Financial Services UK

  • April 29, 2017

    EU Leaders Formally Set Tough Brexit Guidelines For Talks

    European Union leaders on Saturday formally set tough negotiating guidelines for two years of Brexit talks with the U.K., casting doubt on British government hopes for a quick trade deal to secure access for U.K. banks and businesses to the EU marketplace.

  • April 28, 2017

    Top EU Court Urged To Let Bank Fix Repayment Currency

    Advocate General Nils Wahl of the European Union’s highest court has said that bank loan terms requiring repayments to be in the same currency as the loan cannot be considered unfair to consumers.

  • April 28, 2017

    Billionaire Vik's Bid To Stay Deutsche Costs Order Falls Short

    Monaco billionaire Alexander Vik lost his application Friday to set aside a court order demanding he pay £36.2 million ($46.9 million) in costs to Deutsche Bank, as it continues attempts to collect more than $300 million after winning a 2013 decision against a fund owned by the entrepreneur.

  • April 28, 2017

    Ex-Leeds United Boss Asks To Sell Farm In $5M Theft Row

    Leeds United Football Club's former managing director has applied in London’s High Court to sell his £450,000 ($582,000), currently enjoined farmhouse to his parents, to fight a Dubai-based private equity firm's allegations that the onetime employee embezzled $5 million in company funds.

  • April 28, 2017

    ECB Hikes Banks' Fees To Fund Internal Risk Models Review

    European banks will need to shell out €425 million ($463 million) in fees in 2017 after the European Central Bank said Friday it has hiked an annual supervision levy on Eurozone lenders by 10 percent to pay for a review of the internal models typically used by large institutions to gauge risk.

  • April 28, 2017

    Fieldfisher Makes Structured Finance Play With New Partner

    Fieldfisher LLP’s structured finance team in Paris has been strengthened with the hire of a partner specializing in high-end, complex transactions from Freshfields Bruckhaus Deringer LLP, the law firm announced Friday.

  • April 28, 2017

    Morgan Lewis Latest To Boost London White Collar Practice

    Morgan Lewis & Bockius LLP announced Friday it has hired two partners from Norton Rose Fulbright LLP, becoming the second law firm in as many days to boost its white collar offering in London.

  • April 28, 2017

    PRA Adds Detail to Crisis Reporting Requirements For Banks

    Banks that receive critical services from another entity in their corporate group will need to report the identity and financial situation of the providers they have chosen to keep their operations running if they go bust, under amended rules published by the U.K.’s Prudential Regulation Authority on Friday.

  • April 28, 2017

    UK Bill Targeting Money Launderers, Tax Cheats Becomes Law

    Key legislation targeting money laundering and tax evasion has passed into U.K. law after it was granted royal assent late Thursday, having been accelerated through Parliament following Prime Minister Theresa May’s decision to call a snap general election.

  • April 28, 2017

    Market Chooses Bank Of England Rate As Libor Alternative

    A Bank of England interest rate for interbank lending in pounds sterling has been chosen by a group of major dealers as an alternative to the scandal-plagued Libor, the central bank announced on Friday.

  • April 28, 2017

    Bank Of England Finalizes Implementation Of MiFID II

    New European Union financial rules cleared one of the last remaining hurdles before entering U.K. law on Friday as the Bank of England’s watchdog finalized how the rulebook will be implemented by Britain’s financial services sector when it takes force in 2018.

  • April 27, 2017

    EU Closer To Shutting Tax Loopholes After Key Vote

    The European Parliament announced Thursday it has closed the legal loopholes that have allowed big businesses to exploit disparities between national tax regimes, in a key vote on amendments that have now been sent to the European Council for final approval.

  • April 27, 2017

    More RBS Shareholders Settle, But UK Rights Trial Still On

    The final group of shareholders suing Royal Bank of Scotland PLC over its fundraising before its 2008 taxpayer bailout still plans to take the case to trial in May, even though claimants that represent 40 percent of the value of their suit settled with RBS, a spokesman said on Thursday.

  • April 27, 2017

    Deutsche Bank Refuses To Give CIMB Client Info In $10M Fight

    Counsel for Deutsche Bank AG in London's High Court Thursday steadfastly refused to hand over client information demanded by Malaysian bank CIMB Berhad as the German lender seeks $10 million it says it is owed after paying out on a CIMB letter of credit given to a Hong Kong-based trading firm suspected of fraud.

  • April 27, 2017

    EU Sues Ireland For Not Reforming Financial Reporting Laws

    The European Commission has referred Ireland to the EU’s highest court where it faces fines for failing to bring its financial reporting laws in line with the EU’s directive on accounting, the commission announced on Thursday.

  • April 27, 2017

    FRC Eyes Mandatory Audits For Preliminary Financial Results

    A requirement for listed companies to make sure their preliminary financial results announcements have been formally audited could be reintroduced as part of draft plans floated by the U.K.’s accounting regulator on Thursday.

