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Salmond hits out at 'Treasury leak' over flight of banks

Scotland's First Minister Alex Salmond has accused the UK Government of "scaremongering" over the possible flight of businesses to England in the event of a Yes vote.

He told BBC Radio Scotland that a source "within the Treasury" had leaked information about RBS and other banks making contingency plans to move operations south.

He said the official announcements later issued by the banks "makes clear there's no impact on operations or jobs".

He also told reporters there would be an "inevitable investigation" into the leaking of "market sensitive information".

Standard Life planning 'transfer' in event of a Yes

Standard Life, which has its headquarters in Edinburgh, has announced contingency plans to relocate parts of its business to England in the event of a Yes vote.

A statement on the Standard Life website said:

In view of the uncertainty around Scotland's constitutional future, we have put in place precautionary measures which would help enable us to provide customers with continuity. This includes planning for new regulated companies in England to which we could transfer parts of our business if there was a need to do so.

This transfer of our business could potentially include pensions, investments and other long-term savings held by UK customers...

We will continue to serve our customers in Scotland and will consider what additional measures we may need to take on their behalf as a consequence of constitutional change once further clarity and certainty is received.

– statement by David Nish, chief executive, standard life


Cable: New bonus clawback plans a 'positive step'

New rules which could mean rule-breaking bankers having their bonuses taken away are a 'big positive step', said Business Secretary Vince Cable.

The regulations will make bankers operate 'more responsibly' he said.

Vince Cable welcomed the new rules on bank bonuses.

" I don't think anyone would have a quarrel with this. We have suffered enormously from the collapse of the banking system. We need to have a system of penalties in place to make sure this doesn't happen again," Dr Cable added.

Bonus clawback 'will only be active from 2015'

Rules allowing regulators to claw back bonuses will only come into effect in 2015, an industry regulator has announced.

The Bank of England's Prudential Regulation Authority said trying to apply the new rules retrospectively would mean many firms would be "open to challenge" from employees.

"In order to ensure a consistent and even application of the clawback requirement across industry, the final rule requires the application of clawback only to awards made on or after 1 January 2015," the PRA said.

Barclays boss: Bonus clawback 'extremely useful'

The chief executive of Barclays has welcomed plans from the Bank of England to punish misbehaving bankers by clawing back bonuses.

Antony Jenkins told Radio 4's Today programme: "The process of clawback can be extremely useful. We’ve applied it ourselves, for example, in cases where we’ve got things wrong."

Mr Jenkins said there should be "appropriate punishment" for both criminal misconduct and "recklessness" on the part of bankers.


Bank of England plan to 'claw back bankers' bonuses'

Misbehaving bankers could be forced to repay bonuses from previous years under plans set to be unveiled by the Bank of England, according to the BBC.

Bankers in London's financial hub could have to repay bonuses from previous years. Credit: Chris Radburn for Glasgow 2014

It could mean bonuses paid out as long as seven years ago being returned, even if they were paid in shares and have already been cashed and spent.

The BoE had already warned in March that bankers could face clawbacks for "misbehaviour", including if their bank registered big losses.

Reports at the time suggested bonuses from up to six years ago would be at risk, though that appears to have been extended to seven years.

Another previous suggestion had been to cancel promised bonuses, but the Bank's position appears to have hardened.

BNP Paribas to pay £5.2bn for breaking US sanctions

BNP Paribas pleaded guilty to two charges. Credit: Reuters

Banking giant BNP Paribas has agreed to pay £5.2 billion for evading US sanctions on Iran, Cuba and Sudan.

The French company pleaded guilty in New York state court to one count of conspiracy as well as producing false business records.

BNP Paribas were accused of transferring billions of dollars on behalf of clients in countries blacklisted by the US.

One of the prosecutors said BNP engaged in a "long-term, multi-jurisdictional conspiracy" to breach laws in deals involving Sudan, Cuba, and Iran.

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