The United Kingdom Office of Gas and Electricity Markets (Ofgem) has urged large energy suppliers to return credit left in former customers' accounts or, if it cannot be returned, to "use it to benefit customers more generally and to make clear what to do when closing an account, the remaining sums held and the reasons for this".
Goldman Sachs Group Inc (GS) has decided not to proceed with a plan to delay the payment of UK bonuses, which had intended to take advantage of a cut in the top rate of income tax and thereby potentially save bankers tens of millions of pounds in tax. Despite being legal, the plan was met with much public criticism, including from Bank of England governor Sir Mervyn King, UK Treasury minister responsible for the City of London Sajid Javid and British Bankers' Association chief executive Anthony Browne.
Syncora Holdings Ltd (Syncora) has made available Annual Statement 2013 (February 2014) for its financial guarantee insurance subsidiary Syncora Guarantee Inc (SGI), which states that SGI has received US$400 million from JPMorgan to settle SGI's residential mortgage-backed securities (RMBS)-related claims against JPMorgan and its affiliates.
The United Kingdom (UK) Financial Conduct Authority (FCA) has banned (24 February 2014) Arnold Eber from the financial services industry after finding that his conduct as chief executive officer of since-dissolved CIB Partners Ltd included the various failures.
The United States (US) Senate Homeland Security and Governmental Affairs Committee's (HSGAC) Permanent Subcommittee on Investigations has released its majority and minority staff report Offshore Tax Evasion - The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts (26 February 2014).
The United States (US) Securities and Exchange Commission (SEC) has announced that Credit Suisse Group AG (Credit Suisse) has agreed to "pay [US]$196 million and admit [to] wrongdoing" to settle charges that it breached US federal securities law by providing unregistered financial services.
The Group of 20 (G20) has released the Communiqué (undated) from its meeting of finance ministers and central bank governors held in Sydney, Australia during 22 - 23 February 2014. The communiqué states that the meeting's outcomes include the endorsement of the Standard for Automatic Exchange of Financial Account Information (undated) (the Standard) as part of a global response to base erosion and profit shifting.
Yonhap News Agency (Yonhap) reports that the Seoul Central District Court in the Republic of Korea has sentenced CJ Group chairperson Lee Jay-hyun to four years' imprisonment and fined him KRW26 billion (approximately US$24 million/€18 million) for tax evasion and embezzlement.
The United Kingdom Financial Conduct Authority has announced that the High Court has ruled that "two investment schemes, promoted by Capital Alternatives and a number of other firms, were [unauthorised] collective investment schemes". According to the FCA, the defendants "structured their schemes to try to avoid the need to be regulated by the FCA"; however, the High Court has "agreed with the FCA that the schemes ... could not be lawfully operated by the defendants".
The United States Department of Justice (DoJ) has announced that former Bank of America Corporation executive Phillip Murphy has pleaded guilty to "participat[ing] in a conspiracy and scheme to defraud [in] relat[ion] to bidding for contracts for the investment of municipal bond proceeds and other municipal finance contracts".
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