Financial Services UK

  • July 26, 2017

    No Escaping Accountability As Conduct Regime Widens Net

    The weight of individual accountability will soon cover the entire British financial landscape after authorities revealed plans Wednesday to expand the management conduct regime to all 56,000 firms under their watch, prompting attorneys to warn of a new era of enhanced compliance.

  • July 26, 2017

    McGuireWoods Adds Debt Finance Partner In London

    McGuireWoods LLP has expanded its London office with the addition of a highly regarded partner from King & Wood Mallesons, tying into its strategy to meet growing demand for U.S.-style leveraged financings in the U.K.

  • July 26, 2017

    Central Bank Floats Plan To Boost Pension Fund Transparency

    The European Central Bank published a draft regulation on Wednesday on statistical reporting requirements for pension funds in a bid to increase transparency and improve data comparability.

  • July 26, 2017

    Russia Loses Bid For $325M Security In Ukraine Bond Suit

    A U.K. judge on Wednesday tossed Russian Federation demands that Ukraine should hand over $325 million as security in exchange for not attempting to enforce its London High Court win in a dispute over $3 billion in unpaid Ukrainian bonds.

  • July 26, 2017

    ECB Pushes Forex Traders To Sign Onto Global Conduct Code

    The European Central Bank put pressure on foreign exchange trading banks and other institutions on Wednesday to publicly commit to a global code of conduct introduced to help restore faith in the $5 trillion-a-day market, which has been hit with several enforcement probes.

  • July 26, 2017

    Legal Adviser Denies Being 'Lackey' To Wanted Fraudster

    The legal adviser to a firm that ran a series of unlawful pooled investment schemes told a court on Wednesday that she was not responsible for managing the scheme that lost investors millions of pounds and that she was not "a little lackey" to the British businessman alleged to have run the operation.

  • July 26, 2017

    UK Financial Watchdogs Expand Senior Manager Rules

    British financial regulators set out plans on Wednesday to broaden rules holding senior managers at banks and insurers accountable for misconduct inside their firms to encompass other financial services, including asset managers and brokers.

  • July 25, 2017

    UK MasterCard Ruling Won't Doom Young Class Regime

    The first two suits brought under the U.K.'s young antitrust class action regime have fallen short, but attorneys say the competition court's recent rejection of a £14 billion consumer suit over MasterCard's swipe fees doesn't portend failure for the nascent system.

  • July 25, 2017

    Orrick Lures Fintech Regulation Pro From Reed Smith

    Orrick Herrington & Sutcliffe LLP revealed Monday that the head of Reed Smith LLP’s noncontentious financial regulatory team will join Orrick in September as a partner in its London-based technology companies group.

  • July 25, 2017

    British TV Celebrity Wants £300M For Lloyds HBOS Unit Fraud

    British television celebrity Noel Edmonds has more than quadrupled his compensation claim against Lloyds Banking Group PLC to £300 million ($392 million) for losses he suffered over a fraud scam carried out by former employees at the bank's HBOS unit.

  • July 25, 2017

    EBA Drafts Central Register For Payment Services Directive

    The European Banking Authority announced details of its proposed EU-wide public register of authorized payment services firms on Monday, as the watchdog continues to work through the list of technical standards it is required to develop before massive reforms enter into law in January 2018.

  • July 25, 2017

    UK Appeals Court Tosses Swaps Suits Against RBS, Barclays

    England’s Court of Appeal has upheld decisions to throw out three linked interest rate swaps misselling claims against units of Barclays PLC and Royal Bank of Scotland PLC, in the latest victory for U.K. banks still battling numerous swaps misselling suits.

  • July 25, 2017

    Insurers Raise Concerns Over EU Derivatives Rules Overhaul

    Insurers have raised concerns with plans to overhaul European Union derivatives trading rules which require insurance companies to post cash when centrally clearing securities trades, a key industry lobby group said Tuesday.

