Financial Services UK

  • March 19, 2018

    Regulators Teaming Up On Global Fintech Sandbox, FCA Says

    The U.K.’s Financial Conduct Authority this week will start work with regulators around the world on a blueprint for a global "sandbox" for testing new financial technology applications, a senior figure at the watchdog said Monday.

  • March 19, 2018

    Wine Merchant Says BNP Unit Fattened Up Loss Claim

    A U.K. wine and spirits company being sued for around £700,000 ($976,000) by a BNP Paribas unit has accused the bank’s trust company of overstating the losses it allegedly suffered when it took over the lease of a warehouse used by the alcohol merchant that the company was forced to repair.

  • March 19, 2018

    No Crypto Risk To Global Financial Stability, Carney Tells G-20

    Bank of England Governor Mark Carney has said cryptocurrencies do not currently pose risks to the global financial stability, as their combined market value is less than 1 percent of global GDP, according to a letter published Sunday by the Financial Stability Board.

  • March 19, 2018

    Britain, EU Agree On Terms For Brexit Transition Period

    The European Union and the U.K. on Monday took a big step toward securing a transition deal that will extend Britain’s participation in the EU's legal and regulatory framework until the end of 2020, giving financial services and other key industries breathing space to prepare for a future trading relationship.

  • March 19, 2018

    Watchdog Declares End to 'Permissive' Financial Regulation

    The chief executive of the U.K. Financial Conduct Authority said on Monday that the culture of “anything goes” toward the public interest within the financial services must be weeded out by improving the sector’s culture.

  • March 19, 2018

    FRC Launches Investigation Of Ex-Carillion Finance Chiefs

    The U.K.'s accounting regulator said on Monday that it has launched an investigation into two former directors at Carillion PLC after the company collapsed in January with a pension deficit of at least £800 million ($1.1 billion)

  • March 16, 2018

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

    The last week has seen the Force India Formula One team sue Santander, the Fiat Group launch an action against its longtime pension scheme administrator and Squire Patton Boggs, and a Scipion fund take on a commodities warehouser. Here, Law360 looks at those and other new claims in the U.K.

  • March 16, 2018

    A Busy SFO Eyes DPAs For New Tax Evasion Probes

    A top Serious Fraud Office executive has warned financial services companies they can only use deferred prosecution agreements to avoid litigation by cooperating fully and early with investigations, signaling the watchdog was ready to use the tool to investigate companies under a new law criminalizing failure to prevent tax evasion.

  • March 16, 2018

    A Chat With Littler Info Chief Durgesh Sharma

    In this monthly series, legal recruiting experts at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Durgesh Sharma, CIO at Littler Mendelson PC.

  • March 16, 2018

    Icelandic Bank Sues Packaging Co. Over Withheld €1.6M

    An Icelandic bank that collapsed during the financial crisis has argued in a new U.K. lawsuit that its return to solvency entitles it to revive the terms of an interest rate cap deal it made with a Dutch packaging firm, requiring payment of €1.6 million ($1.9 million).

  • March 16, 2018

    EU Needs New Liquidity Tools For Bank Rescues: Study

    European financial regulators are still ill-equipped to handle acute liquidity shortages at troubled banks, despite the additions of new regulations to prevent another financial crisis, according to an analysis for the European Parliament's economics committee published on Friday.

  • March 16, 2018

    EU Commission Looks To Finalize Banking Reforms

    The European Commission announced Friday that it will explore the impact on the banking sector of tough new international rules aimed at boosting confidence in the sector by forcing banks to increase their cash holdings, in order to finalize these regulations.

  • March 16, 2018

    Payment Co. Sues Invoice Provider Over 'Mistaken' Contract

    A Danish payment services company has asked a London court to order revisions to its contract with invoice provider Tradeshift, claiming that clauses on its potential allocation of shares in the U.S. firm were “mathematically absurd” and included by mistake.

  • March 16, 2018

    More Finance Firms Commit To Boosting Female Leadership

    The government announced on Friday that 45 U.K. financial services firms have signed up for an initiative to boost the number of women in leadership roles, bringing to 205 the number of businesses that have joined.

