Make sure you’re on track for the RDR 02 Oct 2012 RDR comes into force, not on 1 Jan 2013, as many seem to believe, but on the 31 December 2012. So how are the preparations going for you and your business?The FSA’s recent communication “Make sure you’re on track for the RDR” provides some […]

Global Shell Games: Testing Money Launderers’ and Terrorist Financiers’ Access to Shell Companies27 Sept 2012 All organized crime is driven by profit and facilitated by financial secrecy, while terrorism also depends on secret funding. For large sums of dirty money there is no better device than an untraceable shell company for providing this secrecy. The […]

Pottage V. FSA — A Welcome Decision For UK Bank Execs 17 Sep 2012 Law360, New York (May 16, 2012, 3:37 PM ET) – The U.K.’s Upper Tribunal recently overturned the decision of the Financial Services Authority to fine John Pottage £100,000 for failing to comply with his regulatory obligations while he was chief executive […]

Bribery Act bites 17 Sep 2012 Although discussion on the Bribery Act 2010 has centred mainly on the private sector, it does apply, albeit on a more limited basis to public organisations and bodies. So far there has been just a single conviction under the Act since it came into effect on 1 July last […]

Anthony Hilton: Why should one man carry the can at HBOS? 17 Sep 2012 Peter Cummings, a senior executive at HBOS when it was making hay before the banking collapse, was fined and banned by the Financial Services Authority for his role leading up to the collapse. He played his part – which he accepts […]

FSA fines and bans executive director for management failings 17 Sep 2012 The FSA has fined Peter Cummings £500,000 and banned him from holding any senior position in a UK bank, building society, investment or insurance firm. These sanctions were imposed for breaches of Statement of Principle 6 of the FSA’s Code of Practice for […]

FSA publishes RDR guide 17 Sep 2012 The FSA has published a guide entitled “Make sure you’re on track for the RDR” addressing feedback received on Retail Distribution Review (RDR) implementation. The guide deals with: • adviser charging; • independent and restricted advice; and • professional qualifications. A copy of the guide (http://www.fsa.gov.uk/static/pubs/other/rdr-make-sure-youre-on-track.pdf) is available.

TI publishes progress report on enforcement of OECD Convention on foreign bribery 17 Sep 2012 Transparency International (TI) has published (http://www.transparency.org/whatwedo/pub/exporting_corruption_country_enforcement_of_the_oecd_anti_bribery_conventio?intEmailHistoryId=811948&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) its 8th annual progress report (http://herbertsmith.vuturevx.com/edit/email_handler.aspx?id=811948&redirect=http%3a%2f%2ffiles.transparency.org%2fcontent%2fdownload%2f510%2f2109%2ffile%2f2012_ExportingCorruption_OECDProgress_EN.pdf) on enforcement of the Organisation for Economic Cooperation and Development (OECD) Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the Convention). The Convention, which […]