Cayman – the bank’s main loophole? Three times this week, I’ve come across dodgy dealings by banks in the Caymans to avoid taxation. The first is the Portuguese Bank BCP, or Banco Comercial Portugues SA to give it its proper name. In a detailed report in Bloomberg Markets Magazine, they recount the story of billionaire…
The UK Government recently ordered changes to the Financial Services Compensation Scheme (FSCS), as announced in the Banking Bill of 2009. The Bill resulted in a new regulation from the Financial Services Authority (FSA), Policy Statement 09/11 (Download FSA PS09/11). PS09/11 rules that, from 31 December 2010, all financial firms must provide a Single Customer…
As many readers know, I've disliked Chip & PIN pretty much since it was launched, as there are better solutions out there. Here's my comment from 2006: Chris Skinner, CEO of financial services think tank Balatro told silicon.com: "I'm an anti-chip and PIN person. Sorry Apacs – I like them very much but it's not…
Just found a report from this year’s Davos that explores the forces that are shaping the future of the financial services landscape in the near term, and provides tools to approach the most pressing challenges of the post-crisis world, namely: managing and resolving governments’ newly acquired equity interests in financial institutions and restoring trust in…
We had a great debate at the FSClub the other day, with the provocative title: “this house believes that SEPA (the Single Euro Payments Area) does matter”. The evening was chaired by the more than capable Bob Lyddon, who coordinates the IBOS Association secretariat, and four panel members who ‘played’ parts in being proposes and…
With so much hullabaloo about banker's bonus taxes, taxes on liabilities, a return to narrow banking, the closure of leveraged prop trading, bankers versus Obama, Sarkozy and Davos, you might miss a few key changes in emphasis. For example, the bankers view as demonstrated by Bob Diamond's comments yesterday: 'World leaders may find it increasingly…
Like everyone, I’m amazed by how much pure madness there is in the markets right now. Not the madness of crowds, the madness of bankers or the madness of investors. No, it’s the madness of politicians and regulators. First we had Alastair Darling’s tax on bonuses. Then Sarkozy followed suit. Finally Barack Obama announces not…
Interesting article on the guide to all things Europe today, Euractiv, about the Payment Services Directive. The Directive “has been transposed in all but 11 of the 31 EU/EEA countries”. Hmmm … that would be Cyprus, Estonia, Italy and Latvia (Jan); Norway (Feb); Belgium, Greece, Spain, Finland, Malta and Poland (Mar); whilst Sweden is last…
