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Financial Services UK

  • October 10, 2018

    London Forex Firm Beats $370M Trading Fraud Claim

    A London court has tossed a $370 million fraud suit accusing foreign-exchange firm Ikon Finance of participating in a fictitious currency-trading scheme, ruling the case was an "unmeritorious" attempt by two investment funds to escape their own responsibility for misleading clients.

  • October 9, 2018

    HSBC Finalizes $765M Mortgage-Backed Securities Deal

    HSBC Holdings PLC finalized a $765 million settlement Tuesday, resolving the U.S. Department of Justice's allegations that it hid risks associated with residential mortgage-backed securities sold in the years preceding the 2008 financial crisis.

  • October 9, 2018

    City Can't Fight Money Laundering Alone, MPs Told

    The financial services industry needs more support from other regulated sectors, including audit firms and the legal profession, to fight economic crime, a parliamentary committee was told Tuesday.  

  • October 9, 2018

    Grant Thornton Atty Rips 'On The Hoof' Conspiracy Claims

    Accountancy firm Grant Thornton on Tuesday ripped into "on the hoof" claims that it had spoon-fed a botched investigation by Britain's Serious Fraud Office to Iranian property tycoon Robert Tchenguiz and his brother, during the second day of a court battle in which Tchenguiz is claiming hundreds of millions of pounds in damages.

  • October 9, 2018

    RBS Would Have Ignored Euribor Rig Claims, Investor Says

    Royal Bank of Scotland would have treated allegations it knew it was rigging Euribor when it sold investment vehicle Marme Inversiones a swap tied to the European interest rate benchmark with "disdain," property tycoon Glenn Maud said at a High Court of Justice trial Tuesday.

  • October 9, 2018

    UK Antitrust Watchdog To Probe Auditing Industry

    The U.K.'s antitrust authority launched another investigation into the country's auditing sector on Tuesday, putting more pressure on the Big Four accounting firms amid concerns that audits for some major British companies have fallen short.

  • October 9, 2018

    Banker Can't Thaw $11M Asset Freeze In Libyan Fraud Case

    An $11.25 million freeze on the assets of a banker involved in a scam to funnel money away from an asset manager will remain in force, a London judge ruled on Tuesday, finding that the individual’s dishonest conduct made it likely he would try to hide his wealth if the injunction was lifted.

  • October 9, 2018

    Gov't Says Watchdogs Can Waive Rules To Ease Brexit Pain

    Banking regulators in Britain will have the power to waive or modify the requirements facing financial services companies for a limited time to ensure that European businesses can continue to serve the U.K. if it crashes out of the bloc without a deal, the government has said.

  • October 9, 2018

    BOE Warns Of 'Pressing' Need For EU Action On Brexit Risk

    The Bank of England called on the European Union on Tuesday to do more to protect cross-border financial services from the risks of a so-called hard Brexit, warning that negotiators have made only “limited progress.”

  • October 8, 2018

    Tycoon Treated Like 'A Leper' After SFO Probe, Court Told

    Grant Thornton, one of Britain’s biggest accountancy firms, went on trial in London on Monday over claims it conspired with a failed Icelandic bank to encourage an investigation by the Serious Fraud Office into property tycoon Robert Tchenguiz and his brother over their dealings with the collapsed lender.

  • October 8, 2018

    EU Regulator Asks Lawmakers For More AML Powers

    Europe’s top banking regulator called on Monday for an urgent increase in funding and clarification of its own powers to help fight money laundering and terrorist financing, amid mounting demand for tougher controls.

  • October 8, 2018

    FRC Launches Shake-Up As Accountancy Reels From Scandals

    The U.K.’s Financial Reporting Council launched a program on Monday designed to improve auditing standards in the wake of a series of high-profile accountancy scandals, and revealed it will consider whether to ban auditors from doing lucrative consulting work for the bodies whose books they inspect.

  • October 8, 2018

    MP Calls For Economic Crime Fighters To Get More Cash

    A U.K. lawmaker called on the government on Monday to funnel more funds into agencies fighting economic crime so they can investigate financial fraud and other misconduct "to the fullest extent of the law."

  • October 8, 2018

    FCA Floats New Rules To Protect Investors In Illiquid Assets

    The Financial Conduct Authority set out new rules on Monday that it said would help funds that hold illiquid assets, such as property and unlisted securities, to manage their risks and reduce possible harm to investors.

  • October 8, 2018

    Ex-Tesco Execs Sanctioned Fraud On Investors, Jury Told

    Two former Tesco executives appeared at a London criminal court on Monday to face a retrial over allegations that they cooked the books at the U.K. retailer in an accounting scandal that wiped almost £2 billion ($2.6 billion) off the company’s stock market value.

  • October 8, 2018

    FCA Failing To Enforce MiFID II, Investment Firm Claims

    The Financial Conduct Authority is failing to enforce transparency rules under Europe’s securities trading regulation in “flagrant breach” of its statutory objective, a high-profile wealth management company claimed on Monday.

  • October 8, 2018

    UK Wants New EU Securities Regime To Continue After Brexit

    The government has set out measures that it said will help U.K. financial markets remain “fair, stable and transparent,” which include giving extended powers to British regulators, as it seeks to ensure the continuity of EU rules on transparency rules in the event of a “no-deal” Brexit.

  • October 8, 2018

    Irish Central Bank Fines Citibank Europe For Loan Breaches

    The Central Bank of Ireland revealed on Monday that it has fined Citibank Europe PLC €1.3 million ($1.5 million) after the lender admitted it had failed to comply with the authority's code for reporting credit card loans to senior managers.

  • October 8, 2018

    Libyan Funds Top UK Asset Freeze League Table

    The U.K. froze £12.8 billion ($16.8 billion) of foreign-held assets in the year ending in March, with Libyan funds frozen in Britain accounting for almost the entire amount, figures from the Office for Financial Sanctions Implementation reveal.

  • October 5, 2018

    Gov't Role In Paul Weiss Probe Puts Deutsche Trial At Risk

    A New York federal judge signaled Friday that the Libor-rigging trial against former Deutsche Bank traders Matthew Connolly and Gavin Black may be in trouble, in light of "highly persuasive" evidence concerning the government's role in an internal investigation of the bank by Paul Weiss Rifkind Wharton & Garrison LLP.

Expert Analysis

  • Breaking Down The UK's Revised Corporate Governance Code

    Joseph Ferraro

    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • When To Use Options Analysis In Damages Assessments

    Ronnie Barnes

    In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.

  • Opinion

    UK 'Unexplained Wealth Orders' Will Discourage Investors

    Simon Bushell

    The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.

  • 2nd Circ. Restricts The FCPA's Reach

    Brad Karp

    The Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Brexit: Bracing For A No-Deal Scenario

    Ross Denton

    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Considering Contract Termination Under English Common Law

    John Laird

    The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.

  • UK Corporations Face Growing Risk Of Class Actions

    Gregg Rowan

    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.

  • Tax Enforcers Unite Against International Tax Crime

    Kyle Womboldt

    In light of the launch of the Joint Chiefs of Global Tax Enforcement alliance against transnational tax crime and money laundering, it is more important than ever for corporations and professional services firms to carefully manage their exposure to higher risk clients and business activity, say Kyle Wombolt and Jeremy Birch of Herbert Smith Freehills LLP.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.