Financial Services – Sznurki Mon, 11 Oct 2021 06:30:44 +0000 en-US hourly 1 Financial Services – Sznurki 32 32 ABC is the subject of most complaints for the third year in a row Mon, 11 Oct 2021 05:44:00 +0000

The Big Four feature in a large part of the complaints to AFCA because of their size. CBA, the largest of the major banks, claims to have 15.9 million customers.

An ABC spokesperson said the bank saw “an 11% drop in the total number of complaints over the past fiscal year, as we were able to resolve almost two-thirds of the total without referral to AFCA “.

“Our proportion of resolved complaints was also higher than our main peers,” the spokesperson said.

“Having said that, we know how important it is to resolve complaints quickly and satisfactorily and therefore welcome AFCA’s role as an independent third party in this process.”

Citigroup, which received the sixth highest number of complaints from all financial services providers, received more credit card complaints than any other company, which Choice CEO Alan Kirkland called “alarming”.

“It has double the number of complaints from NAB, which should be a concern for NAB as it seeks to acquire the consumer business from Citi. The high rates on Citigroup’s credit cards, which are among the most expensive in the market, are probably a major factor behind the complaints, ”he said. The Australian Financial Review.

Data shows that complaints about financial products increased at the start of the pandemic, with May, June and July 2020 recording the highest three months of complaints on record.

Central Coast, the nation’s complaints capital

Residents of postcode 2260 on the central coast of NSW, which includes the suburbs of Terrigal and Erina Heights, have filed more complaints with the AFCA than residents of any other postcode.

People living in Parramatta and Liverpool in western Sydney, as well as Wyndham and Point Cook in the far southwest of Melbourne, have also filed a large number of complaints.

Mr Kirkland said it was typical to see higher volumes of complaints from low-income people, especially regarding credit products.

“It is exacerbated when people experience additional financial stress, as many were during COVID-19. These complaints often relate to access to austerity measures or issues related to how the credit was approved in the first place, ”he added.

The release of the data comes as the government seeks to legislate a compensation scheme for victims of questionable financial advice, which financial advisers and consumer advocates have criticized as being too narrow.

Mr Kirkland said it was concerning to see 117 complaints against funeral insurance provider Youpla, which would not be included in the government’s proposed last resort compensation scheme.

“We know that AFCA has identified at least 25 complaints against Youpla since the Royal Banking Commission and awarded consumer compensation in each of them. If this trend continues, there are serious concerns about the viability of Youpla, which is why it must be included in the compensation scheme proposed by the government.

Youpla came under close scrutiny during the Hayne Royal Commission for attacking Indigenous communities with expensive and cheap funeral insurance products.

AFCA chief mediator David Locke said the agency continued to see a high number of cases of indigenous Australians believing they had been misled into purchasing funeral insurance.

More than half of the 260 complaints about funeral plans in the past 15 months were from people who identified themselves as Indigenous.

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76% of banking executives surveyed say digital assets – like Bitcoin – will reign in 10 years Sat, 09 Oct 2021 15:00:48 +0000

While we’re not ready to rediscover the classic ’80s REM hit, “It’s the End of the World as We Know It”, there are warning signs that we may be nearing the end of physical money. as we know it.

According to Deloitte’s Global Blockchain Survey 2021 of more than 1,200 executives from multiple industries, including the financial services industry (FSI), 76% of FSI respondents agreed that we will no longer use physical money here. 10 years. Instead, they predict that we will be using blockchain and various forms of digital currency.

Additionally, 73% of ISP executives surveyed said they would be at a competitive disadvantage if the industry didn’t start embracing blockchain and digital assets. In case you’re curious, the two largest blockchain-based digital assets by market cap currently are Bitcoin and Ethereum, respectively.

“Deloitte’s 2021 Global Blockchain Survey shows that the foundation of banking has fundamentally been overtaken and that players in the financial services industry need to redefine themselves and find innovative ways to create economic growth in the future of the world. ‘money,’ Linda Pawczuk, director, Deloitte Consulting, and global and U.S. leader in blockchain and digital assets, said in a press release.

An example of this disconnect between ISP and the growing use of programmable money is Twitter’s recent announcement that it will now offer Bitcoin tipping to its users. This seemingly innocuous social media novelty is likely to be very disruptive to the ISP in the short and long term.