  • July 25, 2017

    UK Gov't Creating New Cybersecurity Innovation Center

    Britain’s government announced on Monday that it wants to capitalize on London’s position as a global financial technology leader by pumping £14.5 million ($18.9 million) into a new cyberdefense innovation center in the capital.

  • July 25, 2017

    BOE Director Warns Banks Of Consumer Credit Risks

    A senior Bank of England official has urged banks in the U.K. to stay vigilant against lax lending conditions, as regulators take action to counter the risks posed to the wider economy by mounting consumer debt.

  • July 25, 2017

    FCA Warns UK Firms On Late MiFID II Waivers

    Britain’s finance watchdog on Tuesday warned firms that have missed the deadline to submit crucial information for compliance with European Union reforms to investment services across the bloc’s banking system that they must have contingency plans in place.

  • July 24, 2017

    Barclays Forex Rigging Settlement Nets $8.75M In Atty Fees

    Counsel for Axiom Investment Advisors LLC will receive $8.75 million from a $50 million settlement with Barclays Bank LLC in a New York federal court action filed over purported misuse of a foreign exchange trading system to boost bank profits. 

  • July 24, 2017

    UK Payments Watchdog Offers Refunds With New Fee Update

    U.K. payment system providers and other entities regulated by the Payment Systems Regulator have been told they are eligible for a refund from the fees they paid into the supervisor last year, according to a policy statement setting out the rates for the year ahead.

  • July 24, 2017

    UK Boosts Cross-Border Fraud Cooperation With EU, For Now

    British legislation entering into force on Monday cements the right of European Union authorities to demand the execution of cross-border criminal investigation requests, even as legal experts question whether the pioneering enforcement law will survive the U.K.'s exit from the EU.

  • July 24, 2017

    Reed Smith Adds Accountancy Disputes Partner In London

    Reed Smith LLP has bolstered its commercial disputes team in London with the hiring of a former Gowling WLG partner who specialized in handling disputes for major accountancy firms, the law firm said on Monday.

Expert Analysis

  • A Look At Protection Options For Board Members In The UK

    Francis Kean

    Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.

  • 2nd Circ. Libor Ruling Won’t Slow Cross-Border Enforcement

    Jason Linder

    Many commentators predict the Second Circuit's Allen decision last week will substantially chill the government's cross-border law enforcement efforts, but the truth is that the government won't have to make major changes to its increasingly robust coordination with foreign law enforcement to avoid similar problems in the future, say Jason Linder and John Long of Irell & Manella LLP.

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Assessing The Path Forward For The Serious Fraud Office

    Collingwood Thompson

    The debate over the possible merger between the United Kingdom's National Crime Agency and Serious Fraud Office has underlined the chronic underfunding of law enforcement. Increasing the budgets of the police and Crown Prosecution Service would be more helpful than an unnecessary merger, says Collingwood Thompson QC of 7 Bedford Row.

  • 2nd Circ. Libor Ruling Helps Subjects In Int'l Investigations

    Gregory O’Connell

    The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.

  • The BVI's Recent Beneficial-Ownership Efforts

    Omonike Robinson-Pickering

    With increasing international focus on matters of beneficial-ownership information, the British Virgin Islands has taken steps aimed at making such information readily available without compromising the privacy of those who, for perfectly legal and acceptable reasons, choose the BVI as the domicile of an entity, say members of Walkers and BDO.

  • Corporate Criminal Liability Continues To Expand In The UK

    Robert Amaee

    With the recent charges brought against Barclays PLC, the U.K. Serious Fraud Office and Financial Conduct Authority have made clear their intention to expand the law on corporate criminal liability beyond the current identification doctrine and punish those who fail to keep up new legal standards, say Robert Amaee and James McSweeney of Quinn Emanuel Urquhart & Sullivan LLP.

  • Get Ready For The UK's New Unexplained Wealth Order

    Gerrard, Neil.jpg

    The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.