It's the stuff that, if it's a TV or film plot, makes one want to shake one's head and wish that fiction writers would make things a little less far fetched; one feels that belief cannot be suspended when the concept is, well, so unbelievable. Prepare to shake your head again - this time asking why you thought it was so improbable because something that you would not believe is already old hat and the first conviction has just been recorded.
It was an enormous mistake to appoint Mark Carney as the Governor of the Bank of England. In a job that is supposed to be a-political, because the Bank of England is supposed to be independent, Carney has demonstrated a willingness to make political statements, endeavour to influence policy and now in what should be his last major speech, he's announced an astonishingly reformist policy shift in the weeks before his term comes to an end. All the fuss in the media this morning is about Facebook's Libra. However, there is something that has the potential to cause far more systemic problems than that.
In the North West of China, in the district of Inner Mongolia, a small private bank started to get into trouble. The warning signs, with hindsight, were apparent but it's a kind of problem that, while common in Russia a couple of decades ago, is not usual in China. The results, however, are predictable for both financial and cultural reasons.
It's not the best way to start the week, much less the month. The first notice from Australian regulator The Australian Securities and Investment Commission tells that Macquarie Securities (Australia) Limited has been issued a penalty notice : ASIC "believes" the company "contravened" market integrity rules. The failure was of design, implementation and maintenance of compliance systems, not an intention to not comply, ASIC says. Plus ça change in so much of the financial sector, then.
Tracing its heritage to 1787 (that's a year, not a time), Raphaels Bank is one of the oldest independent banks in the UK. The bank says "today, we operate as a dynamic, niche savings and lending bank." It also operates "our own ATM Estate" and says it's a "well-established payment services provider." That, it is hard to escape concluding, is that this venerable institution is capitalising on its size and ability to operate in areas more usually associated with secondary institutiond and fintech companies. But for such a tiny business, it comes to the attention of regulators more than is healthy.
There's something odd about people who have misspelt names. Brandi is bad enough but to use Allen as a first name is woefully wrong. Welcome to the world of the Pritchards and their burned-down, rented, house.
On 13 May, the Monetary Authority of Singapore issued its market-segment specific "GUIDELINES ON PREVENTION OF MONEY LAUNDERINGAND COUNTERING THE FINANCING OF TERRORISM-DIRECT GENERAL INSURANCE BUSINESS,REINSURANCE BUSINESS, ANDDIRECT LIFE INSURANCE BUSINESS (ACCIDENT & HEALTH POLICIES)". Here are ten key phrases.
The Dubai Financial Services Authority (DFSA) has issued a warning relating to fictitious claims made using the name "Hershel Escrow." False statements are listed below.
The US Department of the Treasury will shortly modify the website at www.treasury.gov. The change will affect, inter alia, users of the OFAC sanctions lists. A notice, reproduced below, verbatim, informs users about the changes.
ASIC says that fixed coupon structured products are "complex, capital-at-risk products tied to the performance of reference shares," a definition that proves its point. Citigroup's advisers gave general advice, the company said. ASIC said retail customers "may have [been] led .. to believe that Citigroup was providing personal advice."
A solicitor (attorney) who was advising a company on a proposed purchase of a large stake in another company has been accused of using non-public information to make share transactions and profit therefrom.
The Hong Kong Monetary Authority (HKMA) today announces a new service schedule of the two “Coin Carts” under the Coin Collection Programme, for the period of 20 May 2019 up to 28 July 2019. The schedule and other details of the Programme are shown on the HKMA webpage (coincollection.hkma.gov.hk). (press release) .
Comment: Virtual banking is recognised, cryto-currencies are not.
How does your life insurance company compare to others when it comes to handling claims? Now, if you are in Australia, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have produced data comparing insurance companies' performance and launched a tool to help policyholders make comparisons.
The Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and European Banking Authority (EBA) are announcing today that they have agreed a template Memorandum of Understanding (MoU). The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities.
A temporary permissions regime was put in place in January after the House of Commons rejected the May/EU deal. Exit day may have been postponed for a short time but increasingly there is a possibility that contingency plans must be made. Time is running out to act under the regime, unless the FCA chooses to extend it. The deadline is, as of now, 28th March 2019.