While not the largest social media platform, Twitter has over 360 million monthly active users. Many of these users are global influencers with a significant number of followers. Thanks to its network effect, it’s reasonable to expect a fairly rapid adoption by influencers and their followers of the free Twitter service to instantly share and send programmable money anywhere in the world.

An accelerated spread of Bitcoin adoption will be a direct result of these free, Twitter-enabled digital payments on its platform, simultaneously accelerating the fall in physical fiat.

“As the disruption of digital assets rapidly changes the market, global financial services are striving to reinvent themselves, building businesses to generate new revenue streams,” said Richard Walker, Director, Deloitte Consulting and Blockchain Leader of the financial services industry in the United States, in a press release. . “Opportunities for real change in several areas of global financial markets exist for players exploring new ways to harness the power of blockchain technology and digital assets to reinvent their business models. “

If these ways of “reimagining” the tired ISP business model do not begin soon, their inertial recession into insignificance is almost assured. It’s almost like you can hear REM frontman Michael Stipe warming up his voice for a final ISF encore.

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Will Bank of New York Mellon Corp (BK) remain at the top of the financial services industry? Fri, 08 Oct 2021 16:49:07 +0000

Hill 66 Investors Observer gives Bank of New York Mellon Corp (BK) shares the spot near the top of the financial services industry. In addition to scoring over 97% of stocks in the financial services industry, BK’s overall rating of 66 means the stock scores better than 66 of all stocks.

BK has an overall score of 66. Find out what that means to you and get the rest of the leaderboard on BK!

What do these notes mean?

Trying to find the best stocks can be a daunting task. There are a wide variety of ways to analyze stocks to determine which ones are performing the best. * Investors Observer * makes the whole process easier by using percentile rankings that make it easy for you to find stocks that have the strongest valuations by analysts. These rankings allow you to easily compare stocks and see what are the strengths and weaknesses of a given business. This allows you to find stocks with the best prospects for short and long term growth in seconds. The combined score incorporates technical and fundamental analysis to give a comprehensive overview of a stock’s performance. Investors who then want to focus on rankings or analysts’ ratings can see separate scores for each section.

What is happening with the shares of Bank of New York Mellon Corp today?

Bank of New York Mellon Corp (BK) stock rose 2.72% while the S&P 500 fell -0.1% at 12:40 p.m. on Friday, October 8. BK gained $ 1.48 from the previous closing price of $ 54.51 on a volume of 1,817,578 shares. Over the past year, the S&P 500 has risen 27.52% while the BK has gained 50.59%. BK has earned $ 3.87 per share over the past 12 months, giving it a price-to-earnings ratio of 14.45. Click here for the full Bank of New York Mellon Corp. stock report.

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How Financial Services Can Invest in the Future Using Predictive Analytics Thu, 07 Oct 2021 08:36:19 +0000

Adam Mayer, Senior Executive at Qlik, discusses the benefits predictive analytics can bring to financial services

Predictive analytics can be an essential tool for the financial services industry.

The financial services industry is inundated with data. Of all the industries, it is the one that captures the most information about its customers. It is also one of the sectors undergoing huge changes, as the accelerated pace of technological development demands new business models and new skills that drive the evolution of the services and products provided to customers.

With all this data at hand, it’s well positioned to tackle this challenge head-on, isn’t it? The reality is that the industry is struggling to make the best use of its data. According to our research, just over half of UK employees working in financial services (55%) believe their company is making effective use of data to increase its competitive advantage. But what’s stopping financial services organizations from embracing the latest innovations in data and analytics? A lack of confidence and regulatory risks.

The lack of trust stems from both customers and IT managers in financial services organizations. Customer confidence in banks is low, to the point that only 14% of consumers have sought help from their bank when they have experienced a life event with financial impact in the past five years. To restore trust, financial services organizations need to prove to consumers that they can make the most accurate and consistent decisions every time. This can be difficult when introducing more advanced analytical solutions that take humans away from the decision-making process, such as predictive analytics and machine learning.

These are concerns that Richard Speigal, BI Center of Excellence Manager at Nationwide Building Society, acknowledges: “If you can’t explain how models are built and how they work, there will always be a question of trust.

Working in a highly regulated industry also brings additional complexities, so much so that 46% of financial services IT managers believe the regulatory burden of predictive analytics outweighs the benefits.

