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Financial Services UK

  • July 12, 2018

    London Jury Convicts Ex-Barclays Trader Of Rigging Euribor

    A former Barclays trader has been found guilty of plotting to manipulate a key European interest rate benchmark at a London crown court, it was revealed on Thursday, as the jury was discharged after failing to reach a verdict on three other defendants.

  • July 12, 2018

    FCA Chief Tells Banks To Speed Up Move Away From Libor

    U.K. banks must speed up preparations to move away from Libor, the head of the Financial Conduct Authority said Thursday, as he warned firms to approach the scrapping of the key interest rate benchmark as something that will happen — and not a "black swan."

  • July 12, 2018

    Global Audit Giants Resist MPs' Plans For Breakup

    Three of the world’s biggest auditors have resisted U.K. lawmakers’ plans to break up the “Big Four,” warning that the move could threaten the quality of audits and saying they need large international teams to carry out their work effectively.

  • July 12, 2018

    ESMA Urges UK Firms To Prepare For 'No-Deal' Brexit

    Financial services firms wanting to relocate outside the U.K. were urged by Europe’s top securities regulator on Thursday to submit their applications to national regulators in case Britain leaves the European Union without agreeing a withdrawal deal or transition period.

  • July 11, 2018

    Global 20: Herbert Smith Freehills

    Herbert Smith Freehills used its global reach to help clients connected to the investigation into Russia’s interference in the 2016 presidential election and to defend RBS in a high-profile action brought by thousands of investors over its £12 billion rights issue, landing the firm on Law360’s Global 20 list.

  • July 11, 2018

    BOE Urges Gov't To Honor Bank Regulatory Continuity Pledge

    The government should not delay in introducing a temporary waiver for European banks that want to continue operating in the U.K. after Brexit, a senior official at the Bank of England warned on Wednesday.

  • July 11, 2018

    RBS Hit With Suit Over £1.4M From F1 Racing Team Name Sale

    Relatives of the deceased former owner of the Lotus Formula One racing team brand have launched legal proceedings against RBS and the insolvent holding company for the failed Caterham F1 team, seeking to force the bank to turn over £1.4 million from the sale of the Lotus name.

  • July 11, 2018

    Standards Setter Pushes Internal Controls On Algo Trading

    Financial firms using automated algorithms to complete trades must put in place governance frameworks to determine who is responsible for overseeing these operations, a U.K.-based financial services body said on Wednesday.

  • July 11, 2018

    More Banks, Insurers Sign Up To UK Gov’t Diversity Charter

    The U.K. government said Wednesday that another 67 financial services firms, including the British branch of JPMorgan Chase & Co. and insurers Bupa and Admiral Group, have signed up to its initiative to boost the number of women in leadership roles — bringing the total to 272.

  • July 11, 2018

    ECJ Widens National Courts’ Reach In Insurance Contract Suit

    The European Court of Justice ruled on Wednesday that Zurich Insurance can sue for damages in Finland after a piece of industrial machinery it had insured vanished in the U.K., widening the jurisdiction of domestic courts in contract law disputes.

  • July 11, 2018

    Pair Deny FCA Rules Breach In Music Biz Share Sale

    The owners of a company that attempted to revive the brand behind one of Britain’s biggest music store chains is fighting allegations by the City watchdog that they and two finance marketing companies breached rules by offering financial services in the U.K. without authorization.

  • July 11, 2018

    FCA Signals New Regulation For Firms Using Big Data, AI

    Financial services firms and insurers must make it clear to customers how they are using their personal data, the new chairman of the Financial Conduct Authority warned on Wednesday, as he raised the possibility that new regulation could be needed to police the use of "big data" and artificial intelligence.

  • July 10, 2018

    Ex-Deutsche Traders Get '11th Hour' OK For UK Testimony

    A New York federal judge on Tuesday granted a bid by two former Deutsche Bank traders accused of rigging the London Interbank Offered Rate who sought to depose a former British Bankers’ Association official, calling it an “11th hour and 59th minute” request and warning she wouldn’t budge on their September trial date.

