12/23/2014
FCA warns of unauthorised wealth manager
The Financial Conduct Authority has warned of a scammer pretending to be an authorised wealth manager and targeting investors in the UK.
Legal,Regulation,Tax & Compliance
12/23/2014
Think-tanks propose EU regulation opt-out for fund managers
Two think-tanks are proposing that fund managers in London who do business outside the European Union should be able to negotiate an exemption from European regulation, illustrating the growing Euroscepticism among the UK’s fund management community
12/22/2014
Connaught Asset Management directors banned for 16 years
Two directors of Connaught Asset Management have been disqualified as directors for a combined 16 years for allowing the misuse of up to £106 million in investment funds after an investigation by the Insolvency Service.
12/22/2014
Swiss reputation abroad suffers setback
However, Switzerland’s reputation has improved in Poland and in Britain over the past five years.
12/22/2014
German state buys tax CD containing Swiss bank client data - paper
The newspaper also said that in the past week there had been several raids on the unreported income of clients of Credit Suisse in NRW related to a tax CD that NRW authorities bought in 2012.
12/22/2014
Swiss Bankers in Limbo After U.S. Jury Acquits Ex-UBS Executive
The courtroom victory of the only Swiss banker to beat the U.S. in a trial over offshore tax evasion may embolden other indicted financial workers to leave a legal limbo some have occupied more than five years.
12/22/2014
Guernsey ups the anti for new funds
Looking at the Crown Dependencies, Jersey saw a 6% increase over the previous half-year, while Guernsey saw something of a dip in the number of new company incorporations.
12/22/2014
Fred the Shred ordered to reveal £12bn RBS rights issue emails
Goodwin will have to trawl through hundreds of text messages and emails by order of the court, ahead of a court case against him and other RBS bosses due to take place in 2016
12/22/2014
Russia to bail out Trust Bank with up to $530 million
The central bank also said its Deposit Insurance Agency, responsible for managing crisis-hit lenders, would take over interim supervision of Trust Bank as of Monday.
12/21/2014
Swiss National Bank adopts negative interest rate
Switzerland is introducing a negative interest rate on deposits held by lenders at its central bank, moving to hold down the value of the Swiss franc amid turmoil in global currency markets and expectations that deflation is at hand.
12/21/2014
Gold rises on Swiss central bank's move
Gold prices edged higher Thursday after Switzerland's central bank said it would introduce negative interest rates next year and as traders continued to adjust their outlook on US monetary policy.
12/21/2014
Qatari ruling family hit with £38million stamp duty bill after using tax avoidance scheme on purchase of Chelsea Barracks
The Qatari ruling family has been ordered to pay £38million in stamp duty for the purchase of Chelsea Barracks after using an aggressive tax avoidance scheme to avoid the bill.
12/20/2014
German bank sues Ecclestone for 345m euros: report
The Bavarian state bank, who were unavailable for comment on Friday, accuses the British billionaire of bribing one of its executives to influence the 2006 sale of Formula One's rights.
12/19/2014
British police arrest ex-RBS trader in currency probe-FT
A City of London police spokeswoman declined to comment on the identity of the individual or whether they had been released on bail after questioning, saying only it was an SFO-led investigation.
12/18/2014
Credit Suisse and GLG settle Desmond court case ‘for £10m’
Media baron Richard Desmond has won a victory over Credit Suisse and hedge fund group GLG after they settled his £42 million court case over what he claimed was an “incomprehensible” financial investment.
12/18/2014
Law firm for the super rich
Withers enters a competitive and growing legal market of serving private clients
12/18/2014
EU Leaders to Urge Stepped-Up Fight Against Tax Evasion
EU leaders attending today’s summit in Brussels will call for a renewed push against tax evasion as cash-strapped nations seek more ways to refill depleted government coffers.
12/18/2014
Swiss National Bank will cut interest rate to minus 0.25%
Switzerland's National Bank will bring in a negative interest rate cutting the value of large sums of money left on deposit in the country.
12/18/2014
U.S. regulators seek information on asset managers' risks
The U.S. financial risk council on Thursday requested information on asset managers' key risks as part of an attempt to determine whether the industry poses a threat to markets.
12/18/2014
Switzerland’s Big Banks Closely Eye Negative Rate Move
Switzerland’s big banks, UBS and Credit Suisse, are carefully assessing the Swiss central bank’s move to introduce a negative interest rate on deposits—which could cause each of the lenders to take a direct financial hit.