Financial Services UK

  • May 17, 2016

    Ex-Barclays Trader Denies Blind Ambition Behind Libor Rig

    A former Barclays Libor submitter accused of conspiring to manipulate the benchmark rate denied in a London court Tuesday that he was driven to tailor submissions by a desire to join the “big dogs” on the swaps desk.

  • May 17, 2016

    EU Weighs Tweaks To Post-Crisis Rules For Banks

    Europe’s financial services commissioner pledged Tuesday to review whether swathes of legislation implemented since the banking crisis could be revised, responding to industry fears that tighter regulation has slowed financing for markets and the economy.

  • May 16, 2016

    Ex-Barclays Trader Made False Libor Submissions For Years

    A former Barclays trader accused of conspiring to manipulate the Libor testified in a London court Monday that he knowingly submitted a false rate every day for two years, a practice he claimed was widely used at other banks.

  • May 13, 2016

    Ex-Barclays Trader Admitted Libor Lie Amid Extradition Fear

    A former Barclays trader accused of conspiring to manipulate Libor told a London court Friday that he lied at first to the U.S. Department of Justice about his role in the scandal but later changed his story because he was “very scared” of being extradited to stand trial in the U.S.

  • May 12, 2016

    Ex-Barclays Trader Blames Bat-Wielding Boss For Libor Rig

    A former Barclays trader accused of trying to manipulate Libor testified in a London court Thursday that he was following the directions of his boss, who he said would "whack" him with a 12-inch toy bat if he made mistakes in his work.

  • May 11, 2016

    Ex-Barclays Bankers Jury Told Of Related Libor Guilty Plea

    The prosecution in a Libor-rigging trial told a London jury on Wednesday that a former colleague of the five ex-Barclays bankers accused of manipulating the key benchmark had already pled guilty in October 2014 to the same charge of conspiracy to defraud.

  • May 10, 2016

    UK Magic Circle Firms Caught In Panama Papers Data Dump

    Two Magic Circle firms and at least 17 other major U.K.-based solicitors have been linked to thousands of the offshore investment companies listed in the so-called Panama Papers, which exposed a vast network that has global regulators looking to strengthen tax avoidance regimes. 

  • May 9, 2016

    FCA Launches 'Regulatory Sandbox' For Financial Products

    The U.K.’s Financial Conduct Authority began taking applications Monday for an initiative that allows companies to test new products in a live market environment without being subject to the full regulatory rulebook.

  • May 9, 2016

    New FCA Head Comes Out Swinging Against Bank Culture

    The next chief of the U.K.’s Financial Conduct Authority said Monday that new rules enforcing the responsibility of senior bank managers are a “big step forward” toward changing a banking culture in the U.K. often blamed for helping to cause the last financial crisis.

  • May 6, 2016

    Conflict Bars Dechert From Representing Shlosberg Creditor

    The U.K.’s High Court ruled Thursday that Dechert LLP did not do enough to protect the legal privilege of a bankrupt Russian investor while representing both his firm’s liquidators and an investment company pursuing him for $195 million in unpaid damages over a defaulted loan.

  • May 5, 2016

    Barclays Missed Libor Evidence Haul: Compliance Officer

    A Barclays compliance officer admitted at a Libor-fixing trial Thursday that “human error” resulted in the bank initially missing over 1 million documents later deemed relevant to the investigation, as the defense focused on a data-gathering process filled with holes. 

  • May 4, 2016

    UK Softens Accountability For Top Finance Execs

    The British Parliament passed an act Wednesday reversing a controversial measure that would have forced senior financial sector managers to prove they weren’t responsible for misconduct by employees.

  • May 4, 2016

    Brexit A 'Daunting' Legal Task, UK Lawmakers Say

    The U.K. faces a “complex and daunting” legal task lasting several years if the country votes to leave the European Union in a June 23 referendum, a U.K. parliamentary committee said in a report issued Wednesday.

  • May 3, 2016

    Barclays Exec Accused of Saving His Own Skin In Libor Trial

    The attorney for a former Barclays trader on trial for manipulating the Libor accused a top bank executive Tuesday of trying “to save his own skin" by concealing what he knew about the swaps desk's benchmark rate manipulation.

  • April 29, 2016

    EU Pressures Bail-In Directive Stragglers To Implement Rules

    The European Union’s top financial services official stressed Friday the need for Belgium, Poland and Slovenia to implement national rules in line with the Bank Recovery and Resolution Directive, a key element of the regional body’s progress toward a unified banking sector.

  • April 29, 2016

    Santander HQ Owner Can’t Escape $103M Fee Deal

    A U.K. appeals court on Thursday upheld a judgment ordering the owner of Banco Santander SA’s Madrid headquarters to pay an arrangement worth €90 million ($103 million) that constituted part of the loan used to purchase the property.

  • April 27, 2016

    Barclays Traders’ Boss Denies Libor-Rigging Knowledge

    A Barclays PLC executive on Wednesday testified at a Libor-rigging trial, saying that he had no knowledge that traders on his staff conspired to manipulate the interest rate and that it would have been wrong for the accused former bankers to try to influence the key benchmark.

  • April 25, 2016

    EU Maps Plans For Private Pensions, Other Reforms

    The European Union plans to introduce reforms that would develop a market for private pensions across the region, adding a key element to broader plans to create a unified capital market, the EU’s top financial services official said Monday.

  • April 21, 2016

    Arnold & Porter Boosts UK Team With Financial Disputes Pro

    Arnold & Porter has bolstered its London office with the hire of seasoned financial services litigator Hilton Mervis as a partner and head of the commercial dispute resolution group for Europe.

  • April 19, 2016

    UK Lawmakers Win Role In Top FCA Appointment

    The U.K. government moved to offset concerns over the Financial Conduct Authority’s political independence by giving a key parliamentary committee more control in selecting the watchdog’s chief executive, as part of a compromise agreed to on Tuesday.