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Financial Services UK

  • December 14, 2018

    S. African Fund's Fight Over Plane Lease, $41M Loan Paused

    Legal proceedings brought by a South African investment fund against a Canadian export credit agency in the U.K. over an aircraft lease and a $41 million loan have been stayed to allow the parties to continue talks outside court.

  • December 14, 2018

    FCA Bans Investment Advisor For Mutual Society Conflicts

    The U.K.'s financial watchdog said Friday it has fined a veteran investment adviser £20,000 ($25,000) and banned her from serving as a company director after she allegedly sought employment with an asset manager even as she steered clients to the firm. 

  • December 14, 2018

    Watchdog Warns Of Growing Cyberthreat For EU Banks

    Cyber and data security breaches are one of the main challenges faced by Europe’s banks, the European Banking Authority said on Friday, amid recent concern among regulators that businesses are failing to manage IT risks.

  • December 14, 2018

    ECB To Supervise Irish Units Of Barclays, Bank Of America

    The European Central Bank said Friday that it will assume direct supervision of the Irish subsidiaries of Barclays Bank and Bank of America Merrill Lynch to reflect expectations of their growing size and importance after Brexit.

  • December 14, 2018

    BoE Acts On Travel Expenses After Pressure From MPs

    The Bank of England said Friday it has tightened its expenses regime after two senior regulatory experts, one of them a former vice chairman of the U.S. Federal Reserve, angered MPs by racking up £390,000 ($490,000) on travel costs over two and a half years.

  • December 14, 2018

    EU Refuses To Reopen Brexit Deal, Putting Passage In Doubt

    The European Council has formally told the U.K. that its Brexit withdrawal agreement is not open to renegotiation even though a majority of British lawmakers rejected the package, increasing the odds of a no-deal departure from the bloc or a postponement.

  • December 13, 2018

    Watchdogs Float New Reporting Rules For Mortgage Lenders

    U.K. financial authorities laid out a plan Thursday to require mortgage lenders and administrators to turn over more data about their sales in a bid to protect consumers.

  • December 13, 2018

    Senate Dems Call For Deutsche Bank Probe After AML Raid

    Two Senate Democrats called for a bipartisan investigation into Deutsche Bank AG's compliance with federal anti-money laundering laws and its correspondent banking operations in a letter to their colleagues in the Senate Banking Committee on Thursday, citing German authorities' recent raid on the bank and its "history of regulatory problems."

  • December 13, 2018

    Atty Freed From Negligence Suit Over Investment Scheme

    A U.K. judge has set aside a professional negligence suit against a lawyer after ruling that the liquidator of two companies she gave advice to over property investments in Brazil did not serve the claim against her properly.

  • December 13, 2018

    3 Men Sentenced For £1M Credit Scam On AmEx, Others

    Three London men have been sentenced to hefty prison time for bilking the likes of American Express and Barclaycard out of £1 million ($1.27 million) in a fake credit application scheme known as short firm fraud, the police said.

  • December 13, 2018

    Cops Rack Up Fraud Arrests After Teaming With Banks

    A new initiative requiring banks to alert the police when someone tries to access an unusually large amount of money has led to 336 arrests, the head of a banking industry group has said.

  • December 13, 2018

    Saad Co. Liquidators Continue Pursuit Over Saudi Securities

    Liquidators of Saudi billionaire Maan Al-Sanea’s collapsed investment company have filed fresh court documents in their long-running hunt for hundreds of millions of dollars of securities Al-Sanea transferred to Saudi Arabian bank Samba Financial Group in 2009.

  • December 13, 2018

    FCA Urges Financial Firms To Keep Up Brexit Preparations

    The Financial Conduct Authority has published its latest set of guidance to help U.K. banks and insurers prepare for Brexit by encouraging them to consider implications for their business and customers, including putting in place measures to ensure their financial contracts can continue after March 2019.

  • December 13, 2018

    Pension Schemes Warned To Stay Ahead Of Master Trust Law

    The U.K.'s pensions watchdog on Thursday warned pension scheme trustees they must check whether they fall under new master trust legislation to avoid running afoul of the law once the March deadline to apply for authorization passes.

  • December 13, 2018

    EBA Details Securitization Rules As New Framework Kicks In

    The European Banking Authority has published rules that will allow financial firms across the bloc to identify whether their securitization products are eligible for relaxed capital holdings, ahead of a European Union framework taking force in January.

  • December 13, 2018

    Property Developer Narrows Swap Misselling Suit Against RBS

    A health care property developer has dropped a claim against Royal Bank of Scotland PLC related to the Financial Conduct Authority’s interest rate hedging product redress scheme, as part of a wider suit seeking damages for the alleged misselling of swaps.

  • December 12, 2018

    Algerian Jail Was Enough For Swiss Banker, Judge Rules

    A Swiss financial services worker who was nabbed in Algeria on U.S. fraud charges and spent a year in a packed and filthy jail while awaiting extradition was sentenced to no additional prison time by a Manhattan federal judge on Wednesday.

  • December 12, 2018

    FCA Floats Policy Tweaks To Spur Long-Term Investments

    The U.K. Financial Conduct Authority on Wednesday proposed new rules aimed at making it easier for consumers to access long-term investment opportunities, principally by lowering the barriers for retail investment in venture capital, infrastructure and corporate loans. 

  • December 12, 2018

    Marex Adds To Coverage Claim In Nickel Warehousing Dispute

    Commodities broker Marex Financial Ltd. has broadened its claim against a group of insurers in a bid to secure indemnity for any costs it may be hit with if French investment bank Natixis is successful in an underlying $32 million suit over allegedly fraudulent nickel storage receipts.

  • December 12, 2018

    UK Antitrust Watchdog Sets New Investment Adviser Rules

    Britain’s antitrust watchdog said Wednesday that it will introduce reforms to the sector responsible for managing £1.6 trillion ($2 trillion) worth of pensions after it identified problems with competition during an extensive probe.

Expert Analysis

  • UK Financial Services Industry Faces 'Cliff Edge' Scenario

    Chris Bryant

    Though the United Kingdom has reached an agreement with the European Union regarding its withdrawal, the U.K. Parliament is unlikely to approve it. Much of the U.K.'s financial industry is still preparing for a "no deal" outcome, says Chris Bryant of Bryan Cave Leighton Paisner LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Closer Look At New Calif. Pension Fund Climate Law

    Kristie Blase

    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

    James Drury-Smith

    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.

  • Société Générale: Sanctions Enforcement Is Alive And Well

    Ama Adams

    The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.

  • Why English Courts Are Prepared To Assist Cyber Victims

    Fiona Cain

    This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.

  • Illegality Defense Developments In UK And Cayman Islands

    James Elliott

    Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.

  • UK Privacy Rules That Can Catch You Off Guard

    Alexander Edwards

    The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

    Antonia Apps

    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.