The Financial Conduct Authority (FCA) has today published a report proposing a series of measures aimed at enhancing the UK’s debt listing regime.  In November 2015, the Financial Conduct Authority (FCA) launched an initiative whereby it began a series of meetings with a specially convened group of stakeholders in UK primary debt capital markets, the UK Debt Market Forum (the Forum). The Forum brought together a wide range of experts from the UK-listed primary bond listed debt markets.

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The Financial Conduct Authority has today published a consultation on its proposed rules and guidance for the secondary annuity market. In March 2015 the Government announced that it would extend the pension freedoms to those who had already bought an annuity with the proceeds of their defined contribution pension savings. The government proposes to do this by changing the tax consequences that currently apply to a person wishing to sell their annuity income, with effect from April 2017.  Continue reading…

In a judgment issued today, the Supreme Court confirmed that Asset Land had been operating an unauthorised collective investment scheme (CIS) in the course of operating a land bank which involved the selling of small plots of land to investors at hugely inflated prices. The Supreme Court found that, although investors were the legal owners of their individual plots of land, in reality the arrangements of the scheme were that investors did not have control over their investment and Asset Land was the central operator of the scheme.
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by Evert-Jan Lammers

Nobody wants to be spied upon and then reported to the authorities like it happened during the war. Whistleblowers provoke war traumas even to those who have never experienced war. However, whistleblowers are not war-heroes but peace-heroes. No drama then?
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The Basel Committee on Banking Supervision has today issued for consultation Prudential treatment of problem assets – definitions of non-performing exposures and forbearance. At present, banks categorise problem loans in a variety of ways and there are no consistent international standards for categorising problem loans.
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Tracey McDermott, Acting Chief Executive of the Financial Conduct Authority (FCA) has today announced that she is to leave the organisation on 1 July 2016. On 7 January 2016 Tracey announced that she decided in early December 2015 to withdraw from the process to appoint the permanent Chief Executive of the FCA but would continue as Acting Chief Executive until a permanent replacement was in post.  Continue reading…

by Kieran Beer

The Panama Papers are justifiably grabbing headlines based on the number of “A-list” politicians and celebrities, as well as the handful of notorious criminals, that they name. And their sheer volume—11.5 million documents—represents an unparalleled look at the machinations involved in the use and abuse of shell companies, in this case those created by Panama-based law firm Mossack Fonseca. But it’s important to step back and have a little perspective: the use of shell companies for tax evasion, the proceeds of corruption and other crimes detailed in the papers are outrageous, but sadly nothing new.
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The Financial Conduct Authority (FCA) has banned Paul White from performing any function in relation to any regulated financial activity and publicly censured him. Were it not for Mr White’s serious financial hardship, the FCA would have fined him £250,000.
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The Basel Committee on Banking Supervision today released a consultative document entitled Revisions to the Basel III leverage ratio framework, and responses to a third set of frequently asked questions (FAQs). Continue reading…