FSA relaxes non-exec recruitment scrutiny – The Financial Services Authority (FSA) is to relax its investigations into prospective non-executive recruits to banks and other financial services companies after complaints about the procedure, the Financial Times reports. The FT said firms had complained the process was making it harder for them to make non-exec appointments. It […]

Guernsey Code of Corporate Governance – GFSC assurance statement deadline of 31 July 2012 – The Guernsey Financial Services Commission’s (GFSC) “Finance Sector Code of Corporate Governance” (Guernsey Code) came into effect on 1 January 2012. The introduction to the Guernsey Code states that companies which report against the UK Corporate Governance Code or the […]

Director disqualification: what you need to know – “News International and its parent News Corporation exhibited wilful blindness, for which the companies’ directors …should ultimately take responsibility”; “We conclude, therefore, that Rupert Murdoch is not a fit person to exercise the stewardship of a major international company,” so concluded the cross party bench committee of […]

FSA fines insurer £3.3m for corporate governance failings – The Financial Services Authority (FSA) has fined wholesale insurer Mitsui Sumitomo Insurance Company (Europe) £3.3m for serious corporate governance failings. It has also imposed a ban and fine of £119,303 on its former executive chairman, Yohichi Kumagai. The company is the London-based subsidiary of Japanese insurance […]

John Pottage V FSA and compliance obligations – The FSA will be ruing the day that it proposed a fine of £100,000 on John Pottage for his alleged failings when CEO of UBS in his capacity as both CF3 (Chief Executive) and CF8 (Apportionment and Oversight). Not only did the Tribunal not find Mr Pottage’s […]

Delivering effective corporate governance: the financial regulator’s role – speech by Hector Sants (FSA) – Hector Sants, Chief Executive, FSA, has given a speech at Merchant Taylor’s Hall entitled “Delivering effective corporate governance: the financial regulator’s role”. Mr Sants’ speech reviewed the progress of regulatory reforms since the financial crisis and, in particular, how more […]

Spearpoint launches £150m Arch Cru suit – Administrators of the failed Arch Cru funds are lining up a £150m High Court battle against the funds’ former investment manager.  Guernsey-based Spearpoint has submitted a claim alleging that Arch Financial Products breached fiduciary duties in running the funds and that it also took £5.4m in “secret profits” […]

What makes an outstanding chairman? The views of more than 400 directors – A unique survey reflecting the views of 430 chairmen and directors from more than 900 boardrooms. This Directorbank report is unique in two ways. It is drawn from the experiences of a great diversity of boardrooms – from venture capital backed growth […]