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Financial Services UK

  • May 12, 2017

    Retail Banking Profitability To Come Under FCA Review

    The business models of the U.K.’s biggest retail banks will come under heightened scrutiny in the coming months after the Financial Conduct Authority announced a review of how the sector is adapting to regulatory and technological changes.

  • May 12, 2017

    UK Poised To Seize Insurance Securities Biz With Overhaul

    The British government is poised to introduce legislation that will make wide-ranging changes to the U.K.'s corporate, tax and regulatory regimes to encourage more insurers to set up special purpose vehicles to cover catastrophe risks onshore — and experts say the plan to win business back from Bermuda and Guernsey just might work.

  • May 12, 2017

    FCA Signs Fintech Deal With Hong Kong Securities Regulator

    A top British regulator signed an agreement on Friday with Hong Kong’s securities watchdog to bolster financial technology ties between the two jurisdictions.

  • May 12, 2017

    US Private Equity Co. Has Second Go At Suing Ex-F1 Boss

    After a New York court tossed a private equity firm's $650 million (£505.3 million) bribery suit against Bernie Ecclestone, the U.S. firm has filed a new claim against the former motor racing supremo in England, according to the High Court register.

  • May 12, 2017

    PRA Strengthens Accountability in Insurance, Banking

    The U.K.’s Prudential Regulation Authority released detailed policy on Friday outlining how banks and insurers must hold top executives personally accountable for misconduct under their watch.

  • May 12, 2017

    FCA Authorizes First Major Peer-To-Peer Lender

    Britain’s oldest peer-to-peer lender became the first major company of its kind to be granted authorization to launch an individual savings account by the U.K.’s banking watchdog on Thursday after more than a year of delays.

  • May 12, 2017

    Financial Reporting Council Wants Views On Sanction Rules

    The U.K.’s top corporate governance watchdog is asking for industry opinion on its enforcement procedures, which will be fed into an independent review of whether its penalties effectively deter wrongdoing.

  • May 11, 2017

    No End In Sight For De-Risking Dilemma At Besieged Banks

    A new era of aggressive regulatory and criminal prosecution of financial crime has led to a mass cull of correspondent banking relationships since the financial crisis, and lawyers say there is little sign of the pendulum swinging back any time soon.

  • May 11, 2017

    EU OKs Program To GIve Consumers Voice In Finance Policy

    The European Council gave final approval Thursday to a €6 million ($6.52 million) program that will fund two Brussels-based lobby groups to enhance consumer involvement in EU financial services policymaking.

  • May 11, 2017

    RBS Chief Defends £125M Cost Of Fighting Rights Issue Suit

    The Royal Bank of Scotland on Thursday again defended the high costs it is spending to fight a class action brought over the bank’s fundraising before its taxpayer bailout, estimated to finish at £125 million ($161 million) in legal fees, calling the case “extraordinary.”

  • May 11, 2017

    US Warns EU To 'Tread Carefully' On Euro Clearing

    A top U.S. securities regulator warned Europe late Wednesday that it should think carefully before attempting to move the lucrative euro-clearing industry away from London post-Brexit.

  • May 11, 2017

    EBA Finalizes Guidelines For Assessing Bank IT Risk

    The European Banking Authority issued final guidelines on Thursday for national regulators to aid them in assessing and containing risks to the financial system from the rapid growth of information technology within the financial services industry.

  • May 11, 2017

    ECB Wants More Regulatory Reform In Derivatives Markets

    A top European central banker said on Thursday that more regulatory work needs to be done to make the derivative markets secure, amid rising risks related to the way banks and brokers use clients’ assets for their own purposes.

  • May 11, 2017

    Fintech Lobbyists Call For Election Pledges On Brexit

    Britain’s top financial technology lobby group on Thursday urged every U.K. political party to put pledges in their election manifestos to protect the sector, amid fears that a "hard Brexit" will damage the industry’s access to talent and funding.

  • May 11, 2017

    Use Arbitration Body To Settle UK Brexit Bill, Think Tank Urges

    Britain and the European Union should use international arbitration to settle their dispute over the size of the U.K.’s European divorce settlement to help avoid a looming clash that risks derailing Brexit talks, an economic think tank based in Brussels said on Thursday.

  • May 11, 2017

    UK Authority Fines PwC £5M For Misconduct Over Audits

    PricewaterhouseCoopers LLP was hit with a £5 million ($6.46 million) fine by the U.K.’s accounting watchdog on Thursday for misconduct over its 2009 audit of social housing group Connaught PLC, which has since collapsed.

  • May 10, 2017

    SEC Keeps Up Aggressive Wrap Fee Enforcement, For Now

    The U.S. Securities and Exchange Commission stepped up the pace of its pursuit of programs charging a supposedly all-inclusive wrap fee on Wednesday, fining Barclays Capital Inc. $97 million over charging fees for services that weren't delivered, but experts said it's too early to tell if the agency will keep up the hunt under new SEC Chairman Jay Clayton.

  • May 10, 2017

    Barclays To Pay SEC $97M For Investment Client Overcharges

    A unit of Barclays PLC will pay $97 million to settle claims by the U.S. Securities and Exchange Commission that it overcharged thousands of investors over a six-year period for services it never actually provided, the regulator announced Wednesday.

  • May 10, 2017

    Basel IV Pushes Past Bank 'Inflection Point,' ISDA Chief Says

    New capital requirements for banks threaten to push past an "inflection point' forcing banks to retrench from lending operations to remain compliant, a step that could drag on economic growth, the head of the global standard-setting body for the derivatives market said Wednesday.

  • May 10, 2017

    Shadow Banking Continues To Grow, Global Watchdog Says

    The global shadow banking market has grown by trillions of dollars, according to a Financial Stability Board report published on Wednesday analyzing the sector that regulators continue to warn needs greater scrutiny and supervision.