March 23 was Julian Rifat’s birthday. At 5.30am he should have been in the car that took him every morning from Oxford to the offices in London’s West End where he worked as a trader for Moore Capital, one of the world’s biggest hedge funds. Instead he was trying on a dressing gown given to […]

As part of the regulatory regime for licensed fiduciaries, the Guernsey Financial Services Commission carries out onsite visits to both corporate and individual licensees. This update provides practical advice for licensees on how best to prepare for such a visit. Providing information before visit – Before an onsite visit – the Guernsey Financial Services Commission […]

This (Ogier) memorandum has been prepared for the assistance of its clients in connection with the provisions relevant to compulsory winding up of Companies under the Companies (Guernsey) Law, 2008 (as amended) (the “Companies Law”). It is intended to provide only a summary of the main legal and general principles and it is not intended […]

On 11 May 2010, the FSA published an update on aggregate financial services industry complaints data for the second half of 2009. http://www.fsa.gov.uk/pubs/other/complaints_2009_h2.pdf It has also published a commentary on the data. http://www.fsa.gov.uk/Pages/Library/Other_publications/commentary/index.shtml The overall level of complaints increased to 2.6 million. This figure includes two years’ worth of back-dated complaints relating to the unauthorised […]

ABN Amro was bought by RBS in 2007 The UK’s Royal Bank of Scotland has agreed to pay $500m (£336m) to end a money laundering case involving ABN Amro – the lender it bought in 2007. The bank will pay the money to the US government. In exchange, charges against ABN Amro will be dropped. […]

Mercenary sales practices used by bank staff have been uncovered in an internal document leaked by a Barclays sales manager. Customers are viewed as ‘conquests’, with advisers incentivised to sell riskier investments, or more expensive, profitable products, the confidential document leaked to the Daily Mail shows. Persuading a customer to invest their savings in the […]

A Geneva court has ruled that a hearing concerning the son of former Nigerian dictator Sani Abacha can continue without his presence. Abacha’s Swiss lawyers had argued that since Abba Abacha had not been able to get a visa to enter Switzerland in time, the trial should be adjourned. The younger Abacha is appealing against […]

The Board indicated in its note of 6 August 2009 that it was contemplating an additional Part III, which would include certain existing material that for various reasons did not sit comfortably within Parts I or II, and some additional, new material. Unlike Parts I and II, JMLSG does not anticipate that the Part III […]