Tens of thousands of bankers could be sent to jail or face limitless fines under tough new regulations being put in place today March 7, 2016 Tens of thousands of City bankers could face seven years in jail or a limitless fine under new regulation being put in place today. From today, senior managers in British banks, building societies or so-called systemically important investment firms will be held criminally liable for a range of offences, including taking a decision which causes [...]
Concerns rise over break in performance related pay for bankers, as firms stuggle to balance risk and rewards February 1, 2016 Financial services firms around the world have continue to wean staff off bonuses and onto fixed salaries throughout 2015, raising concerns banks are unable to properly penalise misconduct. The report, by consultancy Mercer, found that the financial industry is struggling to balance rewards for taking positive risks with sanctions against rule breaking. Dirk Vink, a [...]
European banking watchdog delays bonus cap as it recommends scrapping bonus deferral for smaller lenders December 21, 2015 Smaller banks should be exempt from some regulations relating to bankers’ bonuses, the European Union banking regulator said today as it pushed back the start date for a controversial cap on remuneration. The European Banking Authority said while “smaller and non-complex” financial institutions would still be hit with a so-called bonus cap, they should not [...]
Consumers are being ignored in the financial market abuse crackdown September 7, 2015 MPs coming back to Westminster after the summer recess will be returning to financial markets that have shown levels of volatility not seen since the banking crisis. While it is unlikely that the recent share rout will lead to another global meltdown, it will give added impetus to MPs’ efforts to pass legislation aimed [...]
US corporate results round up July 16, 2015 Google Google beat earnings expectations in its latest financial results with earnings of $6.99 (£4.48) a share, but overall revenue of $17.73bn came in below analysts’ forecasts. Excluding the cost to acquire traffic, Google’s revenue in the second quarter rose 13 per cent to $14.35bn due to the strength of its core search business triggering [...]
Clawback extended to 10 years as UK regulators Prudential Regulation Authority and Financial Conduct Authority mull negative bonuses June 23, 2015 Bonuses could be clawed back for as long as a decade under new rules published by City regulators today. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) confirmed they were pushing ahead with rules for a wider seven-year claw-back period but that an added three years is being considered for senior managers. [...]
FCA bans Gracechurch’s Sam Kenny from financial services industry and hands out £450,000 fine March 13, 2015 The former chief executive of Gracechurch Investments Limited Sam Kenny has been banned from working in the financial services industry and fined £450,000. Gracechurch, a now dissolved stock broking firm, was guilty of a host infractions. The Financial Conduct Authority found Kenny had used pressure selling techniques and Gracechurch had routinely sold stocks through misrepresentation [...]
Philip Clarke, Euan Sutherland and Dov Charney – the bosses who left us in 2014 December 19, 2014 This year has had its fair share of disasters – from the Co-op’s continued struggles to Tesco’s melting share price. But what of the people behind the stories? We’ve got the best, worst and most surprising people moves of the year. 1. Philip Clarke makes an unceremonious departure from Tesco Clarke stepped down at [...]
Quindell eyed in parliament as Lord Myners questions company’s activities December 12, 2014 Former City minister Lord Myners has asked the government whether it will investigate embattled insurance outsourcer Quindell, its board of directors or its financial advisers. The written parliamentary question, first reported by the Financial Times, was put to the government on 1 December. Myners said: To ask Her Majesty's government whether they are investigating Quindell and [...]
Mark Carney: EU bonus cap has “unfortunate” side-effects – reform bankers’ pay instead November 17, 2014 Bank of England governor Mark Carney says massive fines for bad behaviour among bankers hasn't done enough – and that their pay may be overhauled even further in order to "help rebuild trust in financial institutions". New measures could include "clawback" options for bankers' salaries as well as their bonuses, and even paying out "performance [...]