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Category Archives: Legal and Regulatory

Oxbridge-Sounding Phone Scammers in Spain Seduce U.K. Investors

November 21, 2009 in Legal and Regulatory by Roy

Bloomberg — Credit controller Linda Reay was sorting the daily pile of bills back in 2005 at the bed- manufacturing factory where she worked near Carlisle, an industrial city in northwestern England. Then she took a phone call that would destroy her retirement dreams.
The smooth-talking caller identified himself as a London stockbroker named Robert Samuel. [...]

Britain’s biggest pension schemes battle £44 billion deficit

November 18, 2009 in Legal and Regulatory by Roy

Is your company pension scheme your only retirement plan?  Are you confident that your employer will still be around when you retire, to pay your pension?  Are you confident the company actually has the resources to cover it’s pension committment?  REALLY?  Think Lehmans, think Enron, think…
A vast underestimation of obligations has left some of Britain’s [...]

UBS wealth unit takes £33m hit on rogue trades

November 6, 2009 in Legal and Regulatory by Roy

UBS has been forced to stump up £33m (€37m) after staff in its London-based wealth management division used client accounts to make unauthorised trades in precious metals and foreign exchange. The UK market regulator slammed UBS for its “inadequate systems and controls” in a wide-ranging critique of the business.
The Financial Services Authority fined UBS £8m, [...]

Bernie Madoff ‘astonished’ Feds missed his fraud

November 1, 2009 in Legal and Regulatory by Roy

It wasn’t enough for felonious Ponzi patriarch Bernard Madoff to bilk his clients of over $60 billion in assets. Now, the jailbird stock swindler is trash-talking about the very federal authorities who should have caught him and stopped the largest financial scam in history.
In a jailhouse interview released late Friday by H. David Kotz, the [...]

What is UCITS?

October 11, 2009 in Legal and Regulatory by Roy

‘Undertakings for Collective Investment in Transferable Securities’ (or UCITS, pronounced yoo-sits) are a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorisation from one member state. In practice many EU member nations have imposed additional regulatory requirements that have [...]

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