Financial Services UK

  • April 26, 2018

    EU Banks Need Bigger Reserves To Avoid Failure, S&P Says

    Banks in the European Union must ramp up their "bail-in" buffers because national governments do not have the resources to support failing firms, a report from Standard & Poor’s Global Ratings warned on Thursday.

  • April 26, 2018

    UK Must Clarify How Bank Was 'Tool' Of Iran In Sanctions Row

    The British government must explain its claim that Bank Mellat was a “tool” of the Iranian government in the country’s attempt to continue its nuclear weapons program and avoid sanctions, a High Court judge said Thursday, ruling that HM Treasury should amend its defense against a $4 billion lawsuit brought by the Iranian lender.

  • April 26, 2018

    Terror Reinsurer Eyes ILS Market In Test Of UK Reforms

    The U.K.’s state-backed terrorism reinsurer is exploring the possibility of issuing insurance-linked securities, a multibillion-dollar industry that could help shift the risk of attacks onto global capital markets.

  • April 26, 2018

    Gov't Sells £5.3B In Crisis-Era Loans To Barclays Group

    Bradford & Bingley PLC can pay back to U.K. taxpayers a loan dating from the financial crisis after the government cleared the resale of some of the state-owned mortgage lender's assets to a Barclays-led investors group for £5.3 billion ($7.37 billion), the U.K. Treasury said Thursday.

  • April 25, 2018

    HSBC Bankers Stick Up For Former Exec Ahead Of Sentencing

    More than two dozen current HSBC employees have urged a Brooklyn federal judge to go easy in sentencing their former colleague who was convicted of a foreign currency exchange fraud, a somewhat unusual situation since HSBC itself settled criminal claims over the scheme with the U.S. Department of Justice.

  • April 25, 2018

    UK Gov't Tries To Widen Defense To Iranian Bank's $4B Claim

    The U.K. Treasury on Wednesday sought permission from the High Court to amend its defense to an Iran-based bank suing the British government for $4 billion in damages resulting from illegally enforced sanctions, claiming it was a tool of the Iranian state in its attempt to continue to pursue the country's nuclear weapons program.

  • April 25, 2018

    Treasury Chief Questioned On Sanctions Policy For Listings

    Chancellor Philip Hammond on Wednesday told U.K. lawmakers that he will look into what involvement the Treasury department had in the approval of last year's flotation on the London Stock Exchange of a Russian energy company that is now subject to U.S. sanctions.

  • April 25, 2018

    City Minister Plans Post-Brexit Powers For UK Regulators

    The British government said that U.K. regulators will take the lead on “domesticating” European technical rules governing the financial services and insurance sectors to ensure that laws are in place ready for Brexit.

  • April 25, 2018

    Ex-UBS Trader Acquitted Of Spoofing Scheme

    A New Haven federal jury on Wednesday acquitted a former UBS trader accused of scheming to manipulate the precious metals futures market with “spoofing,” a trading tactic that involves the use of allegedly deceptive bids or offers to feign the appearance of supply or demand.

  • April 25, 2018

    Fresh Attack On Loan Sharks Launched By UK Gov't

    The British government said Wednesday that it will “bite back” against loan sharks by increasing the amount of money seized from them and providing more funds to tackle unlawful lending and protect vulnerable consumers.

  • April 25, 2018

    UK Brexit Negotiator Says Nonbinding Deal Will Hold

    Britain’s chief negotiator told a parliamentary committee on Wednesday that while an agreement on the future relationship between the U.K. and the European Union will not be legally binding when lawmakers vote on the terms of Brexit later this year, he expects the European Council will abide by its terms as if it were.

  • April 25, 2018

    Global Securities Watchdogs Push Cos. To Improve Audits

    A group of global securities regulators has pushed public companies to step up the quality of their financial reporting, calling for members of a board's audit committee to meet minimum expertise requirements and urging businesses to make sure auditors aren't beholden to management.

  • April 24, 2018

    FCA Investigator Disputes Boss' Statements In Libor Case

    An investigator for the U.K. Financial Conduct Authority testified in a marathon hearing in Manhattan federal court Tuesday that his boss at the financial regulator seems to have made a misrepresentation in the case of two former Deutsche Bank traders accused of rigging the London Interbank Offered Rate.

