Bank Archives - The Industry Spread

Time is Running out: the Pressure is on to Prioritise PPI

August 25, 2019

It is only seven days until the 29 August 2019 PPI complaints deadline and the Financial Conduct Authority (FCA) is urging the 18% of consumers (almost one in five) who say they’ll make a last-minute decision on whether to complain about PPI to act now – before time is up.

ASIC Finds Unacceptable Sales Practices, Poor Product Design and Significant Remediation Costs in CCI Sold by Major Banks and Lenders

July 15, 2019

ASIC’s review of the sale of consumer credit insurance (CCI) by 11 major banks and other lenders has found that the design and Sales Practices of CCI has consistently failed consumers. ASIC’s report (REP 622) highlights the very low value of CCI products and the unfair way they are promoted and sold to consumers. This work forms part of ASIC’s broader priority to address fairness to consumers and, in particular, harms in insurance.

Bank for International Settlements Setting Up Innovation Hub Centre in Singapore

July 4, 2019

The Monetary Authority of Singapore (MAS) welcomes the announcement by the Bank for International Settlements (BIS) to establish an Innovation Hub Centre in Singapore. The Hub Centre in Singapore, along with Hub Centres in Basel and Hong Kong, is a key pillar in a new BIS Innovation Hub initiative [1] to foster collaboration within the central banking community on FinTech issues.

Former TradAir CEO Viral Tolat Launched New AI Tech Firm

June 8, 2019

Viral Tolat one of the original co-founder of Silicon Valley based FX software and technology service provider Integral Development Corp and former CEO of UK based FX & Crypto trading firm TradAir has moved on to a new venture. Viral has now established a new firm called Neural Engines – a company that is focused on creating a platform for building applications. The content of firm’s website shows that they are on to some unique and exciting plans and prospects despite still being on their early days.

MAS Does Not Engage in Currency Manipulation

June 3, 2019

Singapore, 29 May 2019…In response to media queries on the US Treasury Report on Macroeconomic and Foreign Exchange Policies (UST Report) released today, the Monetary Authority of Singapore (MAS) said that it does not engage in currency manipulation for export advantage.

CFTC and SEC Participate in the Signing Ceremony for the IOSCO Enhanced Multilateral MOU Concerning Cross-Border Enforcement

May 25, 2019

At the 44th Annual International Organization of Securities Commissions (IOSCO) Conference in Sydney, Australia, the Chairmen of the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) participated in a signing ceremony on May 15 for the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU).

SEC and CFTC Participate in the Signing Ceremony for the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Cross-Border Enforcement

May 24, 2019

At the 44th Annual International Organization of Securities Commissions (IOSCO) Conference in Sydney, Australia, the Chairmen of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission (CFTC) participated in a signing ceremony on May 15 for the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU).

Italian Lender UniCredit Sells Its Stake in Fineco Bank Once Again

May 9, 2019

Italy’s largest lender UniCredit is selling its stake in its online broker business Finecobank yet again in a bid to seek more capital. According to statement released by the lender yesterday, the firm is selling 17% stake in its online broker business which is nearly half of its 35.35% stake the lender currently owns.

SIX and Shanghai Stock Exchange sign an updated MoU

May 1, 2019

SIX and Shanghai Stock Exchange renewed their MoU (Memorandum of Understanding) with the intention to further deepen their collaboration which was initiated in 2015. A Swiss delegation visited the Shanghai Stock Exchange today, where the two parties signed the document in the presence of Swiss Confederation President Ueli Maurer.