FCA proposes cap on early exit changes

26 May 2016

The Financial Conduct Authority (FCA) has today announced the level at which it will consult to cap early exit charges for those consumers wishing to make use of the pension freedoms. The FCA has proposed that for existing contract-based personal pensions, including workplace personal pensions, exit charges will be capped at 1% of the value of a member’s pot. Firms will not be able to apply any exit charge for personal pension contracts entered into after the proposed new rules come into force.

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Nordea’s merger plans

19 May 2016

Nordea welcomes the Swedish Financial Supervisory Authority’s (SFSA) approval of the merger plans between Nordea and its subsidiary banks Nordea Bank Danmark, Nordea Bank Finland and Nordea Bank Norge, respectively. This is an important step in our work to simplify our legal structure, with the aim to change the Norwegian, Danish and Finnish banks to branches of the Swedish parent company.  Continue reading…

Two Convicted of Insider Dealing in Operation Tabernula Trial

13 May 2016

In a case brought by the Financial Conduct Authority (FCA) and following a three-month trial at Southwark Crown Court, two defendants – a senior investment banker and a Chartered Accountant – have been convicted of conspiring to insider deal between November 2006 and March 2010. Three other defendants, Andrew Grant Harrison, Ben Anderson and Iraj Parvizi, have been acquitted.
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Wolters Kluwer

IFRS 9: Unexpected Gains from Expected Losses

10 May 2016

To follow IFRS 9 protocols, firms will be required to exercise judgment throughout the organization, evaluating internal developments and the wider economic and financial backdrop. The unique skills, perspective and outlook that each department, most notably Finance and Risk, brings to the task makes it one that’s best accomplished between them, working together, not just within them.

This is when the collaborative thinking incorporated into IFRS 9 will reveal its value most clearly. Our latest white paper outlines how – if all centers of leadership act in concert – an institution can comply successfully with, and benefit from, IFRS 9.

FSB meeting reported on Nordic experiences of cooperation on cross-border regulation and crisis resolution

10 May 2016

Last Friday, the Financial Stability Board (FSB) hosted in Basel, the tenth meeting of the FSB Regional Consultative Group for Europe (RCG Europe) under the co-chairmanship of Anne Le Lorier, First Deputy Governor, Banque de France (see photo) and Jon Nicolaisen, Deputy Governor, Norges Bank. At their meeting, members of the FSB RCG Europe discussed the progress made by two working groups set up by the RCG Europe. One has reported on Nordic experiences of cooperation on cross-border regulation and crisis resolution. The other will start its work on private pension schemes resilience.
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