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Besieged bankers offered legal lifeline
Aug10

Besieged bankers offered legal lifeline

Bankers worried over UK’s toughening stance toward financial offenders are offered a legal lifeline by a London law firm specialising in private prosecution service. The banking community was rocked by the sentencing 3 August 2015 of Tom Hayers, 35, for rigging the London Interbank Offered Rate (Libor). The 14 years in jail handed down to the former UBS and Citigroup yen derivatives trader was seen by some City circles as too...

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Bank of Beirut, 2 employees fined by FCA
Mar05

Bank of Beirut, 2 employees fined by FCA

The Bank of Beirut (UK) Ltd (Bank of Beirut) has been fined GBP 2.1 million by the Financial Conduct Authority and stopped from acquiring new customers from high-risk jurisdictions for 126 days, FCA said. In addition, the regulator said it has fined two approved persons at the bank. Bank of Beirut has European operations in London and Frankfurt, as well as other international operations in Cyprus and Australia. The FCA said that Bank...

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Fitch sees HSBC rating under likely pressure
Feb13

Fitch sees HSBC rating under likely pressure

An international scrutiny of HSBC’s alleged role in tax avoidance or tax evasion poses risks including potential pressure on the bank’s ‘AA-‘/Stable ratings, Fitch Ratings said 12 February 2015. Fitch Ratings-Hong Kong/London-12 February 2015: Publication of historical details on client transactions at HSBC’s Swiss private banking subsidiary and the allegations the bank helped clients evade tax highlights...

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FCA and PPI: Is enough being done to make amends?
Jan30

FCA and PPI: Is enough being done to make amends?

The Financial Conduct Authority in the UK says it will gather evidence on how the PPI complaints process is working. The FCA decision has significant implications for all bank customers who were talked into entering payment protection schemes, including numerous former business professionals, students and other individuals and families from the Middle East and North Africa region (part of The Middle East in Europe readership), many of...

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FSA [FCA] requires action of the HSBC Group

The Financial Services Authority (FSA), as lead regulator for the HSBC Group globally, is taking action in relation to issues in respect of HSBC’s compliance with anti-money laundering rules and US sanctions requirements, the authority said. [Editor’s Note] FSA later split into FCA and another regulatory body,  the Prudential Regulation Authority. On 1 April 2013, the FCA became responsible for the conduct supervision of all...

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