06/12/2012

Defunct day-trading group challenges FSA

The Financial Services Authority is seeking to fine Swift Trade and its successor company Canada Inc a near record £8m for what it alleges was “layering” – placing and cancelling multiple trade orders in order to move the price of

06/12/2012

Compliance group warns of FSA visits over fund switching

TCC client services director Ian Stott said advisers should expect visits from the Financial Services Authority (FSA) as it hones in on fund switching once it has finalised guidance on centralised investment propositions.

06/07/2012

High Court quashes £100k FSA fine against ex-banker

The claimant, who has been granted anonymity, brought the judicial review proceedings to challenge a decision made by the Regulatory Decisions Committee to issue a decision notice against him in October 2010.

06/07/2012

Tax Evasion Eating Into Italian GDP

More than a quarter of the Italian economy eludes taxation, due to underground and criminal economic activities that push up borrowing costs and discourage investment in the country's most vulnerable regions, a senior Bank of Italy official said Wedn

06/07/2012

Madoff trustee files many new lawsuits

Irving Picard, the trustee, filed complaints seeking a respective $354.9 million and $179.4 million from Swiss private banks EFG Bank SA and Lombard Odier Darier Hentsch & Cie

06/06/2012

Rogue trader blames SocGen for €4.9bn loss

Kerviel, 35, who did not profit personally from the trades, has consistently argued that his superiors knew what he was doing and turned a blind eye as long as he was making them a profit.

06/06/2012

FSA relaxes scrutiny of some City roles

The industry has noticed a sharp drop-off in the number of candidates for board posts at financial groups that have been called for interview by the Financial Services Authority.

06/04/2012

Osborne sues EU over plan to ban short-selling

British finance minister George Osborne is suing the European Union over plans to ban the short-selling of financial products, arguing it would be overreaching its powers, the Financial Times newspaper reported on Thursday.

06/04/2012

FSA to spot-check City firms

The UK financial watchdog is to carry out spot checks on City firms’ reporting of suspicious trades, as part of its broader crackdown on market abuse, the Financial Times has learnt.