LONDON ― In November, the United Kingdom’s Financial Conduct Authority announced a settlement in which six banks would be fined a total of $4.3 billion for manipulating the foreign-exchange market. And yet share prices barely reacted. Why? The nefarious practices and management failings uncovered during the yearlong investigation that led to the fines were shocking. […]

How does the FOS reach a conclusion about a complaint? A major difference between the way the FOS and a court determine a claim is that the FOS will do so in accordance with what it considers fair and reasonable in the circumstances – even where the strict application of the law would produce a […]

The following article was written by Rowan Bosworth-Davies and first posted on his blog on March 26th 2012. Speaking on the Marr Show on BBC One on March 23rd, the former Daily Telegraph editor and historian Max Hastings said a “senior central banker” recently told him that London is now considered to be the “money-laundering […]

Following a Recovery Order first granted by the High Court in May 2013, the National Crime Agency has today recovered more than $7m from an alleged international fraudster and money launderer. In the civil recovery application the NCA submitted that Mr. Hakki Yaman Namli, who resides in Turkey, was involved in fraud on an international […]

Four out of five investment advisers are concerned that inappropriate products are being rushed to market to take advantage of changes announced in the Budget, research has found. The survey, carried out by fund manager State Street, looked at the likely impact of relaxing regulations around how defined contribution (DC)savers take their pension pots. Of […]

Just prior to the three year anniversary of the UK Bribery Act (“Bribery Act”), the UK division of Transparency International (“TI”), a leading non-governmental anti-corruption organisation, released new guidance for companies setting out “principles and good practice” for dealing with requests for small bribes, including facilitation payments (also known as “speed” or “grease” payments). Dealing […]

The Department for Business, Innovation and Skills has published the Regulators’ Code. The Code was issued under section 22(1) of the Legislative and Regulatory Reform Act 2006, and provides a principles-based framework for the way in which regulators should engage with those they regulate. Nearly all non-economic regulators, including the Claims Management Regulation Unit, the […]

Following a commitment made at this summer’s G8 summit, the UK Prime Minister David Cameron recently announced plans to create a public register of the beneficial owners of UK companies. It is hoped that by promoting transparency, the proposal will help prevent money laundering and tax evasion. Who will it affect? Companies will have to […]