Financial Services UK

  • November 23, 2017

    Regulator Reveals Bank Compliance Officers' Top Challenges

    The pace, volume and sheer complexity of regulatory change is the biggest challenge faced by wholesale banks, a survey of compliance departments by the U.K. finance watchdog revealed on Thursday.

  • November 23, 2017

    British Watchdog Says Investors Want Better Risk Reporting

    Investors want improved disclosures from company boards about how they identify and manage risk to protect the sustainability of banks and businesses, according to a report released Thursday by Britain’s accounting and financial reporting watchdog.

  • November 23, 2017

    Financial Adviser Left 'Out Of Pocket' By Insurers' Dispute

    Lighthouse Group PLC, a financial adviser suing two insurers over their refusal to honor claims linked to the sale of unregulated investments, has said it “should not be left out of pocket” because the insurers cannot agree which firm is liable to indemnify the company.

  • November 23, 2017

    Transparency Concerns Taint Hedge Fund Risk Analysis In EU

    European regulators are improving their ability to measure risks to the global financial system posed by the murky multitrillion-dollar hedge fund industry, but major gaps still remain, an international securities watchdog said Thursday.

  • November 23, 2017

    UK To Boost Funding For Fintech Startups to Fuel Growth

    Financial technology startups are set for a big funding boost under U.K. government budget proposals to unlock £20 billion ($26.62 billion) for new technology over the next 10 years, providing new support for a fledgling industry already boosted by special regulatory programs.

  • November 23, 2017

    City Pushes UK Gov't To Shield Legal Sector From Brexit Hit

    An influential financial services lobby group said Thursday the government needs to do more to protect Britain's legal industry and urged it to set out plans to secure the sector’s access to European markets after Brexit.

  • November 23, 2017

    Clyde & Co Snags 2 Senior Partners To Launch Bristol Base

    Clyde & Co. LLP has hired two leading insurance dispute lawyers to launch a new office in the southwest city of Bristol in 2018, the London-headquartered firm announced on Thursday.

  • November 22, 2017

    EU Pension Plan Like 'Octagonal Rubik's Cube,' MEP Says

    Developing the pan-European pension product is like “trying to solve an octagonal Rubik’s Cube,” a European Parliament rapporteur admitted on Wednesday, urging policymakers to keep proposals as simple as possible.

  • November 22, 2017

    UK Promises Tough Paradise Papers Response In Budget

    Britain’s Treasury promised new measures to tackle tax dodging on Wednesday in its budget statement and is set to bolster enforcement following a string of leaks that highlight how the U.K. is a major conduit for tax evasion.

  • November 22, 2017

    Iran Bank Wins Partial Disclosure Of Secret UK Gov't Docs

    An Iran-based bank suing the U.K. government for $4 billion in damages has scored a partial victory in its separate attempt to force HM Treasury to disclose secret material connected to the firm’s bid to set aside financial restrictions imposed on it by sanctions over the country’s nuclear weapons program.

  • November 22, 2017

    28 Years’ Ban For Credit Firm 'Sharks' Who Preyed On Unwary

    Four directors of a consumer credit company have been banned from trading for a total of 28 years after investigators described the firm as a “shark” that carried out “utterly cynical and thoroughly reprehensible” scams as it ripped off vulnerable customers.

  • November 22, 2017

    Libyan Fund Scores Win In Bid To Use SocGen Dispute Docs

    Libya’s sovereign wealth fund has notched a victory in its bid to use documents from its legal battle with Societe Generale SA for potential separate proceedings over questionable trades with other financial institutions.

  • November 22, 2017

    EU Regulators Improve At Gauging Bank Health, EBA Says

    Europe’s banking regulator said Wednesday that the European Union's domestic watchdogs are making progress as they try to meet EU guidelines on measuring the robustness of banks and their ability to withstand market shocks.

  • November 22, 2017

    FCA Fines Ex-BofA Bond Trader For Market Abuse

    A former bond trader with Bank of America Merrill Lynch International Ltd. has been hit with a £60,090 ($79,590) fine by the Financial Conduct Authority for engaging in market abuse, the U.K. banking watchdog said Tuesday.

  • November 21, 2017

    EBA Finalizes Risk Rules For Banks' Internal Capital Methods

    Europe’s top banking watchdog published its final guidelines Monday setting out how banks that use an internal-ratings-based approach for calculating their capital requirements should estimate risk in their models.

  • November 21, 2017

    Slap £10M Fines On Big Accounting Firms, Watchdog Urged

    Britain’s accounting watchdog could start levying fines of more than £10 million ($13.2 million) on the Big Four professional services firms under recommendations published Tuesday, more than double the highest penalty it has handed out so far.

  • November 21, 2017

    Be Alert For Money Laundering, Watchdog Tells UK Law Firms

    The legal profession remains a high risk for money laundering, with phony investment schemes one of the biggest dangers, the regulatory body for solicitors in England and Wales warned on Tuesday.

  • November 21, 2017

    EU Securities Regulator Clarifies Insider Trading Laws

    Europe’s securities watchdog moved Tuesday to clear up confusion in the financial sector about insider trading laws governing transactions made by senior staff and trading carried out by their firm as it is prepares to announce its results.

  • November 21, 2017

    JPMorgan Ranked World's Most Systemically Important Bank

    JPMorgan Chase & Co. has effectively taken the top spot among the world's most important financial firms, as global regulators on Tuesday moved Citigroup Inc., BNP Paribas SA and Credit Suisse Group SA down the ranking of banks that pose the biggest threat to the financial system.

  • November 21, 2017

    Cleary Gottlieb Adds Banking Disputes Atty To London Team

    Cleary Gottlieb Steen & Hamilton LLP said Monday it has hired an experienced financial services disputes partner from Herbert Smith Freehills LLP in a rare litigation hire for the U.S. law firm’s London office.

Expert Analysis

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Charles Guerin

    As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.

  • Regulatory Crosshairs Focus On Individual Accountability

    Francis Kean

    Criticized for lacking teeth during the financial crisis, U.K. regulators are now intent on establishing the personal accountability of individuals at all levels, not just in the boardroom, says Francis Kean of Willis Towers Watson.

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • The Potential Effect Of Data Portability Under GDPR

    José Vega

    While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.

  • Tackling The Problem Of Nonperforming Loans In Europe

    Omar Shah

    More than 1 trillion euros' worth of nonperforming loans are concentrated in the periphery of the European Union, causing banking regulators and market participants to petition the European Union for help. However, EU laws could complicate a public intervention, say Omar Shah and Leonidas Theodosiou of Morgan Lewis & Bockius LLP.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.

  • Opinion

    Representing Women At The Intersection Of Law And Finance

    Andrea Mitchell

    To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.

  • What To Expect From The New Senior Managers Regime

    Arun Srivastava

    This autumn, the U.K.'s Financial Conduct Authority is consulting on extending the Senior Managers and Certification Regime from dual to solo-regulated firms in 2018. The most significant rule changes involve an increased focus on holding senior managers accountable, say attorneys with Baker McKenzie LLP.