connection with the firm’s audits and into the conduct of certain actuaries of the Government Actuary’s Department in connection with the provision of advice by or on behalf of the Government Actuary’s Department to prudential regulators in respect of the firm. In both cases, AADB concluded that there was no realistic prospect that a Tribunal would make adverse findings and that the investigations would be closed with no further action taken.
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  • ISDA: August 2012 Dodd-Frank Protocol

    17/08/2012
    In order to facilitate implementation of Dodd-Frank rulemakings, ISDA is launching a series of protocols starting with the above, which is... now open for adherence. The protocol text, FAQs and other documentation is available to download via the following link.
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  • LSB: Annual Report 2011/2012

    17/08/2012
    LSB’s annual R&A reviews work carried out over the year. It notes that there is “considerable uncertainty around how consumer... credit will be regulated in the future and what this will mean for the Lending Code and the LSB … The LSB supports the move to a single statutory regulator for all retail banking products and believes that self-regulation, via effectively monitored and enforced industry codes, would bring additional and complementary benefits to a purely statutory approach and should be considered fully in designing the new regime”.
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  • ISDA: August 2012 FATCA Protocol

    17/08/2012
    The FATCA Protocol addresses the effects of FATCA on derivatives transactions. The protocol text, FAQs and other documentation is available... to download via the following link.
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  • ESMA: Considerations of materiality in financial reporting

    16/08/2012
    Further to the above-mentioned consultation which was published in November 2011, ESMA has now published a summary of responses providing an... overview of the key issues raised by respondents. ESMA is organising a roundtable at its Paris offices in October to clarify some specific issues.
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  • FSA: s166 skilled persons reports

    16/08/2012
    FSA has published a table setting out the number of skilled persons reports that were commissioned in Q2 2012.
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  • FOS: Ombudsman News 104

    15/08/2012
    Topics include case studies involving PPI complaints (one of the case studies notes a script used by a provider which prompted... the sales representative to use “objection handling guidance” when customers said they were not interested); a casework experiment that took a radically different approach to settling disputes quickly and informally and Natalie Ceeney discusses what this casework experiment could mean as a model for the future.
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  • FSA: Market Watch 42

    15/08/2012
    This issue of Market Watch concerns FSA’s approach to transposition of the Short Selling Regulation in the UK (it comes into... force on 1 November 2012) and sets out expected procedures.
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  • FSB: Thematic peer review of resolution regimes

    14/08/2012
    The objective of this first peer review in this area is to evaluate FSB member jurisdictions’ existing resolution regimes and any... planned changes to those regimes using “key attributes” set out in FSB’s November 2011 paper as a benchmark. The objectives of the review are to: take stock of national resolution regimes that apply to different types of financial institutions, and of any planned changes to those regimes; highlight good practices in national resolution regimes as well as any material inconsistencies or gaps; evaluate progress in implementing reforms to national resolution regimes using the key attributes as a benchmark, and identify challenges arising from their implementation and identify clarifications or revisions to the essential criteria and/or explanatory notes. The primary source of information for the peer review will be member jurisdictions’ responses to a questionnaire which asks for general information about recent experiences with the resolution of systemically significant or critical financial institutions and details on national implementation (or planned implementation) of the key attributes in resolution regimes across different sectors. The deadline for feedback is 28 September 2012.
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