The challenges of trust and regulation are understandable. Yet if financial organizations are to move forward in making the best use of the data they hold, they will need to find a way to overcome it. It starts with making sure these solutions aren’t left behind. Its production must ultimately be managed by a human counterpart, who can question and determine what is the best approach based on the information and their experience.

But how to marry this machine and human intelligence so that it does not overwhelm employees by adding more steps to their decision-making process? One solution is to integrate predictive analytics into existing business intelligence (BI) platforms that are used by employees at all levels in almost all financial services organizations. This will help democratize access to its powerful analytical results, as well as governance, ensuring stable control over every decision made. Decisions worthy of the confidence of the employee, his management and, above all, his client.
Of course, I am simplifying. The reality of achieving this integration is a bit more complicated. So what’s the secret to getting it right and harnessing the potential it offers? Well, there are two key factors to consider:

1. Start with your analytical data pipeline

If you want to improve the output and bottom line of your analyzes, building high-performance analytical data pipelines that deliver real-time data should be your first port of call. Consider the end goal of analysis in an organization; empower employees to act with full knowledge of the facts. What if you could enable action in the moment, based on proactive analytics and alerts fueled by hyper-contextual data in real time? If you can achieve it, this is when you can go from operating in a passive mode of consuming data with your business intelligence and moving into a state of active intelligence. However, this is only achievable if the pipeline is robust. How else can you trust – back to this key concern – that action is taken on the correct data.

This is where many businesses take off. They struggle to get the data into the pipeline and then deliver it in a state that is reliable enough to fuel their predictive analytics programs. This raises concerns about its quality, privacy concerns and the speed of the onboarding process.

As Nick Blewden, Lloyds of London, said: “The data itself is not the most valuable part; that’s what you do with it ”. It is therefore essential to invest in the entire process that will help transform raw data into reliable, ready-to-use information.

Climb to new heights using real-time data analysis

Chris Harris, Vice President, Field Engineering at Couchbase, explains how businesses can move forward using real-time data analytics. Read here

2. Empower your employees

We naturally feel more confident in using something if we understand it. So it is perhaps not surprising that the second consideration is data mastery.

Predictive analytics enables users to make better decisions based on what has happened and what is likely to happen based on available data. And these decisions can only be made if employees understand what they are working with.

They need good data literacy skills to understand, challenge, and take action based on the information, with greater abilities to realize boundaries and question the results of predictive analytics. After all, the accuracy of a forecast depends on the data that feeds it, so its performance could be affected during an abnormal event or through intrinsic bias in the data set.

Employees need to be confident in their understanding of the data to question their output. This is especially true where decisions can have a direct impact on the lives of clients, particularly the influential impact of those made in the financial industry – from the acceptance of an overdraft and the payment through to the approval of an overdraft. ” apply for a mortgage on time. And when communicating potentially emotionally charged decisions made using predictive analytics, it’s also essential that they feel comfortable explaining to customers and other stakeholders how those decisions came about. been taken.

Speigal once again summed it up perfectly: “being able to understand the workings behind the decision, to have this data literacy to make sure the right decision is made, is essential”.

Invest in a predictive future

As Malcolm X said: “The future belongs to those who prepare for it today”. While we may not have the power to see into the future, predictive analytics will help the financial services industry predict what it might look like and make decisions that will enable it to prepare for – and preparing its customers – for this future.

With a robust data pipeline and a data-savvy workforce, predictive analytics is nothing to fear; rather, it is a tool that will help financial services organizations regain the trust of their customers and employees as they grow by enabling ever more informed decision-making.

Written by Adam Mayer, Senior Executive at Qlik

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VOWS Symposium Connects Veterans and Transitioning Military to Opportunities in the Financial Services Industry Wed, 06 Oct 2021 18:12:00 +0000

NEW YORK–(COMMERCIAL THREAD) – Veterans On Wall Street (VOWS) and the Bob Woodruff Foundation will host the 11e Annual VOWS Symposium on Thursday November 4 and Friday November 5. 5, 2021. The event brings together leading thinkers and stakeholders to discuss the transition to the civilian workforce with a focus on career preparation.

VOWS is a consortium of over 100 companies from all industries dedicated to honoring former and current military personnel by facilitating career and business opportunities in financial services and beyond. This year’s VOWS Virtual Symposium is designed to encourage organizations to collaborate, develop and share recruitment and retention best practices, as well as provide workshops to help veterans and military spouses learn essential skills job search, such as building strong resumes and networking in a virtual world.

