News

Nottinghamshire Police’s Fraud and Financial Investigation Unit have today (1 December) arrested several people in connection with a major fraud investigation. Assisted by City of London Fraud Squad officers, warrants were executed at eight addresses, which resulted in six people being arrested. Two premises are also being searched in the north west of England. According […]

HM Revenue & Customs (HMRC) is giving taxpayers with offshore investments more time to come forward under the New Disclosure Opportunity (NDO) or risk being investigated. The New Disclosure Opportunity, announced in the April Budget, required taxpayers with undisclosed overseas income to first notify HMRC of an intention to disclose and then send in full […]

SOCA publishes Suspicious Activity Reports Regime Annual Report The Serious Organised Crime Agency (SOCA) has published the Suspicious Activity Reports (SAR) Regime Committee Annual Report. The report is the Committee’s assessment, for Home Office and Treasury Ministers, of the operation of the SARs regime from October 2008 to end of September 2009. http://www.soca.gov.uk/assessPublications/downloads/SARs_Annual_Report_2009.pdf

On the 26th November Sir David Walker published his Final Recommendations on corporate governance in UK banks and other financial institutions (BOFIs). These set out the final conclusions and recommendations following consultation on his preliminary report published in July. The Final Recommendations aim to bring about significant cultural and organisational changes in corporate governance. The […]

The FSA has imposed a fine of £1.75 million (after a 30% discount) on Nomura International Plc (Nomura) for systems and controls failings in relation to book marking within its International Equity Derivatives (IED) business. The failings came to light following the discovery in June 2008 of trader mis-marking in Nomura’s Hong Kong Single Stock […]

The Financial Services Bill – On 19 November 2009, the UK Government published the Financial Services Bill (FS Bill) that it has introduced to Parliament.  The Financial Services Bill contains some new enforcement powers. These include a power to enable the FSA to suspend a firm’s permission to carry on regulated activities. The power is […]

Guernsey – The Licensees (Conduct of Business) Rules, 2009 – Explanatory Note and Feedback on Consultation. The Guernsey Financial Services Commission, in conjunction with a Working Party including practitioners from the investment business sector, has been preparing new Conduct of Business Rules mandatory for all entities licensed under the Protection of Investors (Bailiwick of Guernsey) […]

Margaret Cole outlines the FSA’s financial crime agenda – On 19 November 2009, the FSA published a speech by Margaret Cole, FSA Director of Enforcement, on the FSA’s agenda for fighting financial crime. In her speech, Ms Cole talked about the FSA’s “frontline” work as gatekeeper and supervisor in relation to financial crime, as well […]