'Snow White' Email Shows Staley's Ties To Epstein, FCA Says

By Christopher Crosby

The inability of former Barclays boss Jes Staley to remember "now infamous" emails with Jeffrey Epstein undermines his credibility and his attempts to overturn his ban for lying about his ties to the sex offender, the Financial Conduct Authority said Wednesday.

Read full article » | Save to favorites »

Class Rep Says Appeal Court Entitled To Allow £2.7B FX Claim

By Sophia Dourou

A class representative said Wednesday that the Court of Appeal was entitled to allow a £2.7 billion ($3.5 billion) foreign exchange claim to go ahead as an opt-out class action, arguing Britain's specialist competition tribunal was wrong to effectively end the proceedings.

Read full article » | Save to favorites »

Deutsche Bank Units Fined €25M In 'Greenwashing' Case

By Najiyya Budaly

Two subsidiaries of Deutsche Bank AG have been fined a total of €25 million ($27 million) for failing to fulfill environmental, social and governance promises in promotional materials for investment products, the Frankfurt Prosecutor's Office said Wednesday.

Read full article » | Save to favorites »

Former Wyelands Director Fined £72K For Risky 'Failings'

By Alex Davidson

The Bank of England's regulatory arm said Wednesday that it has fined George Hambro, a former non-executive director of Wyelands Bank PLC, £72,000 ($93,000) for failings that threatened the safety of the now-inactive lender.

Read full article » | Save to favorites »

Ankle Tag Maker Sues Sacked CEO Over Ties To Shareholders

By Tabitha Burbidge

A company which makes technology for monitoring people remotely has brought legal action against its ousted chief executive, alleging that she lied about her interest in the company's shareholders and stole funds from the business.

Read full article » | Save to favorites »

Ex-Metro Bank CFO Followed Legal Advice Over £900M Error

By Ronan Barnard

Metro Bank PLC's former chief financial officer, David Arden, said at a London tribunal Wednesday that he had followed legal advice when preparing to publish a market announcement at the center of a £900 million ($1.1 billion) reporting scandal, arguing he and the bank's former chief executive officer should not face "career-ending allegations" for doing so.

Read full article » | Save to favorites »

Consumers Tell UK Justices Car Dealers Owe Transparency

By Joanne Faulkner

Consumers bringing a test case on motor finance commissions told the U.K. Supreme Court in a hearing Wednesday that car dealers arranging financing for the purchase of vehicles were acting as "classic" credit brokers and owed a duty to act in borrowers' best interest.

Read full article » | Save to favorites »

FCA 'Thinking Radically' On Savings Welcome, LCP Says

By Joel Poultney

The Financial Conduct Authority "thinking radically" about allowing savers to use accrued pension pots for house deposits is "very encouraging," Lane Clark & Peacock LLP has said.

Read full article » | Save to favorites »

City Seeks Regulatory Talks With US Amid Trade Tension

By Alex Davidson

A U.K. financial services trade body called on the government Wednesday to enter stronger financial regulatory dialogues with the U.S. and other countries amid trade uncertainties, boosting investment in high-growth companies.

Read full article » | Save to favorites »

Gov't Told To Reform PPF On Pension Surplus Extraction Plan

By Martin Croucher

The government must extend the safety net of the Pension Protection Fund if it wants retirement schemes to release up to £160 billion ($207 billion) in surpluses to the wider economy, a think tank warned Wednesday.

Read full article » | Save to favorites »

Insurers Back EU Delay To Sustainability Rules

By Joel Poultney

European insurers on Wednesday publicly backed the executive branch of the European Union's proposal to temporarily suspend implementing two flagship sustainability regimes, saying the delay allows time to streamline several of the planned reporting requirements.

Read full article » | Save to favorites »

UniCredit To Bid On BPM As Credit Agricole Ups Stake

By Najiyya Budaly

Italian bank UniCredit said Wednesday that it plans to launch a formal takeover for domestic rival Banco BPM, as French lender Credit Agricole announced that it has won regulatory backing to increase its stake in the target to as high as 19.9%.

Read full article » | Save to favorites »

Experian Completes $350M Deal For Brazil Biz ClearSale

By Irene Madongo

Multinational Experian PLC said Wednesday it has completed its acquisition of Brazil-based ClearSale SA in a $350 million deal that the credit reference agency said will broaden its offering to include transaction fraud detection in account opening.

Read full article » | Save to favorites »