Ernst & Young LLP (EY) is hosting this year’s Symposium, leading the planning activities to create the agenda, opening the event with remarks from the Assistant Vice President of EY Americas and Executive Sponsor of the EY Veterans Network Anthony Caterino, moderating military-to-military – group discussion on civilian career transition and facilitating a breakout session on building and sustaining an employer resource group for veterans military. EY also funded the online platform for the Day 2 career fair.

“Veterans have a differentiated experience that helps them develop leadership skills, self-confidence and team skills that can be learned in few other places. They play a vital role at EY, helping us innovate and deliver exceptional customer service, ”said Anthony Caterino. “We are honored to host the VOWS Symposium and support their important efforts to help transitioning Veterans and their partners focus on their career preparation and connect with leading financial services organizations. ”

For the past 10 years, the VOWS Symposium has been the premier destination for transitioning veterans and their spouses to come together with veterans already employed across a wide range of industries, business executives, hiring managers and other key influencers in government and the financial services industry. This year’s Symposium will feature a new two-day format where Day 1 will focus on relevant content and breakout sessions for all audiences, including military spouses and business representatives, with Day 2 focused on opportunities for military members, veterans and spouses to connect directly with individual businesses. The first day of the Symposium will also feature breakout sessions tailored to each audience, creating a unique opportunity for participants to create a program that best meets their goals.

Registration for the 2021 VOWS Virtual Symposium is open until October 29, 2021. Employers can register here, and Veteran / Military Spouse applicants can register here.

Registrants will hear from senior government officials and industry leaders, as well as veterans and military spouses with a personal perspective on the transition process and the pursuit of the next chapter after service.

Keynote speakers will be retired US Army Captain Florent “Flo” Groberg, Medal of Honor recipient, and Ms. Carsen Zarin Groberg. Additional guest speakers for this year’s Symposium will be announced soon, but last year’s event featured 19e Chairman of the Joint Chiefs of Staff General Joseph Dunford, United States Marine Corps; Jake Wood, acclaimed author, Navy veteran and nonprofit leader; and senior executives from many of Wall Street’s biggest companies.

With the help of its long-time strategic philanthropic partner, the Bob Woodruff Foundation, VOWS promotes career development, support and retention of veterans across the global financial services industry. VOWS has helped raise over $ 10 million to support the Bob Woodruff Foundation as it invests in world-class programs that empower affected veterans, military personnel and their families across the country.

“This is perhaps our most important symposium to date. The future of work is now. Companies from Wall Street to Main Street are embracing flexible and remote working options, which means they can now tap into an impressive pool of talent from veterans and military spouses across the country, ”said Anne Marie Dougherty, CEO of the Bob Woodruff Foundation. “We’re excited to partner with VOWS and EY to help employers recruit and retain amazing and diverse talent and empower Veterans to find their next assignment. ”

This year’s Symposium also builds on the VOWS / WayUp partnership established in 2020 to help all VOWS Partners recruit and hire more veterans and military spouses. With over 50,000 veterans already on the WayUp platform, VOWS and the Bob Woodruff Foundation have created direct access for veterans and companies to explore a range of employment opportunities.

WayUp is hosting registration for this year’s Symposium, encouraging all Veterans, Military Transitioners, and Military Spouses to create a profile on the platform after registering for this year’s event. In addition to providing updates on the Symposium, the platform will help match registrants with open positions among top employers across the country while providing assistance throughout the recruitment process – including offering interview prep material, veteran-specific webinar content, soft skills commentary, and more. Employers on the WayUp platform will also have the ability to quickly and efficiently search for veteran candidates using a veteran sourcing tool.

For more information on VOWS, including speaker updates and this year’s Symposium agenda, please visit

About Wall Street Veterans

Veterans On Wall Street (VOWS) is a consortium of more than 100 financial services companies and other companies dedicated to honoring former and current military personnel by facilitating career and business opportunities. The Bob Woodruff Foundation is the strategic philanthropic partner of VOWS. For more information, please visit or follow @VeteransOnWallStreet on LinkedIn.

