CITY A.M.Islamic Bank of Britain looks to halt losses with new CEO appointmentCITY A.M.In his previous role as interim managing director, Sultan Choudhury successfully oversaw the bank's takeover by Qatari Sharia financing firm Masraf Al Rayan, which had to bail out the UK lender after it suffered financial troubles. “IBB is considered a ...and more »
The Moscow TimesRussian Banks to Help US Tax Service After New FATCA Law PassedThe Moscow TimesThe State Duma on Friday passed legislation allowing Russian banks to pass information on their U.S. clients to the U.S. tax service, as demanded by FATCA, a law that drags banks around the world into the U.S. fight against tax evasion. But lawmakers ...and more »
Kazakhstan eyes 'unified' Islamic banking lawBusiness RecorderKazakhstan will start drafting a new Islamic banking law that could help the industry develop in the former Soviet state, after a five-year-old set of rules failed to stimulate activity. Fresh legislation would allow Islamic finance to develop better ...
Daily MailNew law means customers will be able to bank cheque by sending a photoDaily MailA change in the law means customers will be able to email a picture of the cheque to their bank along with their account number and have the funds transferred without having to queue in their local branch. The system means cheques can be paid in to ...Cheque payments to […]
The Financial Conduct Authority (FCA) imposed prohibition orders on Mr Rees and Mr Hughes, partners in 1 Stop Financial Services on the basis of a breach of Principle 7 of APER by advising customers to invest in unregulated investments without assessing their suitability. The FCA also found that they failed to disclose adequately a conflict of interest in re […]
The FCA imposed a prohibition order against John Hughes, a former trader at UBS AG as a result of failings in relation to unauthorised trading losses of US$2.3 billion by Mr Adoboli. The FCA found that Mr Hughes had acted dishonestly in allowing an undeclared fund of profits to be used to manipulate the reported profit and loss of his desk.