The Financial Stability Board (FSB) today published a progress report on the implementation of its Principles and Standards for sound compensation practices in financial institutions. The report assesses how compensation practices have evolved since the Principles and Standards were published in 2009. The report confirms the finding of the previous progress report in June 2017 that all FSB jurisdictions have implemented the Principles and Standards for sound compensation for all banks considered significant for the purposes of the Principles and Standards.

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The Financial Conduct Authority (FCA) and the China Securities Regulatory Commission (CSRC) have made a joint announcement of their approval of the Shanghai and London Stock Exchanges’ proposed new Shanghai-London Stock Connect. They have also published a memorandum of understanding (MoU) aimed at providing the basis for the regulatory co-operation that will support the success of the scheme.
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The Financial Reporting Council (FRC) has issued a Final Decision Notice under the Audit Enforcement Procedure and imposed sanctions against PricewaterhouseCoopers LLP (“PwC”), and two partners Jaskamal Sarai and Arif Ahmad, in relation to the statutory audits of the financial statements of Redcentric plc for the financial years ending 31 March 2015 (“FY2015”) and 31 March 2016 (“FY2016”).
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An independent investigation into the circumstances surrounding the collapse of investment firm London Capital & Finance (LCF) and the Financial Conduct Authority’s (FCA’s) supervision of the firm has been formally launched. The Economic Secretary to the Treasury, John Glen, has approved the FCA’s appointment of Dame Elizabeth Gloster to lead the investigation and has laid before Parliament the direction to initiate this work. Mr Glen has also announced that the Treasury will begin a wider policy review in response to the case, including a review of the regulatory regime for ‘mini-bonds’ and other non-transferrable securities.
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Eight sites for supercomputing centres have been selected across the EU to host the first European supercomputers. They will support Europe’s researchers, industry and businesses in developing new applications in a wide range of areas, from designing medicines and new materials to fighting climate change. In a major step towards making Europe a top supercomputing region globally, the European High-Performance Computing Joint Undertaking – EuroHPC has selected 8 sites for supercomputing centres located in 8 different Member States to host the new high-performance computing machines.
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The Financial Conduct Authority (FCA) has confirmed it is introducing reforms to fix a dysfunctional overdraft market. These changes will make overdrafts simpler, fairer, and easier to manage and will protect the millions of consumers that use overdrafts, particularly more vulnerable consumers. The changes represent the biggest overhaul to the overdraft market for a generation.
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A former customer services officer at Stockport Homes Limited (SHL) has been found guilty of unlawfully accessing personal data without a legitimate reason to do so.W endy Masterson spent time looking at anti social behaviour cases on SHL’s case management system when she wasn’t authorised to do so. She accessed the system a total of 67 times between January and December 2017.
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Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of the Group of 20 (G20) meeting of Finance Ministers and Central Bank Governors in Fukuoka, Japan: “We met at a time when the global economy is showing tentative signs of stabilizing and growth is projected to strengthen. While this is good news, the road ahead remains precarious and subject to several downside risks.   
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