Financial Services UK

  • October 20, 2017

    Deutsche Bank Trader Scores Hearing On DOJ Case Taint

    The government will have to prove that its indictment for one of two former Deutsche Bank traders in a Libor-rigging suit wasn't based on testimony compelled by U.K. authorities, according to a New York federal judge's finding that a lawyer may have tainted the case.

  • October 20, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a dispute between the last standing shareholder group in the RBS rights issue case and one of its funding claimants, a Law Society suit over financial transactions, and more competition claims against Visa and MasterCard. Here, Law360 looks at those and other new claims in the U.K.

  • October 20, 2017

    VR Global Can Reverse $10M Steelmaker Debt Deal

    A distressed-asset manager did all it could to meet its obligations under an agreement to purchase $10 million of a Ukrainian steel manufacturer's debt and was within its rights to reverse the deal, a U.K. High Court judge said Friday.

  • October 20, 2017

    UK Court Of Appeal Nixes Challenge To FCA's PPI Deadline

    A U.K. claims management firm has exhausted its attempts to bring a judicial review challenging the Financial Conduct Authority’s decision to impose a 2019 deadline on customers bringing new claims for missold payment protection insurance, the regulator said on Friday.

  • October 20, 2017

    FCA Reveals Success In 'Regulatory Sandbox' Project

    About 90 percent of the firms accepted into Britain’s pioneering regulatory testing program have successfully made it to a market launch phase, the Financial Conduct Authority said on Friday.

  • October 20, 2017

    Watchdog Updates Guidance After EU Moves To Cut Red Tape

    Europe’s securities regulator announced on Friday that it has updated its guidance on the EU’s prospectus rules, bringing it in line with recent revisions that cut the red tape financial institutions face when they issue debt and equity securities to investors.

  • October 20, 2017

    City Losing Patience With Brexit Stalemate, Lobby Warns

    London's financial community warned on Friday that businesses will accelerate their contingency plans unless a Brexit transition deal is reached soon, as a lobby group called stalled talks between the bloc and the U.K. "damaging" and disappointing.

  • October 20, 2017

    Treasury Committee To Examine Economic Effects Of Brexit

    An influential government panel is to probe the potential economic impact of the U.K. crashing out of the European Union with no deal in place and how it would affect financial services and other sectors, it was announced Friday.

  • October 20, 2017

    QBE Not Liable For Client's Bad Investment Tips

    The European arm of Australian insurer QBE cannot be held liable for around £200,000 ($263,700) two pension scheme trustees said it owed them under a professional indemnity insurance policy QBE had provided to a collapsed financial adviser who gave the trustees bad investment advice, a High Court judge ruled Thursday.

  • October 20, 2017

    UK Watchdog Attempts To Ease Fears Over Enforcement

    The Financial Conduct Authority said on Friday it is committed to improving the way it communicates with the firms it targets during and after regulatory investigations.

  • October 19, 2017

    Ex-HSBC Exec's Trial Over $3.5B Forex Deal In Jury's Hands

    Jury deliberations began Thursday in the trial of ex-HSBC foreign exchange executive Mark Johnson over claims he defrauded Scottish oil and gas developer Cairn Energy PLC via a $3.5 billion forex deal, with questions about Johnson's and a cooperating witness' testimony coming up late in the day.

  • October 19, 2017

    UK Draws Up New Sanctions, Anti-Money Laundering Bill

    British lawmakers on Thursday published details of a new bill designed to give the U.K. legal powers to impose, update and lift its domestic sanctions and anti-money laundering regimes upon leaving the European Union.

  • October 19, 2017

    EU Derivatives Market Worth €453T, ESMA Analysis Reveals

    The European Union’s derivatives market has a notional value of €453 trillion ($536 trillion) and is made up of about 33 million transactions across all asset classes, a first-time analysis by the EU’s securities regulator revealed Thursday.

  • October 19, 2017

    Lloyds Atty Argues HBOS Deal Was A 'Unique Opportunity'

    Five former Lloyds directors accused of “mugging” the bank’s shareholders into backing its ill-fated takeover of the failing British lender HBOS PLC during the financial crisis believed the deal was in the best interests of Lloyds and its investors, a lawyer for the bank told the High Court in London on Thursday.

  • October 19, 2017

    FCA Places Debt Management Sector Under Heightened Scrutiny

    The Financial Conduct Authority has opened an investigation into the U.K.'s debt management sector, saying that some poorly behaved firms “pose a high risk to consumers,” particularly the more vulnerable, it said Thursday.

  • October 19, 2017

    London Bucks Brexit Fears With Near-Record Fintech Funding

    Financial technology startups in Britain are on track for a record year of investment, new figures show Thursday, giving the sector a welcome boost amid the uncertainty generated by Brexit.

  • October 19, 2017

    UK Lawmakers Probe City's Progress In Boosting Diversity

    A U.K. parliamentary committee on Thursday announced plans to measure the success of a government-backed campaign implemented last year to boost the number of women in senior roles at banks, insurers and other financial services.

  • October 19, 2017

    UK Eyes HSBC, Standard Chartered Money Laundering Probe

    The Chancellor of the Exchequer is pushing British regulators to investigate allegations that HSBC and Standard Chartered helped to launder money as part of a South African corruption scandal, Treasury officials said Thursday.

  • October 19, 2017

    Couple Sues Barclays Over Bad Mortgage Tips

    Barclays Bank PLC is being sued for around £770,000 ($1 million) for allegedly providing negligent mortgage advice to a married couple that “blighted” their credit worthiness and has left them living “in the chaos of a building site” since 2013, according to a legal claim filed with the High Court in London.

  • October 19, 2017

    EU Panel Eyes Stronger Sanctions For Flouting AML, Tax Laws

    A European parliamentary committee has signed off the final report of its 18-month inquiry into the Panama Papers leaks, revealing Wednesday that it found that some member states had "bent and ... outright broken" anti-money laundering and tax laws, and calling for stiffer fines for banks and others that breach those laws

Expert Analysis

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • UK Acknowledges Partial EU High Court Jurisdiction

    Mathew Rea

    A recent U.K. white paper indicates a sensible retreat from the government's previous redline of taking back control from the Court of Justice of the European Union. The government has recognized that in order to ensure legal certainty and equal treatment for businesses and individuals, the CJEU must continue to play a considerable, if indirect, role in the U.K., says Mathew Rea of Bryan Cave LLP.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • UK Prime Minister's Speech Fails To Provide Clarity

    David Mundy

    U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.

  • A Close Look At Deferred Prosecution Agreements: US Vs. UK

    Amaee, Robert Cropped HiRes.jpg

    Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.

  • The UK Criminal Finances Act From A D&O Perspective

    Carey Lynn

    Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.

  • Technology Assisted Review Can Work For Small Cases


    For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.

  • New Sedona Principles Stress Information Governance

    Saffa Sleet

    The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.

  • Preparing For UK Litigation As A US Lawyer

    Richard Reice

    Counsel fees, issue fees, risk of loss and the “additional” cost of a barrister mark significant differences between the U.K. and U.S. legal processes. The good news is that the bond between the U.K. and the U.S. arising out of our common history and law renders retaining and working with U.K. counsel seamless and rewarding, says Richard Reice of Hoguet Newman Regal & Kenney LLP.