Finance boss Anthony Constantinou jailed for 12 months for sexual assaults December 1, 2016 A finance boss whose company's atmosphere was likened to The Wolf of Wall Street has been jailed for 12 months today for two counts of sexual assault. Anthony Constantinou, aged 35 and formerly the boss of foreign exchange trading firm CWM, was found guilty of sexually assaulting two women earlier this year. The court was told that, [...]
Rio Tinto confirms it is being investigated in US over accounts writedown December 1, 2016 Rio Tinto confirmed this morning that it is the subject of a long-running US Securities and Exchange Commission (SEC) probe. The investigation, which started in April 2013, relates to a $3bn (£2.4bn) impairment charge lodged in its 2012 accounts in respect of Rio Tinto Coal Mozambique. Rio Tinto Coal Mozambique housed assets the company picked up when it took [...]
City watchdog proposes ban and £234k fine for TailorMade Independent boss December 1, 2016 The City watchdog has today proposed a ban and a fine of £233,600 for the chief executive of TailorMade Independent. The Financial Conduct Authority (FCA) alleges that Alistair Burns failed to make sure TailorMade, which was dissolved in July this year, was providing clients with suitable advice. Between January 2010 and January 2013, TailorMade advised over 1,600 customers to transfer [...]
Stalemate in Santiago: Basel Committee fails to reach agreement on bank capital rules November 30, 2016 Negotiators have walked away from a two-day meeting about banking red tape in Santiago without having reached an agreement on capital rules. Speaking after the end of the Basel Committee meeting of banking regulators, chairman Stefan Ingves indicated that the group had started to form an outline for an agreement but were yet to settle on the finer details. "We [...]
RBS on renewed drive to cut costs and shed assets after Bank of England stress test flop November 30, 2016 The Royal Bank of Scotland will now renew efforts to slash costs and shed assets, as it tries to bolster its balance sheet after flunking the Bank of England's most recent stress test. The worst performer of the seven lenders tested, RBS will now be monitored by the Bank's prudential regulation authority and has had to [...]
Two plead guilty to insider dealing in Logica case November 30, 2016 Two men have pleaded guilty today as part of the City watchdog's investigation into insider dealing of Logica shares. Manjeet Mohal, 59, and Reshim Birk, 55, were on the third day of their trial at the Old Bailey when they pleaded guilty. Mohal, an ex-employee in the finance team of IT firm Logica, pleaded guilty to two [...]
The City watchdog might be about to relax rules on mortgage lending that are tripping up smaller lenders November 30, 2016 The City watchdog has today launched a consultation to further pick over the rules on how it checks firms are not allowing people to borrow too much on a mortgage compared to their income. The Financial Conduct Authority (FCA) is asking for feedback on proposed amendments to its previous 2014 guidance based on recommendations from the Bank of [...]
Why those with a head for compliance and risk are about to boost their backpocket November 30, 2016 NULL
Brewin Dolphin profits under pressure from one-off costs, but funds keep flowing in November 30, 2016 Brewin Dolphin has revealed today that its profits slipped during its 2016 financial year, after a one-off gain skewed the comparable numbers. The figures The wealth manager revealed that its statutory profits before tax had fallen to £50.1m for the full year to September, down 18 per cent from £61m the year before, although the earlier [...]
