City Minister Criticises FCA

City Minister Criticizes FCA

In an unusual intervention, Tulip Siddiq, the City Minster, took aim at the Financial Conduct Authority. Speaking at the Global Banking Summit, she urged the regulator to change its culture following criticism of the way it had dealt with whistleblowing complaints. She also believes the FCA needs to row back further on plans to disclose the names of firms facing on-going enforcement investigations.

Trump Nominates New SEC Head

President-elect Trump has nominated Paul Atkins as the next chairman of the Securities and Exchange Commission. Atkins was a commissioner from 2002 – 2008. He has a reputation for common sense regulation and is a fan of crypto. He has also criticized the Public Company Accounting Board!

Sabadell Wins Court Case

Sabadell won a high court case as it sought to claim Euro 400 million from private equity firm, Cerberus. The Spanish bank had sold an 80 per cent stake in three commercial property portfolios. Twenty per cent of the payment was deferred given that some of the property claims were “unregistered”. The dispute was focused on the precise wording of the contract.

Deutsche CEO Calls for De-Regulation

Deutsche CEO, Christian Sewing, has called for Germany to simplify regulations and cut corporation taxes if it is to achieve meaningful growth. He also called for a European Banking Union to allow the consolidation of banks across the continent.