Financial Regulatory Forum

from Reuters Investigates:

Morbid money-spinners

If the life settlements market seems ghoulish, here’s a British scandal which isn’t doing the image of the business any favours. It’s one of the worst the country’s seen.

Around 30,000 mainly elderly investors in the UK put their money into a company called Keydata, hoping to make a little extra cash to fund their own retirement with the promise of a healthy return.

What they were buying sounded kosher, even if it did depend on how fast their wealthy American counterparts were dying. Of course, the investors may not have known that.

As is so often the case with these things, the projections were a little optimistic. And then some other irregularities blew up. Around 100 million pounds went missing, one of the business’s partners dropped dead in Singapore and the investment company was shut down by the regulators, leaving British pensioners like Tony and Pam Tobin out of pocket.  The Serious Fraud Office is investigating.

Tony and Pam Tobin

Tony and Pam Tobin

Undeterred, the other key character behind Keydata is determined to fight the regulators’ decision.  "I am someone who can make the impossible possible," he tells us.

UK gets election fever

The UK goes to the polls today in what promises to be the tightest election for 18 years. Acres of newsprint and millions of cubic feet of hot air have been expended on all the possible outcomes: from an outright Conservative majority in the House of Commons, to a Labour-Liberal Democrat coalition.
Each different permutation of power means a different path for UK policy on regulating banks, financial services and markets. Will the Liberal Democrats insist on their regulatory policy as the price for their participation in a coalition with the Conservatives or Labour? Could a minority Conservative government force through its plan to blow apart the tripartite regulatory regime? (more…)

UK’s FSA fines Commerzbank

The UK’s Financial Services Authority has fined the London branch of Commerzbank AG £595,000 for failing to provide accurate transaction reports to the FSA.  To view the formal notice of the fine,  click here.

Goldman Sachs profit tops forecast, UK opens probe

A security guard walks through Goldman Sachs lobby in New York   By Steve Eder and Steve Slater
   NEW YORK/LONDON, April 20 (Reuters) – Goldman Sachs Group Inc <GS.N> said first-quarter earnings nearly doubled, and Britain’s financial regulator launched a formal probe related to civil fraud allegations against the Wall Street bank. (more…)

UK launches formal probe into Goldman Sachs

   LONDON, April 20 (Reuters) – Britain’s financial regulator started a formal enforcement investigation into Goldman Sachs <GS.N> on Tuesday, four days after U.S. regulators filed a fraud case against Wall Street’s biggest investment bank. (more…)

UK’s Brown wants investigation into Goldman Sachs

   By Adrian Croft
   LONDON, April 18 (Reuters) – Prime Minister Gordon Brown said on Sunday he wanted Britain’s financial watchdog to investigate U.S. bank Goldman Sachs <GS.N> after it was charged with fraud by U.S. regulators. (more…)

Seven insider dealing suspects head for UK court

   LONDON, April 14 (Reuters) – Seven men charged with running an insider trading ring with information gleaned from the London printers of Swiss bank UBS AG <UBSN.VX><UBS.N> and UK brokerage Cazenove <JPM.N> will appear in a British court on Wednesday. (more…)

UK regulator still missing biggest insider dealers

By Tom Bergin
LONDON, April 13 (Reuters) – The UK financial watchdog’s recent moves to stamp out insider dealing focus on relatively minor abuses and big league market corruption will be eliminated only by tackling the large banks and fund managers head on. (more…)

UK’s FSA fines former Northern Rock executives

BRITAIN-BANKS/   LONDON, April 13 (Reuters) – Britain’s financial regulator has fined and banned two former executives of Northern Rock, the troubled mortgage lender taken into state ownership two years ago, for misreporting mortgage arrears numbers. (more…)

UK lawmakers seek radical, not rushed bank reform

BRITAIN    By Huw Jones
   LONDON, March 29 (Reuters) – Radical and carefully thought reform is needed to shield British taxpayers from having to bail out troubled banks again, a UK parliamentary report said on Monday. (more…)

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