The Financial Services Authority (FSA) has fined UBS £160m for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). This is the largest fine ever imposed by the FSA.
The Financial Services Authority(FSA) is the regulator of the financial services industry in the UK.
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.
We all knew it was coming.
BNP Paribas was among three French banks cut by Standard & Poor’s on concern that their home market may be hurt by prolonged economic weakness in Europe and a housing slump.
Those who took part in the manipulation of the London interbank offered rate (Libor), the key benchmark rate, could face criminal prosecution even though Libor manipulation is not yet a criminal offense.
Oversight of Libor should be handed to the U.K.’s financial regulator, and dozens of currencies and maturities that make up the benchmark should be cut, Britain’s markets chief said.
He ain't taking it laying down.
The Financial Services Authority (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. This is the highest fine imposed by the FSA on a senior executive for management failings.
The Financial Services Authority (FSA) has fined BlackRock Investment Management (UK) Limited (BIM) £9,533,100 for failing to protect client money adequately by not putting trust letters in place for certain money market deposits, and for failing to take reasonable care to organise and control its affairs responsibly in relation to the identification and protection of client money.
Sky News ran an interesting report over the weekend, suggesting that it was only a last minute decision, forced on the bank, that led to internal candidate Antony Jenkins becoming Barclays CEO.