Financial Services - Weekly Industry News

New Regulations in UK Will Hurt Debt Collection Success, FICO Survey Finds, Posted on insideARM.com

New regulations being considered by the U.K. Financial Conduct Authority (FCA) will drive up collection costs and hurt collection rates. That’s an early finding from a new study being released next month by FICO (NYSE:FICO), a leading predictive analytics and decision management software company, and Market Force. In the survey, 67 percent of respondents agreed that new FCA regulations would add significant costs to the debt collection process. Nearly as many (64 percent) said that the increasing burden of regulation will negatively affect collection rates. [Read More…]

Australia hobbles self in tech tax chase, By Simon Sharwood, Posted on The Register

Australia’s new government will not pursue an initiative its predecessor advanced as a way to crack down on technology companies’ tax-minimisation schemes. Australia’s newly-elected treasurer (think Chancellor of the Exchequer for UK readers, Secretary of the treasury for those Stateside) Joe Hockey today announceda raft of tax measures, among them a decision to move more cautiously in pursuit of multinational tax avoiders. [Read More…]

German parties urge FTT covering stocks, bonds, FX, derivatives, Posted on Reuters

Nov 14 (Reuters) – German parties discussing policies for a coalition government are urging the rapid implementation of a financial transactions tax among EU countries, coveringstocks, bonds, currencies and derivative contracts, according to a document seen by Reuters. “We want to swiftly introduce a financial transactions tax that has a broad basis at a low tax rate as part of strengthened cooperation within the EU,” the document, prepared by a working group on Europe and banking regulation reads. [Read More…]