News

Herbert Smith have posted a briefing discussing the main aspects of the Lehman judgment as well as the key implications for FSA regulated firms and their clients. It also discusses some ways in which clients may wish to mitigate the insolvency risks they would otherwise face where their cash is held by FSA regulated firms […]

Climate change thematic review: FSA’s factsheet for general insurer providers – The FSA has published a factsheet for general insurer providers. The subject matter is climate change and the possible higher and more frequent claims in buildings and contents insurance. The factsheet sets out some areas for general insurers with the aim of ensuring that […]

A federal judge sentenced former Credit Suisse broker Eric Butler on Friday to five years in prison and a fine of $5 million after he was convicted of fraudulently selling subprime securities to corporate clients. A jury in Brooklyn, New York, found Butler guilty in August of securities fraud and two counts of conspiracy over […]

Fraud in financial services = £3.8bn a year – The National Fraud Authority (NFA) has revealed fraud costs the UK more than £30bn a year – £3.8bn of which was lost in the financial services industry. According to the NFA’s recent report, the financial services industry recorded the highest loss in the private sector, estimated […]

Fraud in the UK reached a peak in 2009 when a record £1.3bn of cases came to court, according to the latest KPMG Forensic’s Fraud Barometer. Meanwhile, the barometer also discovered mortgage fraud doubled in 2009, to a total of 31 cases worth £77m. This was compared with 10 cases worth just £3.7m in 2007 […]

This notification is issued in respect of the financial measures taken against Al-Qaida and the Taliban. Her Majesty’s Treasury issues this notification to advise that on 19 January 2010 the United Nations Al-Qaida and Taliban Sanctions Committee approved the addition of two individuals and one entity to the UN Consolidated List maintained under Resolution 1390 […]

FSA warns firms over ‘unacceptable’ handling of client assets – The FSA has written to the chief executives of major insurance brokers and investment firms repeating its concerns over what it calls the ‘unacceptable’ handling of clients’ money and assets. In a report accompanying the letter, the regulator highlights a series of failings across firms […]

FSA fines Standard Life £2.45m for systems and controls failures relating to financial promotions – On 20 January 2010, the FSA published the Final Notice it has issued to Standard Life Assurance Limited (SLAL), fining it £2.45m for systems and controls failures which resulted in the production of misleading marketing material for its Pension Sterling […]