Financial Services UK

  • October 17, 2016

    Parliament Never Wanted Brexit Approval Powers, Gov’t Says

    U.K. lawmakers never intended to make the government seek their permission before starting the process to quit the European Union, despite having several opportunities to demand this, lawyers acting for the government argued in the High Court on Monday.

  • October 17, 2016

    UK Antitrust Agency Orders ICE To Sell Trayport

    The U.K.’s top antitrust agency has ordered Intercontinental Exchange to sell Trayport, the trading software maker acquired last December, saying Monday the union could damage the ability of rival securities exchanges to compete.

  • October 17, 2016

    Transitional Brexit Deal Vital For London Banks, Study Says

    Transitional regulatory arrangements are essential to avoid a “cliff edge” situation for banks after the U.K. begins the process of leaving the EU by the end of March, an independent think tank said in a study issued Monday.

  • October 14, 2016

    Key To Brexit Legal Challenge Could Stretch Back 400 Years

    Case law and statutes stretching back four centuries could prove to be unexpected allies for a U.K. financial services sector hoping to retain access to the European Union’s single market as Britain prepares to exit the 28-nation bloc.

  • October 14, 2016

    Banks Face Criminal Charges Under Landmark UK Law

    Banks aiding tax evasion, even unwittingly, may face criminal charges under aggressive new laws unveiled Thursday by the British government, lawyers warned.

  • October 14, 2016

    Investors, Industry Warn EU Prospectus Rules Are Flawed

    European lawmakers must urgently address flaws in a package of reforms around the information financial firms must disclose to potential clients regarding packaged retail and insurance-based investment products, investor and industry groups said Friday.

  • October 14, 2016

    Robo-Advisers Steam Ahead As Regulators Try To Catch Up

    Financial regulators struggling to keep pace with new technologies in the marketplace now must catch up with a new innovation predicted to irrevocably alter wealth management, experts say: robot investment advisers.

  • October 14, 2016

    Accused UK 'Flash Crash' Trader Denied Extradition Appeal

    U.K. futures trader Navinder Sarao on Friday was refused a final appeal against an extradition order to face U.S. charges that he helped trigger the 2010 Wall Street "flash crash" with bogus trades, according to the High Court.

  • October 14, 2016

    Top UK Court To Decide Fate Of Billions In Lehman Surplus

    The U.K.'s highest court on Monday will weigh whether Lehman Brothers' European creditors who claim they were underpaid because of shifting foreign exchange rates should get first dibs at billions of dollars in the bankrupt bank's surplus funds.

  • October 14, 2016

    EU Securities Watchdog Tweaks Remuneration Rules

    Europe’s top securities regulator on Friday updated guidance on how alternative investment managers are paid when part of a wider banking group, and provided clarification on how managers of investment vehicles are remunerated.

  • October 14, 2016

    Goldman Prevails In $1.2B Libya Fund Dispute

    The U.K.’s high court on Friday ruled in favor of Goldman Sachs Group Inc. in a dispute brought by Libya’s sovereign wealth fund over trades carried out in 2008 that resulted in a $1.2 billion loss for the fund.

  • October 14, 2016

    UK Regulator Investigates Misselling Of Annuities

    Britain’s Financial Conduct Authority is investigating pension providers who may have given bad advice to tens of thousands of customers in poor health, leading to smaller retirement payments than they were entitled to, the watchdog said Friday. 

  • October 13, 2016

    UK Payments Watchdog Mulls More Financial Crime Protection

    As fraudsters grow more sophisticated, financial technology advances and watchdogs should consider whether consumers need greater protection from crime, the managing director of the U.K.’s Payment Systems Regulator said Thursday.

  • October 13, 2016

    £3.3M Fine Just The Start Of FCA's Money Laundering Crunch

    The Financial Conduct Authority's no-nonsense approach to tackling money laundering is about to ramp up, lawyers warn, pointing to a multimillion-dollar fine Britain's financial regulator dished out this week as a sign of things to come.

  • October 13, 2016

    EU Must Bear Down On Money Laundering, Regulators Say

    The European Union needs to be more rigorous in enforcing existing rules to combat money laundering and terrorist financing in the wake of the Panama Papers release, regulators told the European Parliament Thursday.

  • October 13, 2016

    FCA Urges Top UK Court To Ease Banker Defense Rights Test

    The Financial Conduct Authority pushed the U.K. Supreme Court Thursday not to force it to play detective to ensure unnamed bankers can't be identified from enforcement decisions against institutions, in a dispute over a JPMorgan Chase fine tied to $6 billion in "London Whale" losses.

  • October 13, 2016

    Post-Brexit UK To Step Into Data Transfer Minefield

    The U.K. may have to enter into its own complex Privacy Shield pact with the U.S. and Europe because of the historic vote to exit the European Union, causing new headaches for multinational financial services firms dealing in global data flows.

  • October 13, 2016

    UK Gov't Plan To Trigger Brexit Is Unlawful, Court Hears

    The British government’s plans to begin leaving the European Union by March 2017 without the express permission of Parliament is an unlawful violation of the nation’s rights, lawyers argued in the U.K.’s high court on Thursday.

  • October 13, 2016

    Scotland Rolls Out Plan For 2nd Independence Vote

    Scotland's government next week will introduce a new draft bill setting out preparations for a second vote on Scottish independence to be held before the U.K. leaves the European Union and its single market, Scottish First Minister Nicola Sturgeon said Thursday.

  • October 13, 2016

    Basel Weighs Timeline For Bank Capital Accounting Rules

    Banks could have up to five years to prepare for how new accounting rules will alter the amount of capital they need to hold for regulatory purposes, the global forum for banking regulators said Thursday.