- September 3, 2010 - CISI Qualification To Be Added To FSA's "Appropriate Exam" List
The Financial Services Authority, the UK regulator, has agreed to publish the Chartered Institute for Securities & Investment’s Certificate in Private Client Investment Advice and Management as the proposed appropriate examination for investment managers. The move effectively ends uncertainty over whether this qualification will satisfy the demands of the Retail Distribution Review.
Under the RDR package of reforms, from the end of 2012 advisors will have to hold a Level 4 qualification - equivalent to undergraduate standard - as part of the regulator’s drive to improve the quality and independence of investment advice available in the UK.
- September 1, 2010 - German Authorities Raid Sal Oppenheim Former Owners, Managers
Prosecutors in Cologne have raided the homes and offices of former owners and managers of Sal Oppenheim, the private bank acquired last year by Deutsche Bank, Bloomberg reports.
The authorities are quoted as saying in a statement that the raids are part of a probe against former executives, which focuses on allegations of breach of trust.
Sal Oppenheim put itself on the market in 2009 after filing its first loss since World War II in 2008.
- September 1, 2010 - Swedish Regulator Revokes Licence From HQ Bank
Sweden’s HQ Bank, which counts private banking among its services, is to be liquidated following the revocation of its banking licence by the Swedish Financial Supervisory Authority.
HQ Bank’s licence was reportedly pulled due to accounting and capital requirement violations, specifically the understatement of losses at its now-closed trading operations which meant that the bank had been under-capitalised since the end of 2008.
The bank said in a statement that over the weekend its board had sought to join forces with another party holding an existing banking licence so that HQ Bank could continue to o.
- August 27, 2010 - IRS To Drop UBS Suit As Switzerland Hands Over Account Details
The US tax authority is to cease its civil action against UBS after the Swiss government handed over details on 2,000 US clients suspected of using their accounts to evade taxes, according to media reports of a statement by the Internal Revenue Service.
A deal was made in August 2009 for 4,450 names; the IRS said it expected to receive information on the remaining 2,450 this autumn.
“Based on information received to date and assurances by the Swiss government, we anticipate being in a position to withdraw the John Doe summons [that would have sought up to 52,000 client names] this fall,” the statement said.
- August 26, 2010 - UK Regulator Fines SocGen
The Financial Services Authority has fined the London branch of Société Générale £1,575,000 (about $2,434,000) for failing to provide it with accurate transaction reports.
The FSA says the fine reflects the seriousness of SocGen’s failure to submit accurate reports for approximately 80 per cent of its reportable transactions, across all of its asset classes, for a period of over two . .
- August 20, 2010 - RDR Costs Reach £3 Million At Embattled UK Regulator
The cost of the Retail Distribution Review to the Financial Services Authority, the UK regulator, has escalated to almost £3 million (around $4. 7 million), according to figures obtained by the industry body Adviser Alliance using the freedom of information act.
The cost so far breaks down in the following way: £2.
- August 19, 2010 - New Basel Rules Will Not Saddle US Banks With Heavy Capital Burden - Analysts
As policymakers look to overhaul bank capital requirements to prevent a repeat of the recent financial crisis, new calculations by Barclays Capital suggest that large US banks could meet tighter global rules without having to raise large capital sums, according to the Financial Times.
The analysis by BarCap’s debt capital markets group estimates that the 35 largest US banks will have to come up with half as much new capital as had been expected following last month’s rewrite of proposed requirements by the Basel Committee on Banking Supervision.
The significance of this story for wealth management lies in the fact that the capital strength – or lack thereof – of some banks has become a closely watched issue, as clients have in some cases removed their business f.
- August 17, 2010 - Barclays Settles US Charges With $298 Million Payment
Barclays Bank will pay $298 million to settle criminal charges that it broke US sanctions via dealings with banks in Cuba, Iran, Libya, Sudan and Myanmar (Burma), according to media reports.
Court documents allege that "Barclays violated both US and New York state criminal laws by knowingly and willfully moving or permitting to be moved hundreds of millions of dollars through the US financial system on behalf of banks from Cuba, Iran, Libya, Sudan and Myanmar. ”
Barclays spokesman in New York, Michael O'Looney, confirmed that the bank and the US authorities were seeking court approval of a .
- August 4, 2010 - FSA Fines Royal Bank Of Scotland For Breaching Treasury Sanctions
The Financial Services Authority, the UK regulator, has fined the Royal Bank of Scotland, which includes National Westminster, Coutts and Co and Ulster Bank, £5. 6 million ($8. 9 million) for allowing UK Treasury sanctions to be violated.
- July 29, 2010 - UK Regulator Bans Three Directors Of Private Client Stockbroker
The Financial Services Authority has publicly censured and banned the three directors of the Simply Trading Group, Stephen Coles, Luke Ryan and Michael Yamoah, from senior management positions for falling short of FSA standards.
Coles, Ryan and Yamoah shared responsibility for the management of STG, a small private client advisory stockbroker in London and Hampshire which specialised in telephone sales of securities traded on the main market of the London Stock Exchange, as well as higher risk securities traded on the AIM and PLUS markets through its two appointed representatives. .
