Two years after Andrew Baily, head of the FCA (Libor’s regulator), effectively stated that LIBOR would be gone by 2021, the FCA and the Bank of England (BoE) recently encouraged banks to move to the new benchmark SONIA.
The Competition and Markets Authority (CMA) has recommended that the Big Four accountancy firms should separate their professional services and audit work.
This week, Facebook plans to reveal details of its cryptocurrency, called “GlobalCoin”. The coin will be in circulation by early 2020 and is to be used across 12 countries. Facebook CEO Mark Zuckerberg hopes GlobalCoin will allow Facebook’s 2.4 billion monthly users to send money as easily as sending a photo.
Traders from Barclays, RBS, JP Morgan, Citigroup and MUFG have been fined €1.07 billion by the European Commission for rigging the foreign exchange market.
Leading global investment bank Goldman Sachs has recently decided to apply for a Tokyo banking licence.
As a consequence of the Consumer Rights Act 2015, English solicitor Walter Merricks has revived a legal action against Mastercard that could pay 46 million UK citizens up to £300 each.
US investment bank Goldman Sachs has been fined £34 million by the Financial Conduct Authority.
A Supreme Court ruling means that HMRC (the government body responsible for collecting taxes) is set to receive £1 billion in taxes over the Lehman Brothers collapse back in 2008.