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News - 11 June 2014

Osborne pledges action against banks and traders.

 In his annual Mansion House speech, Mr Osborne will pledge the extension of legislation used to clean up after the Libor interest rate-fixing scandal.

 
As well as bringing the foreign currency market under this legislation, it will be extended to those who trade in commodities, and also to the fixed income market, where the most common type of products traded are bonds.
 
The Chancellor plans to bring in criminal sanctions with tough penalties for rigging financial markets and opt out of EU rules on market abuses because they are not tough enough, he claims.
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The chancellor is also expected to establish a joint review by the Treasury, Bank of England and the Financial Conduct Authority (FCA) to look into how these markets operate. The FCA has stepped up investigations into the sector, and the recent Parliamentary Commission on Banking Standards prompted a new legal regime for executives.”
 
It has been reported that at least 15 banks are being investigated by regulators around the world for alleged forex manipulation. Martin Wheatley, the head of the FCA, said recently that the allegations, if substantiated, could be "every bit as bad as Libor".
 
The review will run for 12 months and make recommendations for further action to strengthen the operation of fair and effective global financial markets, some of which may require international agreement.
 
The review will be led by the Bank of England’s new Deputy Governor for Markets and Banking, Minouche Shafik, with Martin Wheatley, Chief Executive Officer, FCA, and Charles Roxburgh, Director General Financial Services, HM Treasury as co-chairs.
 
A panel of market practitioners will also be appointed, to involve and reflect the views of the financial services industry in the Review. This panel will be chaired by Elizabeth Corley, CEO of Allianz Global Investors.
 
For those who are looking for a more personal approach on a range of business related issues, contact us at ABDS.
 
ABDS of Southampton.  For all of your Financial and Business Development requirements
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
Helping Your Business is Our Business

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