About the Bob Woodruff Foundation

The Bob Woodruff Foundation (BWF) was founded in 2006 after journalist Bob Woodruff was injured by a roadside bomb while covering the war in Iraq. Since then, BWF has issued a lasting call to action for people to stand up for the heroes and address the emerging and long-term needs of today’s veterans, including suicide prevention, mental health, support caregivers and food insecurity. To date, BWF has invested more than $ 80 million in Find, Fund and Shape ™ programs that have empowered affected veterans, military personnel and their families across the country, reinforcing the message that BWF has “Got Your Six”. For more information, as well as success and innovation stories from BWF’s partner network, please visit or follow us on Twitter at @bwforg.

About EY

EY exists to build a better world of work, helping to create long-term value for customers, individuals and society and to build confidence in the capital markets.

Through data and technology, EY’s diverse teams in more than 150 countries build trust and help customers grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers to the complex issues facing our world today. .

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information on how EY collects and uses personal data and a description of the rights of individuals under data protection law can be found at EY member firms do not practice law where local laws prohibit.

For more information about our organization, please visit

Ernst & Young LLP is a client service member firm of Ernst & Young Global Limited operating in the United States.

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]]> 0 Standard Life Creates Financial Services Jobs in Edinburgh Wed, 06 Oct 2021 04:00:02 +0000 The new owner of Edinburgh-based Standard Life has announced plans to invest in the life insurance and pension business and related brand, which it believes can help drive growth across a range of attractive markets.

Phoenix Group acquired the brand in May from Standard Life Aberdeen, which decided to focus on investment management under the abrdn name.

The sale ended an almost 200-year association with the brand by former Standard Life Aberdeen and its ancestors. This came three years after the group sold its life and pension insurance business in Phoenix for £ 3.2 billion.

READ MORE: Edinburgh jobs in focus after sale of historic Standard Life brand

Phoenix had focused on managing closed retirement books before purchasing Standard Life. Which has become the cornerstone of the group’s new open division.

Phoenix directors yesterday said the purchase of the Standard Life brand is strategically important to the group as it continues to grow in a number of key markets. These include workplace pensions, group annuities, life mortgages and retail savings.

Head of Open Business Andy Curran said: “Standard Life is one of the most recognized names in life and pensions and we have ambitious investment plans based on its great heritage.

The group expects to be able to leverage its strong balance sheet and the expertise offered by Standard Life employees to capitalize on trends that will result in increased demand for pensions and other savings products. long-term.

The UK has an aging population and pension reforms have given people more freedom to decide how to save for their retirement. Millions of workers have joined company schemes since the introduction of the automatic enrollment requirement by the UK government in 2012.

Mr. Curran said: “The investment we are making in our digital offerings and channels will allow us to offer broader retirement options and make Standard Life relevant to even more clients and advisors now and in the future. years to come. ”

READ MORE: Scotland’s £ 2bn National Investment Bank has yet to justify its existence

As an example, a spokesperson noted that Standard Life recently launched a digital coach to help pension plan members get a foothold on the real estate ladder, which is called Homebuyer Hub.

As part of the growth, the group launched a range of retail life mortgage products on Monday, in partnership with Key Group.

Phoenix is ​​refining the Standard Life brand identity to support growth.

The group said: “A series of subtle changes in the style of the brand are being introduced following extensive research with customers, with an initial brand refresh focused on modernizing the visual identity and tone of voice, and on improving digital accessibility. ”

The updated Standard Life logo indicates that the company is part of the Phoenix Group, which is headquartered in London and a large base of operations in Birmingham.

Image: Standard Life

“In recognition of the profile and brand strength, Phoenix Bulk Purchase Annuity (BPA) business and share release business will align under the Standard Life brand,” added the group.

READ MORE: Pensions expert asks Scottish fund managers tough questions

The BPA business involves Phoenix buying defined benefit plans run by companies in the hope that it could cover the liabilities involved for less than it pays.

Phoenix has said it will invest up to £ 200million per year to develop and grow the BPA business.

Standard Life has recruited to support its growth. The group currently employs around 2,800 people in Edinburgh.

Phoenix has not disclosed how much it is investing to support Standard Life’s growth.

Asked last month about the possibility of another Scottish independence referendum in the next few years, Mr Curran said: ‘It would be premature to comment on what the implications might be at this point.

