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Financial Services UK

  • Featured

    Questions Linger After Early Win For New UK Dirty Money Law

    By Richard Crump

    A London court has dismissed the first challenge to new "dirty money" powers that allow British authorities to force wealthy people to explain how they obtained their riches if the wealth is suspected to be the proceeds of crime, but lawyers are unsure how effective the new enforcement tool will be.

  • July 28, 2017

    Payments Forum Floats 'Radical' Plan For Future UK System

    Payment sector chiefs delivered a new blueprint for the future of the U.K.’s payment system on Friday, setting out what they believe is “the most radical change to the industry” since the 1960s.

  • July 28, 2017

    Vestia’s €830M Deutsche Bribery Suit To Kick Off In April

    Major Dutch housing association Stichting Vestia's multimillion dollar bribery lawsuit against Deutsche Bank AG is set to go to trial at the end of April next year, it was confirmed at a hearing at the U.K.’s High Court on Friday.

  • July 28, 2017

    Latham Snags Recent Quinn Hire For UK Financial Reg Group

    Latham & Watkins LLP announced on Friday it has hired a regulatory partner from Quinn Emanuel Urquhart & Sullivan LLP for its London financial institutions group, just months after he joined the specialist litigation firm.

  • July 28, 2017

    Treasury Chief Says Election Ideal Deadline For Brexit Shift

    Chancellor of the Exchequer Philip Hammond said Friday that the transition to Britain’s new long-term relationship with the European Union after Brexit has to be completed by the U.K.’s June 2022 general election.

  • July 27, 2017

    Gaps In Client Asset Protection Still Exist, IOSCO Finds

    Europe and North America have made the most progress implementing global principles for safeguarding client assets, particularly for regulatory oversight, but a number of countries need to do more to protect clients’ rights, according to a report published Thursday by an international group of securities authorities.

  • July 27, 2017

    EBA Sets Out Incident Reporting Rules For Payment Services

    Payment service providers will have to report major security incidents to market watchdogs within four hours of them taking place under reporting rules published by the European Banking Authority on Thursday, which come ahead of sweeping European Union payment systems regulations that kick in next year.

  • July 27, 2017

    Central Bank Names New COO, Deputy Gov. To Replace Hogg

    The Bank of England announced on Thursday that it has appointed a new chief operating officer to replace Charlotte Hogg, who resigned in March after being grilled by MPs over her failure to formally declare a potential conflict of interest.

  • July 27, 2017

    Barclays Liable If Doctor Sex Attacks Proved, UK Judge Rules

    Barclays Bank PLC would be "vicariously liable" if it is proved that a doctor sexually assaulted prospective employees while carrying out medical examinations on behalf of the British lender, a judge ruled on Wednesday at London’s High Court.

  • July 27, 2017

    Lloyds To Compensate Mischarged Mortgage Customers

    Lloyds Banking Group PLC has agreed to set up a redress scheme for customers who were inappropriately charged when they fell behind with their mortgage payments between 2009 and 2016, the U.K.’s Financial Conduct Authority announced on Thursday.

  • July 27, 2017

    Lloyds Bank Sets Aside £700M To Cover Misselling Charges

    Lloyds Banking Group PLC has been forced to commit a further £700 million ($920 million) in the second quarter to cover the cost of missold loan insurance because of a rise in compensation claims, the British lender said on Thursday as it posted a slight increase in first-half profits.

  • July 27, 2017

    Troubled Libor Underpinnings Lead FCA To Drop Rate For 2021

    The Libor benchmark rate, which is used to price $350 trillion in financial products around the world, will be abandoned in 2021 as British regulators look for a more suitable substitute, the head of the U.K.’s Financial Conduct Authority said Thursday.

  • July 26, 2017

    MasterCard Win Cools Funders' Fever For UK Class Actions

    MasterCard's recent win in a £14 billion antitrust case in the U.K.'s new class action forum is a loss for litigation funders eager for a slice of massive potential recoveries in antitrust actions in the country, raising questions about whether similar cases can gain traction there and trigger payouts for investors, experts said.

  • July 26, 2017

    EU Agrees To UK Gov’t £835M State Aid Plan For RBS

    The European Union and the U.K. government have agreed on plans in principle for state-owned Royal Bank of Scotland PLC that avoid forcing the bank to sell off a subsidiary, a divestment that was originally a condition of its financial-crisis era bailout, the EU said Wednesday.

  • July 26, 2017

    No Escaping Accountability For City Chiefs As UK 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.