Four years after the Libor scandal broke – how many bankers have been found guilty, and how many have been acquitted? July 4, 2016 Four years ago, Bob Diamond sensationally quit as chief executive of Barclays as a scandal over Libor-rigging sent shockwaves through London’s banks. Shortly after, on 6 July 2012, the Serious Fraud Office (known as the SFO) kicked off an investigation into the manipulation of Libor – the “London Interbank Offered Rate”, an interest rate benchmark [...]
Hiring fell flat in the face of referendum uncertainty July 4, 2016 Firms appear to have pressed pause on their hiring intentions in the run-up to last month's EU membership vote, figures out today suggest. The research from the Association of Professional Staffing Companies (Apsco), which represents staffing firms focused on hiring professionals, found that the number of permanent vacancies did not grow during May 2016. However, those looking for a [...]
Latest bit of red tape designed to prevent market abuse comes into force today July 3, 2016 Financial firms will find themselves having to do more to safeguard against wrongdoings from today, as the Market Abuse Regulations come into force. The regulations, which cover abuses such as insider dealing and market manipulation, extend and clarify the existing rules. For example, firms will be required to announce inside information as soon as possible and, where [...]
Film tax schemers hit with prison sentences worth more than 36 years July 3, 2016 An HM Revenue & Customs (HMRC) investigation into a film tax scheme concluded late last week with a final set of sentences bring the total jail time for those involved to more than 36 years. The scheme, which HMRC states would have cheated the system of £2.2m had it gone ahead as planned, involved false claims of [...]
Germany’s financial watchdog extends support for whistleblowers July 3, 2016 Germany's financial watchdog has given a boost to whistleblowers this weekend by launching a system for those who want to report the wrongdoings of their companies. The Federal Financial Supervisory Authority's (Bafin) new system is aimed at employees or others who are closely linked to an organisation who wish to disclose violations of supervisory rules. Bafin's new unit will [...]
EU referendum: Law firm readies itself for Article 50 challenge July 3, 2016 A London law firm revealed today that it was gearing itself up to challenge government should it try to trigger Article 50 in an unconstitutional manner. Mishcon de Reya said that, on behalf of an anonymous group of clients, it had started to pull together a team to potentially head to court, if government were to [...]
EU gives thumbs up to government guarantees for Italian bank support scheme June 30, 2016 The European Commission has extended a lifeline to Italy's struggling banks, by granting a guarantee scheme. The scheme will allow Italy to use government guarantees to create a precautionary liquidity support programme for banks in need, although it only applies to institutions which are solvent and will only be valid until the end of the year. According [...]
S&P just slashed its rating for the EU from AA+ to AA June 30, 2016 S&P Global Ratings announced today that it was slashing its rating for the EU. The agency cut its long-term rating from AA+ to AA with a stable outlook, meaning it does not foresee the rating changing again in the next two years. The decision to cut the rate was a direct result of the UK's Brexit vote [...]
