Regulators Near Banking Resolution, Citigroup Gets Upgrade: Weekly Financial Biz Recap
Here’s your Cheat Sheet to this week’s top financial industry business headlines:
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A division of the worldwide insurer Aon Corporation (NYSE:AON) has been reprimanded by Singapore’s financial regulator for permitting two of its employees to give investment advice for products for which they were not authorized to advise. The action was reported Friday by the Monetary Authority of Singapore on its website, which said that the Aon employees advised clients on “collective investment schemes” between July 1, 2011 and April 24, 2012 without authorizion by MAS to do so. No fines were levied as a result of the reprimand, according to spokeswoman.
Following a huge amount of work by the Justice Department, a legal resolution typically ends the process. With the $335 million case involving Bank of America Corporation (NYSE:BAC) which is charged with alleged discrimination against minority borrowers, a lot is left to be done after a year. After hitting delays, the department’s settlement administrator just began notifying affected borrowers in November — five months later than originally planned. To make matters worse, weeks after letters went out to more than 233,000 presumed victims, around 10 percent were returned as undeliverable.