UK Watchdog OKs £3.8B Standard Life-Aberdeen Tie-Up
The U.K.’s competition watchdog said on Thursday it has cleared plans by Standard Life PLC to buy Aberdeen Asset Management PLC, which would create one of Europe's biggest asset management and insurance companies, worth £11 billion ($13.9 billion).
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The British government appears to be reconsidering its plans to merge the Serious Fraud Office with the U.K.'s broader crime-fighting agencies after recent election losses, with the controversial proposal absent from the queen's speech outlining legislative priorities for the new Parliament on Wednesday.
European Union lawmakers investigating the Panama Papers tax evasion scandal accused the EU Council on Wednesday of obstructing their investigation into whether the bloc failed to adequately enforce its anti-money laundering and tax avoidance laws on money going offshore.
The U.K.’s minority government pledged new laws on Wednesday to extend compulsory motor coverage to driverless cars and crack down on fraudulent whiplash claims, as Prime Minister Theresa May squeezed major insurance concerns into her pared-back legislative agenda.
Bankers, financial advisers and lawyers will be forced to report suspect tax schemes to their national supervisors or risk punitive sanctions under tough new European Union tax transparency rules published by the European Commission on Wednesday.
Bank of England Governor Mark Carney called on Tuesday for a new form of regulatory cooperation between the U.K. and the European Union over the supervision of clearinghouses after Brexit, and warned against allowing the clearing market for euro-denominated derivatives to become fragmented.