The City of London’s status as a favourite place for the world’s dishonest officials to hide stolen money will remain a stain on the UK’s reputation, despite a long-awaited government anti-corruption plan expected on Monday , according to a formerregulator who is now an MP.
The chairman and three other board members of the Financial Conduct Authority faced calls to quit on Thursday because of conflicts of interest related to the ongoing investigation into the collapse of HBOS.
Total fines issued by the Financial Conduct Authority have fallen in the first half of 2014 compared with the same period of 2013.
City regulators have been forced to reduce a £3.6m fine for rigging Libor imposed on City broking house RP Martin because the broker said it faced collapse if it had to pay the full sum demanded.
The Financial Conduct Authority has published details of warning notices against two bankers over the rigging of the Libor interbank lending rate.
It is a well-worn criticism of Fleet Street scribes that they refer to Andy Murray as Scottish when he loses a tennis match, and British during his (now frequent) triumphs.
The Financial Services Authority paid three of its former directors a combined total of more than £800,000 after they quit the now defunct City regulator.
A former regulator is joining Royal Bank of Scotland in a newly created role overseeing regulatory affairs and conduct as part of the effort by the bailed out bank to clean up its reputation in the wake of the Libor rigging scandal.
The pledge made by one UBS trader – "I'm a man of my word" – seems a fine sentiment, until the realisation dawns that the promise he is making is to do "one humongous deal" with a broker to help him manipulate the Libor rate.
The Swiss bank UBS is braced for a fine and reprimand from regulators after its former trader Kweku Adoboli was jailed for fraud.