An activist group has taken HM Revenue & Customs to court, in an attempt to overturn a private settlement which HMRC made with Goldman Sachs in 2010 over unpaid National Insurance. . .

http://www.tax-news.com/news/HMRC_Challenged_In_Court_Over_Tax_Deal_With_Bank____60645.html

On the 30 April the Financial Conduct Authority (FCA) with the assistance of the City of London Police Economic Crime Directorate executed a search warrant in West London. Two people, a man aged 41 and a woman aged 37, were arrested and questioned in connection with an investigation in to insider dealing and market abuse. . .

http://www.fca.org.uk/news/two-arrested-in-fca-insider-dealing-investigation

The BBA is generally supportive of the Government’s approach to the transfer of consumer credit regulation to the FCA – as set out in the HM Treasury/BIS and FSA consultation papers. Although our long-standing preference was to see the FCA assume regulatory responsibility for a modified Consumer Credit Act (“Act”) without the need for supplementary FSMA rules and principles, we believe that in the absence of such an approach the Government’s proposals are mostly pragmatic, proportionate and achievable – although the timetable for implementation is hugely challenging. . .

http://www.bba.org.uk/media/article/bba-submission-to-hmt-credit-regulation-cp

France’s second biggest bank, Societe Generale, has said it is considering cutting up to 700 jobs. . .

http://www.bbc.co.uk/news/business-22430949

The International Swaps and Derivatives Association (ISDA), the London Investment Banking Association (LIBA), the British Bankers’ Association (BBA), and the European Securitisation Forum (ESF) welcome the opportunity to comment on the second round of consultation on the Validation and Assessment of Advanced Measurement (AMA) and Internal Ratings Based (IRB) Approaches (“CP10R”) published towards the end of January 2006. Our combined membership represents a diverse group of internationally active financial institutions, operating across the broad spectrum of European and international capital markets. . .

http://www.bba.org.uk/media/article/cebs-second-round-of-consultation-on-the-validation-and-assessment

A new report by a UK Parliamentary Committee has called for HM Treasury to   devise a new code of practice for tax advisors, which would determine whether   the firms they work for should be given contracts with government, and deal   with potential conflicts of interest between the firms’ role advising government   on legislation and their giving of advice to private clients. . .

http://www.tax-news.com/news/UK_Parliamentary_Committee_Harries_Big_Four____60595.html

The Financial Conduct Authority (FCA) has fined EFG Private Bank Ltd (EFG) £4.2 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers.  The failings were serious and lasted for more than three years. . .

http://www.fca.org.uk/news/efg-private-bank

The Financial Conduct Authority has published rules to make the way that investors pay for platforms more transparent. In the future, platforms, in both the advised and non-advised market, will not be allowed to be funded by payments (commonly described as ‘rebates’) from product providers.  Instead, a platform service must be paid for by a platform charge which is disclosed to and agreed by the investor. . .

http://www.fca.org.uk/news/platforms-industry

The charges follow searches of addresses occupied by the two men that were conducted by the Financial Services Authority with the assistance of the City of London Police in April and May 2012. Both men were arrested at the time of, or shortly after, the searches being conducted. . .

http://www.fca.org.uk/news/unauthorised-investment-scheme