  • April 24, 2018

    Justices' Arab Bank Ruling To Force Alien Tort Suit Rethink

    A decision by the U.S. Supreme Court on Tuesday to find foreign corporations exempt from liability under the Alien Tort Statute is likely to lead to pressure on Congress to pass a law spelling out when non-U.S. companies can be sued for overseas human rights abuses, even if the prospects for such legislation appear dim.

  • April 24, 2018

    Ex-Kazakh Banker's Relative Must Face Asset Questions In UK

    A U.K. appeals court on Tuesday said the son-in-law of a former Kazakhstani bank boss accused of plundering billions of dollars from the bank must appear in London to be cross-examined about his assets despite his fears of being extradited to several former Soviet republics.

  • April 24, 2018

    Rogue Investment Scammers Challenge £17M Payback Order

    A group of individuals behind rogue investment firm Capital Alternatives Ltd. applied Tuesday for the right to appeal a High Court decision ordering them to pay £16.9 million ($24 million) in restitution for their roles in four unauthorized collective investment schemes.

  • April 24, 2018

    EU Commission Identifies Hurdles To Choosing Investments

    The European Commission said on Tuesday that consumers in the European Union continue to face obstacles as they try to decide which investment funds, investment-driven life insurance and private pensions to buy.

  • April 24, 2018

    Treasury Committee Seeks Answers On TSB IT 'Meltdown'

    An influential parliamentary committee demanded answers from TSB PLC on Tuesday after the bank admitted it had suffered a data breach that allowed some customers to see other people's accounts and left others unable to get at their money.

  • April 24, 2018

    EU Court Restricts Functions Of Bank Board Chairmen

    An individual cannot be both a chairman of a bank’s board of directors and carry out an executive role on the senior management team, a European Union court said on Tuesday as it sided with the European Central Bank in a dispute brought by French banking group Credit Agricole.

  • April 24, 2018

    Playboy Club Challenges Bank's Diligence In Top UK Court

    Playboy Club London appealed to the U.K. Supreme Court on Tuesday, asking it to overturn an appellate court ruling that an Italian bank did not owe the casino and nightclub over two counterfeit checks used by a bank client when gambling.

Expert Analysis

  • How UK Regulators Approach The Digital Currency Market

    Henning von Sachsen-Altenburg

    So far, U.K. regulators have taken a fairly cautious approach to regulating digital currencies and the use of distributed ledger technology. Fortunately, the U.K. government will likely provide regulators with a political mandate and legislative foundation to enable a stable and flourishing cryptocurrency sector, says Henning von Sachsen-Altenburg of PricewaterhouseCoopers LLP.

  • Judging The Financial Conduct Authority 5 Years On

    David Rundle

    The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.

  • EU's ICO Response Lags Behind Its Potato Regulation

    Bob Penn

    Recently, a multitude of regulators within the European Union have issued warnings on initial coin offerings of cryptocurrency tokens. However, until they start applying existing rules to ICOs or successfully develop new rules, the industry will remain relatively unregulated, say Bob Penn, Sarah Lewis, Matthew Fisher, Danilo Santoboni and Ulrike Schuster of Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    There Is Middle Ground For US Lawyers On AML Regimes

    Matthew O'Hara

    The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.

  • The Outlook For Anti-Suit Injunctions After Brexit

    Nicholas Greenwood

    It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.

  • EU Ruling Casts Doubt On Bilateral Investment Treaties

    Charles Goldblatt

    In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.

  • GDPR Will Benefit Financial Services In The Long Run

    Phil Beckett

    We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.

  • Taming The UK's Unpredictable Digital Currency Market

    Anna Gaudoin

    The U.K.'s Treasury Committee recently launched a new inquiry into digital currencies and distributed ledger technology. Regulation is undeniably needed in this area, but ultimately the government is trying to play catch-up with an established, if unpredictable, market, says Anna Gaudoin of WilmerHale.

  • IP Considerations For UK Open Banking App Developers

    Rajvinder Jagdev

    Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.