  • July 10, 2018

    Controversial Pension Tax Helps HMRC At Savers’ Expense

    A decision by the U.K. revenue agency to retain the hefty tax that over-55s pay when accessing their pensions has angered retirement experts who say the system unfairly leads to £100 million ($132 million) in overpayments by savers each year.

  • July 10, 2018

    Global 20: Norton Rose Fulbright

    Norton Rose Fulbright continues to handle cross-border matters in several industry sectors, from guiding Tesco in its $220 million energy combination with Nabors to successfully defending a banking executive in the JPMorgan “London Whale” case, winning the firm a place for the sixth consecutive year on Law360’s Global 20 list.

  • July 10, 2018

    Coal Investor Fights Raiffeisen's Suit Over $120M Loan Deal

    An investor being sued by Raiffeisen Bank over its refusal to pay for a $120 million loan portfolio as part of a deal to acquire the Austrian lender’s shares in an Asian coal miner has said the bank made false representations over the status of collateral tied to the loans.

  • July 10, 2018

    EU Parliament Refuses To Separate Tax, AML Deficient Lists

    The European Parliament said on Tuesday that it will not separate the European Union’s list of non-cooperative tax jurisdictions and anti-money laundering deficient countries, as was proposed by the European Commission.

  • July 10, 2018

    Co-op Bank Sued For £6.5M Over Hotel Development Stake

    A U.K. asset management firm is suing Co-operative Bank PLC for £6.5 million ($8.6 million) after it allegedly broke an agreement to sell the firm its stake in a failed hotel development in northern England, claiming the lender wrongly rejected its offer and sold the property for more money to another bidder.

  • July 10, 2018

    Swiss Target 2 Banks, 6 Individuals In 1MDB Fraud Case

    Swiss prosecutors said Tuesday they are investigating two banks and six individuals in connection with a multibillion-dollar fraud case in which senior officials allegedly siphoned off funds for "personal enrichment" from the Malaysian sovereign wealth fund at the center of corruption probes worldwide.

  • July 10, 2018

    MEPs OK Tighter EU Rules On Cross-Border Asset-Freezing

    European Union rules that will make it easier for member states to freeze financial assets linked to crime and terrorism across the bloc have passed a key legislative stage, allowing the proposals to be sent back to Parliament for final signing-off.

Expert Analysis

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • 4 Questions About Whistleblowing In The UK And Beyond

    Chris Warren-Smith - high res.jpeg

    Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.

  • Obtaining DPAs In The UK Will Not Be Easy

    Azizur Rahman

    In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.

  • Cryptocurrency Brings Rising International Risks

    Ryan Rohlfsen

    As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.

  • Raising Issues In UK Preliminary Hearings Can Be Risky

    Galina Usorova

    The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.

  • 3rd-Party Litigation Finance In UK: To Brexit And Beyond

    Daniel Spendlove

    Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.

  • Can D&O Policies Enhance Presumption Of Innocence In UK?

    Francis Kean

    The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.

  • Reining In Abusive Alien Tort Statute Cases

    Perlette Jura

    The most obvious takeaway from the U.S. Supreme Court's decision in Jesner v. Arab Bank is that non-U.S. corporations no longer need to fear Alien Tort Statute liability. But tucked within the decision’s holding and its various concurring opinions are other key points, say attorneys with Gibson Dunn & Crutcher LLP.

  • How To Deal With UK Cryptocurrency Tax Puzzle

    Will Egan

    A recurring theme in taxation is the uncertainty that can arise when rapidly developing technology is subjected to current legal frameworks, which inevitably lag behind the curve. In this article, Will Egan and Graham Samuel-Gibbon of Taylor Wessing LLP review the United Kingdom's taxation of cryptocurrencies.

  • Litigation Funding Is On The Rise In Europe

    Klaus Oblin

    The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.