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Role as foreingn exchange Cartels costs five Banks a fine of 1.07 billion euro’s

17 May 2019

The European Commission fined Citigroup, Barclays, JPMorgan Chase, Mitsubishi UFJ Financial Group and the Royal Bank of Scotland a combined 1.07 billion euro’s ($1.2 billion), for their roles in foreign exchange trading cartels. Individual traders at the five banks involved formed two cartels, said the European Commision and these traders manipulate the spot foreign exchange market for 11 currencies, including the dollar, the euro and the pound. Continue reading…

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Malthouse launches £8.5 million fund to help communities deliver discounted homes

16 May 2019

A multi-million-pound support package to deliver thousands of discounted homes was launched by Housing Minister Kit Malthouse MP. Volunteer groups will be able to apply from Monday for between £10,000 and £50,000 to help identify suitable sites for discounted homes, get planning permission for them and to provide other technical support. Further free specialist advice and guidance will also be made available for those who participate in the pilot. Continue reading…

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FCA publishes Decision Notices against three firms and five individuals for acting without integrity in relation to their pension advice business and misleading the FCA

15 May 2019

The Financial Conduct Authority (FCA) has published Decision Notices in respect of three firms (Financial Page Ltd, Henderson Carter Associates Limited and Bank House Investment Management Limited) and five individuals (Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer). Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward, Tristan Freer and BHIM have referred their Decision Notices to the Upper Tribunal where the parties will present their respective cases. Any findings in the Decision Notices are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers their behaviour should be characterised. Continue reading…

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EU leaders send a message of unity and confidence in their future joint actions

14 May 2019

European Commission President Jean-Claude Juncker participated in the Informal meeting of EU27 heads of state or government in Sibiu, Romania, where leaders celebrated Europe Day focusing on strategic plans for the Union in the coming years. At the press conference President Juncker said that today EU leaders demonstrated solid unity underlining that “we have achieved a lot together: we agreed on 348 proposals, 90% of them through unanimity; unemployment and deficits are down compared to 2014 and growth is up. Unity matters and this is our way to the future.” Continue reading…

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Basel Committee reports on Basel III implementation progress

13 May 2019

The Basel Committee on Banking Supervision issued the Sixteenth progress report on adoption of the Basel regulatory framework. As noted by the Group of Central Bank Governors and Heads of Supervision (GHOS), the Committee’s oversight body, its members expect full, timely and consistent implementation of the finalised Basel III reforms by member jurisdictions. The progess report sets out the adoption status of Basel III standards for each Committee member jurisdiction as of end-March 2019. It includes the Basel III post-crisis reforms published by the Committee in December 2017 and the finalised market risk framework published in January 2019. These reforms will take effect from 1 January 2022. Continue reading…

financial stability

FSB RCG for the MENA discusses market fragmentation, reforms to interest rate benchmarks and financial stability surveillance frameworks

10 May 2019

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Middle East and North Africa (MENA) met in Istanbul. Members of the FSB RCG MENA received an update on the FSB’s work programme and deliverables to the June G20 meetings next month in Japan. The FSB’s work programme in 2019 is focused on new and emerging vulnerabilities, including potential financial stability issues arising from market fragmentation and FinTech, and how they may be addressed; finalising and operationalising post-crisis reforms; evaluating the effects of the reforms on, for example, financing to small and medium-sized enterprises;correspondent banking; and reinforcing outreach to stakeholders. Continue reading…

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FCA changes mortgage advice rules to encourage consumer choice

09 May 2019

The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make it easier for customers to find the right mortgage. Continue reading…

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Businesses and consumers to be given increased protections from criminal activity

08 May 2019

Companies will be better protected from fraud, under new Companies House reforms that will do more to safeguard the personal data of business owners and ensure the accuracy of the register. Business Minister Kelly Tolhurst unveiled a substantial package of reforms to Companies House. With the clear aim of minimising the burden on law abiding companies, the reforms will contribute to UK efforts to tackle economic crime by increasing the traceability of company ownership and management while offering business owners and businesses greater protection from fraud. Continue reading…

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FCA opens debate on intergenerational finance: how industry and regulators should respond to demographic change

07 May 2019

The Financial Conduct Authority (FCA) has published a discussion paper on Intergenerational Differences, exploring the changing financial needs of consumers from different age groups. The way people build and use wealth is evolving – having an impact on their financial needs. With one of the FCA’s statutory objectives being to protect consumers, it is important that the FCA approach adapts to the changing needs of the different groups within and between generations. Continue reading…

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Geopolitics in a cyber age: “we’ve been fooled into thinking technology is neutral”

06 May 2019

Technology is radically changing the nature of terrorism and state-to-state rivalry. The global picture is complex but risk managers have a key role to play – PR Officer at Airmic, Jessica Titherington reports. Managing geopolitical risks was once about anticipating and preparing for physical disruption in volatile regions of the world and understanding how this may impact the business environment. Not an easy task by any means, but one in which risks were visible, easy to define and played out on a global stage. Continue reading…