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£2.8m fine for Sinha's fake invoicing scheme
The regulator is on a roll, levying another high-profile figure in the financial industry a steep sanction before the end of January. Ravi Shankar Sinha - who was CEO in the UK for private equity firm JC Flowers (JCF) and who headed a bid for..
Online Published Date:
03 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
News
Einhorn and Greenlight: 'deterrence' gets more 'credible'?
David Einhorn and Greenlight Capital have been slugged with a £7.2m fine by the FSA, for trading on inside information about Punch Taverns that was obtained on a..
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
Lame on blame: the RBS report
To say that it caused surprise and consternation when the FSA decided not to take enforcement action against any of the senior managers of RBS in relation to the 2008 collapse of the bank would be an understatement. The 452-page internal report on the subject gives the regulator’s view of what happened and why nobody should take responsibility for it. Adam Samuel scrutinises the paper.
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
Lame on blame: the RBS report
To say that it caused surprise and consternation when the FSA decided not to take enforcement action against any of the senior managers of RBS in relation to the 2008 collapse of the bank would be an understatement. The 452-page internal report on the subject gives the regulator’s view of what happened and why nobody should take responsibility for it. Adam Samuel scrutinises the paper.
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
Complaints and liabilities hangover
This New Year brings fresh headaches for regulated firms and individuals brought on by a toxic brew of regulatory developments during the latter part of 2011. Robbie Constance and Sam Bishop report.
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
Ghosts of enforcement past and future
The FSA has commenced its 2012 enforcement programme with gusto, dealing out high-profile sanctions and hefty fines. Ian Mason reviews last year’s trends and predicts the path ahead.
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
The Bill
In response to the joint committee’s key recommendations on draft legislation to transform the regulation of UK financial services, the Government has confirmed that in times of crisis the Chancellor should have power to take the helm. Charlotte Hill and William Maycock examine the recommendations and their impact on the bill.
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
Finish line looms to be RDR ready
With less than a year remaining before the Retail Distribution Review takes effect, Roderic Rennison examines the main areas of focus, the challenges for both manufacturers and distributors, as well as the central role of compliance professionals in the forthcoming changes and their implementation.
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
A skilled person reports
Section 166 reports have been a sore issue for many financial services firms in recent years, but are now a fairly routine aspect of post-crisis UK regulation. Fiona Fry and Karen Bloomfield of KPMG advise on the process from the reviewer’s point of view.
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012
Are UCIS the next toxic product?
Unregulated collective investment schemes have never been considered the most anodyne of financial products. Yet Gillian Roche-Saunders reports that heightened regulatory attention along with changes to the promotions regime, requirements on provision of advice and FSCS levies are making them even trickier to handle.
Online Published Date:
10 February 2012
Appeared in issue:
Vol 24 No 5 - 01 February 2012