30
APR
2014

XBRL Reporting Schedule Extended to the 30th of June 2014

The EBA announced a reporting extension for banks only on their statement dated 16th April 2014. Click here for more info. The FCA have, however, extended the deadline for all IFPRU firms – not just the banks. Click here for more info. Technically, it is the EBA that should take
24
APR
2014

FCA training module – XBRL Gabriel Reporting News –

With just over a month before the lucky IFPRU firms (and there are 2500 of you…) need to report on GABRIEL their FSA003s in xbrl format, the FCA has updated the GABRIEL reporting tutorial. It can be found at: http://www.gabrieltraining.co.uk/ Taking a very specific 55 minutes al
02
APR
2014

What exactly is a Bitcoin?

Just before the US tax returns, the US authorities have instructed Bitcoins to be treated as property for tax purposes. The IRS has thus made Bitcoins mainstream. Singapore are moving to regulate Bitcoin Exchanges, in Finland they are treated as a commodity, Sweden as an asset and Den
01
APR
2014

Mr Wheatley takes responsibility

Well after Friday’s fiasco when the FCA moved shares on false information and took ages to correct the details, they have now admitted their error. Mr Wheatley has taken responsibility for what happened, and stated ‘Whenever markets move as they did on Friday, scrutiny rig
31
MAR
2014

Criticism of the FCA and calls for Martin Wheatley resignation.

As the FCA approaches its first anniversary, on all fools day, they had a ‘slight problem’ on Friday. That was the day that Clive Adamson from the FCA announced that they were going to review 30 million life insurance policies sold between the 1970s and early 2000s. This t
26
MAR
2014

FCA Fine Forex Capital Markets Limited £4 Million

The FCA has fined Forex Capital Markets Limited and FXCM Securities Limited £4m for making ‘unfair profits’ and not cooperating with the regulator. Basically favourable market movements were kept, unfavourable were passed on to the client.  Another part of the group was un
24
MAR
2014

FIRST CCP registered so the EMIR clock starts once again

EMIR (European Market Infrastructure Regulation) is an amazingly expensive process resulting from Lehman and other firms’s troubles in 2008. Legislation has been implemented recently, and continues to be applied, that is supposed to prevent another global financial meltdown.  Pa
17
MAR
2014

GABRIEL reporting – it is changing for 2500 firms

GABRIEL reporting is the FCA system by which an authorised firm communicates to the regulator on matters such as income, balance sheet and capital adequacy. Since its introduction, it has served as an easy way to submit these returns as well as a reminder as to what returns are due an
26
FEB
2014

Bitcoins

It would seem that one of the largest Bitcoin Exchanges has lost $400 million worth of Bitcoins. Mt Gox has pulled its web site off line and is causing huge concern to the owners of the 744,000 alleged lost coins. One of the benefits of Bitcoins is they are untraceable – but tha
20
FEB
2014

Pillar 3 under IFPRU

The annual, or upon material change, requirement for a Pillar 3 statement for BIPRU firms has now fallen away for IFPRU firms.  Basically, when CRDIV was implemented on 01/01/2014, about two thirds of BIPRU firms became IFPRU firms. These, in general, were the riskier firms and increa