News

Fidelity fires two Hong Kong managers – Fidelity International has fired two veteran fund managers in Hong Kong for breaching its internal compliance code and putting “personal interests ahead of those of the company”. Industry sources believe that the two managers – Kevin Chang and Wilson Wong – had been operating personal trading accounts in […]

RSM Tenon Financial Services has been fined £700,000 by the FSA for its poor sales and advice processes relating to Lehman-backed structured products. It represents the first fine for a financial advice firm relating to the regulator’s review of the marketing and distribution of Lehman-backed structured plans, which concluded in October last year. Regulators found […]

The statistics collated and prepared by the Jersey Financial Services Commission for the period ending December 31st 2009 show that bank deposits decreased by £40.9 bn (-19.8%) over the 12 month period to £165.2 bn, and by -2% compared to the figure for September 30th 2009, which reflects the global downturn. Specialist funds, including hedge, […]

Recent OFAC Actions 25th February 2011 The President has signed an Executive Order Blocking Property and Prohibiting Certain Transactions Related to Libya. The property and interests in property of the Government of Libya, its agencies, instrumentalities, and controlled entities, and the Central Bank of Libya, as well as the following individuals listed on an Annex […]

The Financial Services Authority (FSA) has publicly censured Park Row Associates Limited (Park Row), a national IFA network, for failing to ensure its sales were suitable and secured customer redress estimated at between £5m and £7.8m. The City watchdog has also fined Peter Sprung, the Royal Liver-owned firm’s former chief executive, £49,000 and has withdrawn […]

The FSA has published a report entitled “Assessing possible sources of systemic risk from hedge funds – A report on the findings of the hedge fund as counterparty survey and hedge fund survey”. This report reflects the FSA’s role in assessing and mitigating systemic risk and describes some of the survey work that the FSA […]

A number of Comsure clients and friends met to listen to the Herbert Smith’s webinar:Shah v HSBC – What does the decision mean? which took place on the 23rd February 2010. If you were unable to participate in yesterday’s event, or would like to listen to it again, it is now available as an archived […]

Four Scandinavian and one Southeast Asian country is in top 10 at the Corruption Index made by Transparency International. The Scandinavian countries has a big tradition of not being corrupt at the latest Corruption Index shows the same trend. Denmark is the second least corrupt country. Sweden number three. Finland number six. Iceland number eight. […]