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UBS investigated over alleged Libor manipulation

Swiss bank UBS is being investigated by US regulators for allegedly manipulating the interbank lending rate Libor, the BBC reports.

UBS says is has received subpoenas from the Securities Exchange Commission, Commodity Futures Trading Commission and Departments of Justice. These refer to submissions the bank made to the British Bankers’ Association, which sets the Libor rate.

UBS is conducting an internal review into the allegations, according to the BBC.

In its annual report, published yesterday, the bank said: “UBS understands that the investigations focus on whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate Libor rates at certain times.”



Lansons director says FOS narrowing its ambitions

The Financial Ombudsman Service has shifted its focus from being a consumer champion to concentrate on achieving consistent adjudications, according to Lansons public affairs and regulatory consulting director Richard Hobbs. Speaking at a panel session on the Financial Conduct Authority held by The Financial Services Forum and Lansons last week, Hobbs said the FOS “is […]

Andrew Tully quits Standard Life for MGM

MGM Advantage has appointed Standard Life senior pensions policy manager Andrew Tully to the newly created role of retirement income technical manager. Tully (pictured) spent 18 years at the provider, focusing on analysis of the pensions environment and legislative and regulatory changes. Tully says: “The retirement income market will be a fast-moving environment over the […]

Hargreaves ‘in a daze’ as £3bn HL heads into the FTSE 100

Hargreaves Lansdown founder and executive director Peter Hargreaves says he did not expect Hargreaves Lansdown to be a FTSE 100 company for at least another three years. The firm has been promoted to the FTSE 100 with a market capitalisation of £3bn. It was founded by Hargreaves and Stephen Lansdown in 1981 and the pair […]

Brooks Macdonald to launch new funds business

Wealth management firm Brooks Macdonald Group has reported a pre-tax profit of £3.06m for the second half of last year, despite being hit by a Financial Services Compensation Scheme levy of £544,867. The firm has also unveiled plans to launch a new funds business in the summer led by former Scottish Widows Investment Partnership sales […]

Artemis Monthly Distribution Fund: positioning and outlook

Managers James Foster and Jacob de Tusch-Lec outline the fund’s investment approach and discuss current investment themes and outlook for the bond and equity markets. As James and Jacob confirm, the Artemis Monthly Distribution Fund’s aim is to generate an income from both equities and bonds. They explain their investment approach in each asset class, the sectors where they are […]


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