  • March 16, 2018

    BOE Says Brexit Poses 'Material Risks' To Financial Sector

    The Bank of England told lawmakers and regulators in the U.K. and Brussels on Friday that they need to do more to prevent “material risks” from Brexit disrupting Britain’s financial sector.

  • March 15, 2018

    Big Banks Win Dismissal In Indirect Forex Manipulation Suit

    A New York federal judge on Thursday tossed an antitrust suit from small-time forex investors against more than a dozen big banks accused of rigging wholesale foreign exchange markets, ruling that the allegations are too vague.

  • March 15, 2018

    CFTC Commissioner Warns EU Clearing Reforms Defy US Deal

    Commodities and Futures Trading Commission member Brian Quintenz on Wednesday threatened retaliation against the European Commission if it proceeds with plans to revise an equivalence agreement regarding the regulation of central counterparties, saying that would damage trust between the United States and Europe.

  • March 15, 2018

    Convicted Trader Appeals To Spare Home From Confiscation

    Former UBS AG trader Tom Hayes on Thursday attempted to overturn a judgment that found the transfer of his seven-bedroom country house to his wife was a sham or tainted gift, as the imprisoned Hayes looks to limit the financial fallout from his Libor rigging conviction.

  • March 15, 2018

    Privatbank Loses Bid For More Info Over Freezing Order

    A London court has refused parts of a Ukrainian bank’s application for more information from three firms hit with a freezing order amid suspicions that they funneled $1.9 billion through the bank's accounts in an alleged fraudulent scheme, according to a judgment made public Thursday.

  • March 15, 2018

    FCA Ready To Go After Banks Abusing Customers, Exec Says

    The U.K.’s Financial Conduct Authority issued a warning to retail lenders on Thursday that the watchdog is prepared to crack down on firms that mistreat financially vulnerable customers.

Expert Analysis

  • Smart Contracts Need Smart Corporate Lawyers

    Matthew O’Toole

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.

  • Shariah Compliance Does Not Affect English Law Payments

    David Miles

    The English High Court's recent decision in the Dana Gas case has upheld the enforceability of Islamic finance products entered into by Middle East-based entities by rejecting the argument that lack of Shariah compliance can invalidate sukuk obligations, say David Miles and Christoph Schulz of Covington & Burling LLP.

  • A Big Step Toward Harmonizing Swap Trading Markets

    Stephen Humenik

    With a recent order from the U.S. Commodity Futures Trading Commission, swap trading market participants are now able to satisfy trading mandates in both the U.S. and the EU. Without this combined effort of regulators, swap dealers and traders would have faced a fragmented market this year, say Stephen Humenik and Uttara Dukkipati of Covington & Burling LLP.

  • A Guide To International Regulation Of Cryptocurrencies

    David Ramm

    As regulators become increasingly interested in cryptocurrencies and initial coin offerings, parties involved in the industry must pay close attention to the distinction between the regulatory frameworks of different jurisdictions, say attorneys with Morgan Lewis & Bockius LLP.

  • A 10-Step Guide For US Companies Pondering GDPR Compliance

    Seth Berman

    One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.

  • UK Must Adjust To EU's New Market Integrity Rules

    Rosalyn Breedy.jpg

    U.K. banks, asset managers, consultancies and law firms have embarked on a hiring spree in response to the second Markets in Financial Instruments Directive introduced this month. In the long run, the U.K. will need to focus on its strengths to retain its position as a top location for international investment, says Rosalyn Breedy of Wedlake Bell LLP.

  • Will The UK Open Its Doors To US-Type Class Actions?


    While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.

  • Why European Arrest Warrants Need Reform

    Robert Hickmott

    European arrest warrants were designed to speed up and simplify extradition within the European Union, but they are often abused and give EU member states a relatively easy way to apply serious pressure to individuals and companies which they are in dispute with, says Robert Hickmott of Quinn Emanuel Urquhart & Sullivan LLP.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.