“We continue to monitor developments closely and if it becomes clear that another referendum is to be held, we will assess the issues and implications for our customers, shareholders and employees, as we would with any other potential change in the world. ‘political environment. ”

READ MORE: Edinburgh fund management boutique acquired by consolidator

Standard Life Aberdeen was born out of the merger of Standard Life and Aberdeen Asset Management, agreed in 2017.

abrdn owns a 14% stake in Phoenix and manages around £ 165bn on his behalf, in a deal set to last until 2031.

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Senior Republican on House Financial Services Committee introduces bill to establish safe haven for digital tokens Tue, 05 Oct 2021 15:29:50 +0000

SEC Commissioner Hester Peirce’s Safe Harbor for Digital Tokens now enjoys some legislative support.

On October 5, Patrick McHenry, a senior member of the House Financial Services Committee, introduced the Clarity for Digital Tokens Act of 2021.

The bill would adapt the Securities Act of 1933 to establish a three-year safe harbor for token development teams to offer those tokens for sale without full registration as a securities offering provided the network decentralized during these three years.

Under the bill, token issuers would have to impose industry-specific disclosure requirements. These include the source code, development plans and “information explaining the launch and delivery process, including the number of tokens to be issued in an initial allocation, the total number of tokens to be created, the release schedule. of tokens and the total number of tokens in circulation. “

Development teams seeking to use the Safe Harbor should also file exit reports demonstrating sufficient decentralization.

The Safe Harbor is the statutory version of a long-standing proposal by Hester Peirce of the Securities and Exchange Commission. After the initial coin supply boom of 2017-18, the SEC stepped up its scrutiny of token issuance, establishing the expectation that issuers register their offers with the commission.

Based on comments from SEC management, especially Bill Hinman, many crypto development teams have always seen a way to turn centralized token offerings into decentralized networks that no longer need to register. with the SEC, whether as an issuer or under an exemption.

While Peirce’s framework has not gained momentum within the SEC, passing legislation in Congress can change all of that. Leadership from key industry advocates, the Blockchain Association, the Coin Center, and the Association for Digital Asset Markets, have expressed support for McHenry’s bill.

The bill comes just half an hour before the Financial Services Committee’s hearing with SEC Chairman Gary Gensler. Also this morning, Representative McHenry issued a letter to Gensler, which said “You have made a series of disturbing and seemingly contradictory public statements regarding crypto assets and other innovative technologies.”

In the letter, McHenry asked for answers to a series of questions about the SEC’s work with crypto, particularly its expectations for cryptocurrency and stablecoin exchanges. In opening remarks released ahead of today’s hearing, Gensler repeated a sentiment that has become his Free Bird:

“Many platforms contain dozens or hundreds of tokens. Although the legal status of each token depends on its own facts and circumstances, the probability is quite low that with 50, 100, or 1,000 tokens, a platform given form has no title. error: As long as there are securities on these trading platforms, under our laws they must register with the Commission, unless they can benefit from ‘an exemption. “

While the House Financial Services Committee is teeming with crypto advocates, Patrick McHenry’s role as leader of the Republicans on the committee indicates greater momentum behind such legislation. While many bills to clarify the regulation of cryptocurrencies have been introduced – in the Financial Services Committee and elsewhere – most have languished.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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Pandora papers leak: what to know Tue, 05 Oct 2021 00:38:50 +0000

The headlines thundered: The King of Jordan amassed $ 100 million in hidden assets, including homes in Malibu, London and Washington. An alleged mistress of the Russian leader managed to secretly buy a luxury residence in Monaco. The President of the Czech Republic, an anti-corruption activist, has secretly acquired an estate on the French Riviera.

The revelations of the Pandora Papers report, a collaboration of the International Consortium of Investigative Journalists and media partners that include The Washington Post and The Guardian, began to reverberate through and beyond the financial world of the rich and the powerful almost. immediately after the authors started posting them on Sunday.

The report (the name Pandora comes from the Greek myth of a sealed jar containing the evils of the world) was based on what its authors described as 11.9 million leaked documents from 14 companies in the offshore financial services industry, describing how the rich hide their assets. More than 600 journalists in 117 countries worked there.

The Pandora Papers have established offshore activity ties with more than twice as many politicians and public officials as the Panama Papers, an incriminating report on the offshore banking sector released by the journalism consortium five years ago. The Pandora Papers contain information on more than 330 politicians and public officials from over 90 countries and territories, including 35 current and former country leaders.