FSA publishes annual report for the year 2009/10

The Financial Services Authority (FSA) has published its Annual Report, outlining its performance against the priorities set out in its 2009/10 Business Plan and the FSA's statutory objectives.
In his foreword, FSA chairman, Adair Turner, commented that over the last three years, the FSA has transformed its approach to regulation and supervision and as a result, has had to go through a process of intense internal change

BVCA Emergency Budget Submission 2010Ahead

Ahead of the June 2010 Emergency Budget by the new coalition government, the BVCA has taken the opportunity to raise and re-highlight issues with HM Treasury for consideration.
1. Maintaining a stable and competitive tax framework, particularly on capital gains
2. Ensure the EU AIFM Directive does not undermine the private equity and venture capital industry
3. Encourage investment to bring about the transition to the low carbon economy through the creation of a Green Investment Bank

Scotland 's enterprise activity falls to 'worrying' low

Business start-up rates in Scotland fell significantly below UK rates last year, and to their lowest since recording began in 2000, according to research by academics at the University of Strathclyde.
The Global Entrepreneurship Monitor (GEM) 2009 found that Scotland's rate of total early stage entrepreneurial activity, which includes proportions of people setting up businesses or owning and managing new businesses, was among the lowest in 20 developed countries that participated in the survey.

IIFM embarks on series of industry workshops on hedging and Tahawwut Master Agreement

In March, the International Islamic Financial Market (IIFM) in collaboration with the International Swaps and Derivatives Association (ISDA) published the much awaited ISDA/IIFM Tahawwut Master Agreement. The agreement is a framework or governing document and has been welcomed as an essential step in the development of the market for Shari’ah compliant hedging transactions. It is the first step towards bringing a full set of definitions, confirmations, necessary law reforms and other benefits to the Islamic Financial Services Industry over a period of time.

BCC sets next Government 90 day challenge to prove business credentials

With the General Election just days away, the British Chambers of Commerce (BCC) has challenged the next government – whatever its composition – to put business at the very heart of its thinking from day one in charge.
The BCC has published a 90 day plan for business growth, a prescription to return our economy onto a sound and sustainable footing. The organisation argues that failure to implement these measures will mean a slower, or even non-existent, recovery.

Revolution or Evolution: Information Security 2020

This roadmap was commissioned by the Technology Strategy Board and jointly prepared with PricewaterhouseCoopers LLP (UK). The research focuses on the commercial aspects of Information Security, but remains cognisant of trends in cyber security and warfare for military and intelligence applications. The research primarily illustrates trends in the UK Information Security market, but the implications are relevant globally.

Directors of ALSTOM arrested in corruption investigation following raids on nine properties

Three members of the Board of ALSTOM in the UK have been arrested on suspicion of bribery and corruption, conspiracy to pay bribes, money laundering and false accounting, and have been taken to police stations to be interviewed by the Serious Fraud Office.

Six arrested in FSA and SOCA insider dealing investigation

In the first operation carried out jointly between the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA), 16 addresses have been searched this morning in London, the South East and Oxfordshire in the FSA’s largest ever operation against insider dealing.
Documents and computers have been seized from residential and business premises.
Six men including two senior city professionals at leading city institutions and one city professional at a hedge fund have been arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring.

FSA publishes Business Plan for 2010/11

The Financial Services Authority (FSA) has today published its Business Plan setting out its priorities for 2010/11.

Relentless flow of employment law is stifling UK competitiveness, says BCC

The relentless flow of complex employment law is stifling UK competitiveness and risks future job creation, according to a new report by the British Chambers of Commerce (BCC).

Bank payroll tax

Further changes to the scope of bank payroll tax in relation to capital resources requirement, excluded companies and banking groups have been announced.

FRC Statement on issues raised in report on Lehman Brothers

Following the publication of the recent report on Lehman Brothers, the FRC is ascertaining the facts on how the “Repo” transactions were accounted for and audited in the UK in order to determine any implications. To that end, we have asked Ernst & Young to provide further information in relation to what happened in the UK.

FSA and Police contact 1,000 share fraud targets after seizing another boiler room 'master list'

The Financial Services Authority (FSA) and City of London Police (CoLP) have contacted 1,000 people across the UK to warn them that their personal details are on a ‘master list’ being used by fraudsters to target and sell them worthless shares.

Making Corporate Reports Readable

The Institute of Chartered Accountants of Scotland's publication Making Corporate Reports Readable demonstrates that it is possible to produce a corporate report in less than 30 pages which tells management’s story of what is important – eliminating the boilerplate narrative and providing decision-useful information

Assessing possible sources of systematic risk from hedge funds

In the conclusion to this report, the FSA state that:-
The results from this survey work were mostly in line with our expectations. The HFACS data suggests that on 31 October 2009 major hedge funds did not pose a potentially destabilising credit counterparty risk across the surveyed banks.

FSA returns £270,000 to victims of share fraud

The Financial Services Authority (FSA) has recovered approximately £270,000 as a result of action taken against companies involved in a share fraud activity.

Framework to give businesses greater certainty on tax policy

The Government has published a draft Tax Framework for business. Developed in discussion with the Business-Government Forum on Tax and Globalisation, the document is intended to provide greater certainty for large businesses about the Government's approach to the development of tax policy

Finance is fighting to function finds PwC study

A new study by PricewaterhouseCoopers LLP (PwC) into the effectiveness of the finance functions at over 100 of the top 200 FTSE companies and international companies, has highlighted a gap between the expectations of business leaders for their finance functions and the role the functions actually perform.

Faculty blasts rights of audience review

Severe criticisms of the Thomson review's draft recommendations on rights of audience in Scotland's supreme courts have been unleashed by the Faculty of Advocates.

In its response, published today, to the review carried out by banker Ben Thomson, at the request of the Scottish Government, the Faculty claims that the report contains “fundamental deficiencies”.

Maintaining financial stability across the United Kingdom's banking system

Banks are vital to the functioning of the economy. In 2007, financial institutions across the world began to encounter difficulties raising the funds needed to keep their operations going, leading to a crisis of confidence in the banking system. In response, governments have intervened to support the financial system.
The complexity of the problems across the financial sector and the speed with which events unfolded presented the Treasury and the other Tripartite Authorities with a formidable challenge.