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SFO to charge three ex-Icap brokers over Libor rigging

The Serious Fraud Office is to charge three former Icap brokers with fraud today over allegations of Yen Libor rigging.

Danny Wilkinson, Darrell Read and Colin Goodman are facing allegations of conspiracy to defraud between August 2006 and September 2010.

Criminal proceedings against the men have been started today, with the first appearance and charges expected to be read out at Westminster Magistrates’ Court on 15 April.

There are now nine individuals facing fraud charges relating to Libor rigging. The investigation continues.

Last October, Icap Europe was fined £54.5m by the FCA for manipulating Libor. One broker referred to himself as “Lord Libor” or “Mr Libor”, while in other cases champagne and dinners out were used to lure brokers into rigging.

Icap Europe chief executive Michael Spencer is a major donor to the Conservatives, giving £4.3m to the party since 2006.



FCA fines Santander £12.4m over poor investment advice

The FCA has fined Santander £12.4m for poor investment advice after a mystery shopping exercise in 2012. The regulator found there were “significant deficiencies” in Santander’s suitability processes and in ensuring that financial promotions and communications were fair, clear and not misleading. The bank also failed to carry out regular reviews to check that investments […]


Alan Lakey: Who’s regulating the regulator?

There is continual grouching and cursing over the FCA’s apparent ability to avoid attempts to curtail its excesses and bring it to book for dubious practices.  Many now want an independent body to oversee the FCA’s performance and expenditure, and with enough clout to halt foolish endeavours and unbalanced regulation. The Regulators’ Code was introduced […]


Govt to cap pension charges at 0.75% from April 2015

Pensions minister Steve Webb has confirmed the Government will cap auto-enrolment pension charges at 0.75 per cent from April next year. The initial Department for Work and Pensions consultation, published in October, set out three possible charge cap options – 0.75 per cent, 1 per cent or a two-tier “comply or explain” model. Webb has […]


Neptune video: Abenomics: the impetus for Japan’s fast-track recovery?

The remarkable performance of the TOPIX over the past year has caused many sceptical equity investors to look again at the Japanese market. These returns have come despite very significant problems facing the Japanese economy. Chris Taylor, manager of the Neptune Japan Opportunities Fund, discusses these problems and whether Abenomics will be able to overcome them, enabling the market to continue to rise.

In the video, Taylor addresses the following:

• The size and speed of Japan’s unprecedented monetary policy
• Abenomics and the implications should it fail
• Corporate Japan and beneficiaries of government policy


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