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UK Financial Watchdog Promises to Shut Down Failing Firms Faster
Date: April 7, 2022
By Huw Jones LONDON (Reuters) – Britain’s financial watchdog said on Thursday it will create 80 new jobs to shut down problem companies faster as it faces pressure from lawmakers to deal with corporate collapses more efficiently and tackle a rising volume of scams. The Financial Conduct Authority said its new three-year strategy plan would...
Britain, Luxembourg Weigh ‘side Pockets’ for Sanctioned Russian Assets
Date: March 16, 2022
By Huw Jones and Carolyn Cohn LONDON (Reuters) – Britain’s financial watchdog said on Wednesday it is talking to fund managers about how to handle Russian assets rendered worthless by sanctions, joining its counterparts in Luxembourg and elsewhere. The Financial Conduct Authority said the discussions focus on the optional use of “side pockets” in investment...
EU Investment Funds Need Overhaul to Exploit Single Market, Says Report
Date: February 22, 2022
By Huw Jones LONDON (Reuters) -The European Union’s 19 trillion euro ($21.6 trillion)investment funds industry is failing to exploit the bloc’s single market, saddling investors with high costs and opaque selling practices, the European Court of Auditors said in a critical report on Monday. A full review of EU investment fund rules is needed by...
Allianz Books $4.2 Billion Hit in Investment Fund Case, Says More May Come
Date: February 18, 2022
By Tom Sims and Alexander Hübner FRANKFURT (Reuters) -German insurer and asset manager Allianz on Thursday said it would set aside 3.7 billion euros ($4.20 billion) to deal with investigations and lawsuits resulting from the collapse of a multi-billion-euro set of investment funds. The provision resulted in a net loss attributable to shareholders of 292...
Britain Sets Out post-Brexit Blueprint for Investment Funds Sector
Date: February 11, 2022
By Huw Jones LONDON (Reuters) -Britain’s finance ministry set out its stall on Thursday for reforming the 11 trillion pound ($15 trillion) investment funds sector following Brexit, saying it will simplify how the industry is taxed. Britain is a global centre for managing funds, but many of them are listed in EU centres such as Luxembourg...
Exclusive-Allianz Under Investigation in Germany Over Investment Funds
Date: September 8, 2021
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