Financial services

French bank Société Générale was the victim of an alleged multi-million pound fraud which occurred within weeks of the much-publicised €4bn fraud by rogue trader Jerome Kerviel - but it was never disclosed to shareholders.

Business secretary Vince Cable has met with a group of top UK fund managers to demand they put more pressure on company boards to deliver better long-term value for shareholders and the UK.

The Financial Services Authority (FSA) has restarted its review of Financial Services Compensation Scheme (FSCS) funding, with a view to formally consult in the first half of 2012.

Lord Adair Turner, the head of the FSA, last night launched an outspoken attack on the banks, claiming their ability to create credit and money is ‘potentially dangerous'.

The European Commission has proposed a tax on financial transactions to help fund the cost of the eurozone rescue package which could see investors in UCITS fund being hit with a triple blow.

The FSA today said it "welcomed" the government's intention to give regulators new powers to publicise when a warning notice has been issued against a firm, but claimed the powers do not go far enough.

The FSA and the Swiss Financial Market Supervisory Authority (FINMA) are launching an independent investigation into the events surrounding the huge trading losses incurred by UBS, allegedly as a result of the actions of 'rogue trader' Kweku Adoboli....

The UK government is to take legal action against the European Central Bank (ECB) over a planned change to European banking rules it warns could harm the City of London.

The final set of recommendations from the Independent Commission on Banking (ICB) has provoked a mixed response from commentators, with some warning the cost of the move could drive up risk taking by the banks, while others welcome the 'safety measures'...

LEHMANS THREE YEARS ON...