Financial Services UK

  • October 20, 2016

    UK Promises Banks Brexit Transition, Access To Talent

    Britain will secure a transitional period after leaving the European Union to allow banks and businesses to adjust to changes in market access and regulatory requirements agreed in Brexit negotiations with the bloc, the minister preparing the country's exit from the EU said Thursday. 

  • October 20, 2016

    EU Banks Warned Against Sweeteners To Grab Brexit Business

    European banks should not lower their regulatory standards in a bid to snatch business from London in a post-Brexit world, an executive from Germany’s central bank said Thursday.

  • October 19, 2016

    London's Days As Top Dog Numbered, Warns EU Heavyweight

    London will almost certainly be toppled as the European financial capital in “dirty and brutal” Brexit talks, one of Britain's most influential Brussels figures told Law360 in an exclusive interview.

  • October 19, 2016

    Ropes & Gray Hires Finance Partner For London Office

    Ropes & Gray LLP has snagged a leading finance lawyer from Herbert Smith Freehills LLP as a London partner, boosting its European finance and private equity practices, the international law firm said Wednesday.

  • October 19, 2016

    Lehman Creditors Press UK Top Court For Currency Claims

    Creditors of Lehman Brothers' European business pushed the U.K.'s top court Wednesday to let them recover funds lost when their claims were converted into pounds from the company's billions of dollars in surplus before the now-defunct investment bank's shareholders get paid.

  • October 19, 2016

    FCA Scrutinizes Mishandled Mortgage Repayments

    The Financial Conduct Authority has asked for industry feedback on how firms should more fairly treat customers who fall short on their mortgage repayments, including how best to compensate homeowners whose arrears have been miscalculated.

  • October 19, 2016

    Overdue EU Derivatives Collateral Rules Near Finish Line

    An influential European Parliament committee on Wednesday advised the European Union’s lawmakers to raise no objections to swaps trade collateral rules adopted by the European Commission in October, as the legislative process entered the final stages.

  • October 19, 2016

    FCA Seeks To Nix Death Bond Execs’ Conspiracy Claim

    The Financial Conduct Authority on Wednesday called on the High Court to strike out civil claims that the regulator conspired to purposefully injure a firm that was ordered into administrative receivership in 2009 after the company had been found to be misselling so-called death bonds to investors.

  • October 19, 2016

    Global Regulators Seek Help On OTC Derivatives Database

    International regulators on Wednesday sought further industry help to build a global database for over-the-counter derivatives so that watchdogs can cut risk and prevent market abuse in the multitrillion-dollar unlisted stock trade.

  • October 19, 2016

    UK’s May Hints Brexit Talks Could Exceed 2 Years

    U.K. Prime Minister Theresa May indicated Wednesday that the U.K. negotiations to leave the European Union could take longer than the intended two years, as senior British cabinet ministers met to prepare for the beginning of the process in early 2017.

  • October 19, 2016

    UK Lawmakers Call For Overseas Anti-Corruption Offensive

    A British Parliamentary committee on Wednesday urged the government to investigate money laundered through Britain and to push for the same in the U.K’s overseas territories like the Cayman Islands and Bermuda.

  • October 19, 2016

    Banks Need To Patch Up Retail Antitrust Gaps: CMA Chief

    The U.K’.s top antitrust official said Tuesday that banks still need a number of fixes to address competition lapses in the retail banking sector, including the possible introduction of better digital comparison tools to empower consumers.

  • October 19, 2016

    Early Financial List Cases Get Limited Boost From New Court

    A year into its existence, the U.K.'s new specialized financial court has offered improvements for parties fighting over swaps and other complex industry disputes, but attorneys who have litigated in the system say it remains unclear just how big an impact it will have.

  • October 18, 2016

    UK Financial Regulator May Single Out Reckless Bankers

    Levying heavier punishments on individuals instead of the firms they work for may lead to a more profitable and healthier banking system, a top British economist at a financial watchdog said Tuesday.

  • October 18, 2016

    UK Court To Rule On Brexit Case 'As Quickly As Possible'

    The U.K.’s High Court said Tuesday it would rule on whether the government has the lawful power to start leaving the European Union without Parliamentary assent “as quickly as possible,” after a government lawyer admitted that Parliament would probably still have the final say on the eventual Brexit agreement between Britain and the EU.

  • October 18, 2016

    HSBC Chair Warns Contradictory Rules Are Damaging Banks

    The chairman of HSBC on Tuesday urged governments to lay off banks and called for a major rethink of crippling and often contradictory regulation as Britain’s financial sector braces for years of turbulence.

  • October 18, 2016

    5 Keys For Financial Firms In EU Data Protection Overhaul

    The way that financial institutions handle the mounds of personal data on European Union citizens that they collect will drastically change in 2018, when the implementation of a sweeping overhaul to the bloc's data protection regime will cause them to reassess how they approach everything from gaining consumer consent to notifying them of data breaches. Here, attorneys flag five features of the ramped-up regulation that are likely to have the greatest impact on businesses in the sector.

  • October 18, 2016

    UK Brexit Team Has Both Hardliners And Moderates

    The senior U.K. government committee responsible for steering Britain’s withdrawal from the European Union is fairly evenly split between ministers who campaigned to remain in the bloc and those who campaigned to leave it, according to a list of members published Tuesday.

  • October 18, 2016

    UK Treasury Wins Costs From Bank Mellat In $4B Case

    A High Court judge on Tuesday awarded the U.K. Treasury £17,000 ($21,000) in costs and ordered that Iran-based Bank Mellat provide as much information as it was able in response to the government’s request for further details over the bank’s claim for $4 billion in damages resulting from illegally enforced sanctions.

  • October 18, 2016

    UK Gov’t Nixes Plans For Secondary Annuities Market

    The U.K. government has scrapped plans to create a market letting pensioners sell their annuities for a cash lump sum because of concerns about consumer protection, a senior Treasury official announced Tuesday.