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Financial Services UK

  • July 25, 2017

    UK MasterCard Ruling Won't Doom Young Class Regime

    The first two suits brought under the U.K.'s young antitrust class action regime have fallen short, but attorneys say the competition court's recent rejection of a £14 billion consumer suit over MasterCard's swipe fees doesn't portend failure for the nascent system.

  • July 25, 2017

    Orrick Lures Fintech Regulation Pro From Reed Smith

    Orrick Herrington & Sutcliffe LLP revealed Monday that the head of Reed Smith LLP’s noncontentious financial regulatory team will join Orrick in September as a partner in its London-based technology companies group.

  • July 25, 2017

    British TV Celebrity Wants £300M For Lloyds HBOS Unit Fraud

    British television celebrity Noel Edmonds has more than quadrupled his compensation claim against Lloyds Banking Group PLC to £300 million ($392 million) for losses he suffered over a fraud scam carried out by former employees at the bank's HBOS unit.

  • July 25, 2017

    EBA Drafts Central Register For Payment Services Directive

    The European Banking Authority announced details of its proposed EU-wide public register of authorized payment services firms on Monday, as the watchdog continues to work through the list of technical standards it is required to develop before massive reforms enter into law in January 2018.

  • July 25, 2017

    UK Appeals Court Tosses Swaps Suits Against RBS, Barclays

    England’s Court of Appeal has upheld decisions to throw out three linked interest rate swaps misselling claims against units of Barclays PLC and Royal Bank of Scotland PLC, in the latest victory for U.K. banks still battling numerous swaps misselling suits.

  • July 25, 2017

    Insurers Raise Concerns Over EU Derivatives Rules Overhaul

    Insurers have raised concerns with plans to overhaul European Union derivatives trading rules which require insurance companies to post cash when centrally clearing securities trades, a key industry lobby group said Tuesday.

  • July 25, 2017

    UK Gov't Creating New Cybersecurity Innovation Center

    Britain’s government announced on Monday that it wants to capitalize on London’s position as a global financial technology leader by pumping £14.5 million ($18.9 million) into a new cyberdefense innovation center in the capital.

  • July 25, 2017

    BOE Director Warns Banks Of Consumer Credit Risks

    A senior Bank of England official has urged banks in the U.K. to stay vigilant against lax lending conditions, as regulators take action to counter the risks posed to the wider economy by mounting consumer debt.

  • July 25, 2017

    FCA Warns UK Firms On Late MiFID II Waivers

    Britain’s finance watchdog on Tuesday warned firms that have missed the deadline to submit crucial information for compliance with European Union reforms to investment services across the bloc’s banking system that they must have contingency plans in place.

  • July 24, 2017

    Barclays Forex Rigging Settlement Nets $8.75M In Atty Fees

    Counsel for Axiom Investment Advisors LLC will receive $8.75 million from a $50 million settlement with Barclays Bank LLC in a New York federal court action filed over purported misuse of a foreign exchange trading system to boost bank profits. 

  • July 24, 2017

    UK Payments Watchdog Offers Refunds With New Fee Update

    U.K. payment system providers and other entities regulated by the Payment Systems Regulator have been told they are eligible for a refund from the fees they paid into the supervisor last year, according to a policy statement setting out the rates for the year ahead.

  • July 24, 2017

    UK Boosts Cross-Border Fraud Cooperation With EU, For Now

    British legislation entering into force on Monday cements the right of European Union authorities to demand the execution of cross-border criminal investigation requests, even as legal experts question whether the pioneering enforcement law will survive the U.K.'s exit from the EU.

  • July 24, 2017

    Reed Smith Adds Accountancy Disputes Partner In London

    Reed Smith LLP has bolstered its commercial disputes team in London with the hiring of a former Gowling WLG partner who specialized in handling disputes for major accountancy firms, the law firm said on Monday.

  • July 24, 2017

    Britain Seeks Way To Keep EU Access For Banks After Brexit

    U.K. lawmakers launched an inquiry Monday into how Britain’s financial services industry could maintain access to the European Union after the country leaves the bloc in March 2019.

  • July 24, 2017

    FCA Gets £350K Confiscation Order Against Insider Trader

    Former Schroders PLC trader and convicted insider dealer Damian Clarke must pay £350,000 ($456,000) within three months or face three more years in jail, Britain’s Financial Conduct Authority said Monday.

  • July 24, 2017

    ECB Repeats Call For Caution Over Fintech Payments Benefits

    Regulators should think carefully before adopting financial technology such as blockchain software and digital currencies for their payment systems infrastructures, a senior figure at the European Central Bank said on Monday.

  • July 24, 2017

    EU Weighs Plan For Cheaper Cross-Border Payments

    The European Commission is seeking views on how it can lower the costs of cross-border payments within the European Union in currencies other than the euro, with the launch of a public survey on Monday.

  • July 24, 2017

    FCA Outlines Remit For New Money Laundering Supervisor

    The Financial Conduct Authority launched a consultation on Monday into how its planned new body will oversee the way professional bodies comply with money laundering regulations, as the regulator also seeks views on the costs it will impose on the industry to fund the work.

  • July 21, 2017

    JPMorgan, Deutsche To Settle Libor Rigging Claims For $148M

    JPMorgan Chase & Co. and Deutsche Bank AG have agreed to pay a combined $148 million to escape two investor suits alleging they rigged the Libor benchmark rate, according to a proposed deal Friday, asking for early approval despite both banks having technically been dismissed from one of the cases.

  • July 21, 2017

    Feds Look To Drop 'London Whale' Traders' Fraud Charges

    Federal prosecutors told a New York federal judge on Friday that they want to dismiss fraud and conspiracy charges against two European former derivatives traders at JPMorgan Chase & Co. involved in the $6 billion “London Whale” debacle, because they can’t extradite the defendants and can’t rely on their star witness.