Financial Services UK

  • December 11, 2017

    UK Regulator Sets Bar For Bank Recovery Plan Requirements

    The Prudential Regulation Authority on Monday detailed the standards that it expects U.K. banks, building societies and investment firms to meet as they draw up their recovery plans for overcoming scenarios of financial hardship, as required under both European Union and U.K. law.

  • December 11, 2017

    Six Found Guilty Of Plotting £2.7M Boiler Room Scam

    Six people are facing jail for their part in a series of boiler room scams in which investors were fleeced of £2.7 million ($3.6 million), after three defendants were found guilty at a court in London on Monday.

  • December 11, 2017

    Former HSBC Global Head Joins Deloitte In Partner Role

    Accounting giant Deloitte LLP has strengthened its U.K. banking and capital markets team with the addition of a partner who has spent six years at HSBC Holdings PLC, where he led a team specializing in accounting standards for financial instruments.

  • December 11, 2017

    FCA Vows To Help Firms With Clearer Authorization Process

    The Financial Conduct Authority said Monday it will improve the way in which it authorizes individuals and companies to work in the financial sector, making the process clearer and giving firms more support to help them meet minimum standards.

  • December 11, 2017

    UK Gov't To Create New National Economic Crime Center

    The U.K. government unveiled a string of operational and legislative measures to tackle high-level fraud and money laundering on Monday, including the launch of a new unit within the National Crime Agency that will oversee cross-agency efforts.

  • December 8, 2017

    Regulator Finalizes Radical Change to UK Payments System

    A U.K. regulator has unveiled the biggest changes since the 1960s to Britain's payments systems, the infrastructure which moves money between bank accounts, in a final blueprint published on Friday.

  • December 8, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a group of shipping companies sue Oman Insurance Co. PSC, RBC Trustees lodge a claim against UBS Employee Benefits Trust, and offshore law firm Appleby bring a confidential information suit against BBC and the Guardian. Here, Law360 looks at those and other new claims in the U.K.

  • December 8, 2017

    US Says It Needn't Show Deutsche Traders Duped Libor Body

    Prosecutors seeking to convict two former Deutsche Bank traders on Libor rigging charges told a New York federal court Thursday that the case doesn't rely on proving the pair meant to deceive the U.K. banking organization that actually set the global lending benchmark.

  • December 8, 2017

    FCA Says Investment Advice Policies To Change In 2018

    A set of policy changes to improve the advice sector for retail investments, including a new definition and more guidance from a dedicated regulatory unit, will be rolled out in January of next year, the Financial Conduct Authority said Friday.

  • December 8, 2017

    Lloyd's of London Demands Clarity On Brexit Trade Deal

    Lloyd’s of London called for "urgent" certainty about post-Brexit business relations on Friday as Britain and the European Union moved towards a critical new phase of trade negotiations.

  • December 8, 2017

    BNP 'Dropped The Ball' In $650M Sukuk Finance Deal

    French bank BNP Paribas “dropped the ball” and breached its duty to a group of New York hedge funds when it negligently arranged a $650 million Islamic finance transaction that was invalid and unenforceable under Saudi Arabian law, a U.K. High Court judge ruled Thursday.

  • December 8, 2017

    EU Council Makes Progress On Harmonized Freezing Orders

    The European Union on Friday took a step closer to creating a single law for enforcers to seize funds connected to crime across the bloc no matter the member state.

  • December 8, 2017

    PRA Updates Fee Rules For Insurers, Investment Firms

    Britain’s Prudential Regulation Authority on Friday finalized changes to the the way it sets regulatory fees and levies for British investment firms and insurers under rules that comes into force later this month, and which are intended to more accurately reflect the risk that firms present.

  • December 8, 2017

    UK Firms Not Ready For MiFID II Compliance, Report Warns

    Nearly half of U.K. financial institutions say they are unaware of their compliance obligations, with less than 30 days to go before a massive new rulebook for trading laws affecting firms across the globe becomes law,  a report released late Thursday reveals.

  • December 8, 2017

    EU, UK Open Door To Trade Talks With Brexit Breakthrough

    British Prime Minister Theresa May and European Commission President Jean-Claude Juncker sealed a predawn deal in Brussels that opens the door for a second phase of talks on a post-Brexit trade agreement between the U.K. and European Union, the commission said Friday.

  • December 7, 2017

    7 Questions For Ropes & Gray’s Jane Rogers

    Jane Rogers, co-head of the global finance practice at Ropes & Gray, talks to Law360 about the growth of the firm's London team since it launched in 2010, and how they have been responding to market changes such as the convergence of deal terms across the U.S. and Europe, amid persistent regulatory drivers.

  • December 7, 2017

    EU OKs Regs For Creditor Ranking, Accounting Rule Phase-In

    The European Council rubber-stamped two new sets of banking rules on Thursday, allowing for the ranking of unsecured debt instruments during insolvency proceedings and a transition period for banks struggling to adapt to new accounting standards.

  • December 7, 2017

    Report Warns Of MiFID II Revenue Drop For Investment Banks

    The impending overhaul of European Union securities laws will cause revenues at corporate and investment banks to fall by 2.6 percent a year, a report by a consultancy firm has revealed.

  • December 7, 2017

    EU Targets Money Laundering At Foreign Subsidiaries

    The European Union's top financial regulators said Wednesday they are drafting new laws that will require firms to manage terrorist financing and money laundering risks at group-level, aiming to close loopholes open to subsidiaries in third countries.

  • December 7, 2017

    Global Regulators Finally Sign Off On Basel IV Banking Rules

    Global banking regulators announced Thursday that the final set of capital reforms for the sector, which were drawn up after the 2008 financial crisis, have been agreed upon.

Expert Analysis

  • What To Expect From The New Senior Managers Regime

    Arun Srivastava

    This autumn, the U.K.'s Financial Conduct Authority is consulting on extending the Senior Managers and Certification Regime from dual to solo-regulated firms in 2018. The most significant rule changes involve an increased focus on holding senior managers accountable, say attorneys with Baker McKenzie LLP.

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • UK Acknowledges Partial EU High Court Jurisdiction

    Mathew Rea

    A recent U.K. white paper indicates a sensible retreat from the government's previous redline of taking back control from the Court of Justice of the European Union. The government has recognized that in order to ensure legal certainty and equal treatment for businesses and individuals, the CJEU must continue to play a considerable, if indirect, role in the U.K., says Mathew Rea of Bryan Cave LLP.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • UK Prime Minister's Speech Fails To Provide Clarity

    David Mundy

    U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.

  • A Close Look At Deferred Prosecution Agreements: US Vs. UK

    Amaee, Robert Cropped HiRes.jpg

    Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.

  • The UK Criminal Finances Act From A D&O Perspective

    Carey Lynn

    Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.

  • Technology Assisted Review Can Work For Small Cases


    For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.

  • New Sedona Principles Stress Information Governance

    Saffa Sleet

    The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.