  • April 27, 2017

    EU Says No Quick UK Trade Deal, Warns of Brexit 'Illusions'

    Britain’s financial services sector will not get any special treatment in the upcoming Brexit negotiations under guidelines agreed to Thursday by European Union ministers for talks with Britain on its withdrawal from the bloc, according to the Maltese minister who chaired the officials' meeting.

  • April 27, 2017

    Paul Hastings Nabs DLA Financial Crime Expert In London

    Global law firm Paul Hastings LLP announced Thursday that a corporate crime and investigations attorney will join the firm’s London office on May 2.

  • April 27, 2017

    DLA Piper Picks Up 3 Frankfurt PE Partners From K&L Gates

    DLA Piper LLP announced Thursday that it has bolstered its corporate practice by hiring three K&L Gates LLP partners specializing in private equity matters to its Frankfurt office.

  • April 26, 2017

    Insurance Broker Rolls Out Solvency II Compliance Software

    A major international insurance broker launched updated software on Thursday to help insurers meet tough reporting deadlines under the European Union’s controversial capital rulebook.

Expert Analysis

  • How To Reduce Cost Of UK Deferred Prosecution Agreements

    Jonathan Middup

    When combined, the penalties of all agreed-to deferred prosecution agreement settlements in the United Kingdom total roughly 530 million pounds, but public fines are often just the tip of the iceberg. Though a good compliance program may be the best defense against corporate wrongdoing, executives should nonetheless take steps to cooperate with prosecutors and embrace independent scrutiny, says Jonathan Middup of Ernst & Young LLP.

  • Potential Consequences Of The UK's Snap General Election

    Robert Bell

    British Prime Minister Theresa May's unexpected calling for a snap general election may prove to be a political masterstroke, or a serious miscalculation if her opponents are to be believed. The election is an opportunity for the government to state what shape Brexit is likely to take and for voters to give their verdict again, but nothing about Brexit is inevitable until it happens, says Robert Bell of Bryan Cave LLP.

  • British Virgin Islands Aligns With Global Standards

    Rachael McDonald

    The British Virgin Islands, like other offshore financial centers, has struggled against public perception that it is a treasure island for corrupt politicians and fraudsters. But global monitors now rank the BVI alongside the U.K. and the U.S. in compliance with international standards, and more constructive changes are on the way, say Rachael McDonald and Sarah Galletly of Mourant Ozannes.

  • Brexit Will Not Undermine Reasons To Litigate In The UK

    Deirdre Walker

    Businesses across the world regularly choose English courts to resolve international disputes, but some concern has been raised as to whether or not the popularity of English courts will be adversely affected when the United Kingdom leaves the European Union. However, any potential changes are unlikely to undermine the advantages of litigating in English courts, say Deirdre Walker and Andrew Sheftel of Norton Rose Fulbright LLP.

  • Data Portability Issues In US Foreshadow Challenges In EU

    Chris Hydak

    While multinational and EU businesses are beginning to ponder the substance and the scope of the requirement to provide “data portability” under Article 20 of the General Data Protection Regulation, U.S. financial institutions and data aggregators have been actively debating and shaping the contours of data portability for close to a decade, says Chris Hydak, an attorney at USAA.

  • Lawyers In Flow: Get Out Of Your Head And Into Your Case

    Jennifer Gibbs

    If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.

  • Predicting Brexit's Lasting Impact On US And UK Markets

    Zoë Connor

    The U.K.'s triggering of Article 50 has possible ramifications for banks, asset managers, insurers and other financial service providers in the European Economic Area, but there can be little doubt that the U.S. and the U.K. will continue to trade successfully as they have done for centuries, say attorneys with Haynes and Boone LLP.

  • The Phoney War Is Over: 10 Tips On The Brexit Process

    Sir Paul Jenkins

    Nine months after the U.K. voted to leave the European Union, the formal exit process has finally started. The negotiating rhetoric and posturing on both sides will be one confusing aspect of the next two years, say former U.K. Treasury Solicitor Sir Paul Jenkins and members of Morrison & Foerster LLP.

  • Questions Surrounding France's 'Right To Disconnect'

    Kathie D. Claret

    The newly created right of French employees to disconnect from their digital devices after work is somewhat undefined despite high publicity. Work-related stress is an issue in the U.K. as well, but the prospects of new legislation similar to the French "right to disconnect" seem remote, say attorneys with Bryan Cave LLP.

  • Crowdfunding For Legal Cases: 5 Trends Reshaping Justice

    Julia Salasky

    Most people have never had an opportunity to personally take part in a legal case that directly challenges laws or policies they don’t agree with. Now that crowdfunding is available for legal cases, people can engage directly with legal change in the community and be a check on the powerful, says Julia Salasky, CEO of CrowdJustice.