Financial Services UK

  • February 13, 2018

    Lawmakers Accuse Big 4 Of 'Feasting On Carillion's Carcass'

    KPMG will be grilled by lawmakers later this month after it was revealed the auditor and the other Big Four accounting firms have billed Carillion PLC, its pension plans and the government £71 million ($98.6 million) since 2008, a parliamentary committee said Tuesday.

  • February 13, 2018

    IOSCO Proposes Safeguards In Leveraged Products Market

    A global securities standards setter on Tuesday proposed a series of new guidelines protecting retail investors against heavy losses from leveraged investment products such as spread-bets and binary options.

  • February 13, 2018

    Debt Managers Banned After Customers Lost Up To £2M

    Two debt managers have been disqualified from holding the position of director for a combined eleven-and-a-half years because their actions caused distress to customers who were already in financial difficulty, the U.K. government said on Tuesday.

  • February 13, 2018

    FCA, PRA Appoint New Head Of UK Compensation Scheme

    A former manager of the government’s bank holdings is to head the Financial Services Compensation Scheme, a statutory fund that pays customers and depositors compensation when financial institutions go bust, U.K. regulators said on Tuesday.

  • February 13, 2018

    Security Firm Boss Gets 10-Year Ban For Bank Deal Breach

    A security firm boss has been disqualified from acting as a director for 10 years after he breached an invoice financing agreement, making off with more than £100,000 ($139,000) and leaving the bank that ran the facility with irrecoverable losses, the U.K. government said Tuesday.

  • February 13, 2018

    Lawmakers Threaten FCA Over RBS Report Amid New Leaks

    The head of a key parliamentary committee warned the Financial Conduct Authority on Tuesday that it could be in contempt of Parliament if it does not deliver a full report on the Royal Bank of Scotland PLC's controversial treatment of troubled small businesses by Friday.

  • February 13, 2018

    Barclays Bank Heading To Court For Qatar Loan Charges

    Lawyers for Barclays Bank PLC will appear in court on Wednesday for the first time to hear charges brought against the firm by the Serious Fraud Office of unlawful financial assistance relating to a $3 billion loan it made to Qatar in 2008, the SFO said Tuesday.

  • February 12, 2018

    Feds, Ex-UBS Trader Spar Over Fraud, Spoofing Counts

    Federal prosecutors traded barbs Monday with a former UBS trader accused of scheming to manipulate the precious metals market, arguing he is right to say six of the seven counts against him do not belong in Connecticut federal court but wrong to say they should be thrown out for good.

  • February 12, 2018

    CCUK Pushes To Scrap Barclays Misselling Counterclaim

    CCUK Finance Ltd. — a credit card services firm suing Barclays PLC for around £1.1 billion ($1.5 billion) over the sale of allegedly ‘worthless’ debt waiver product credit card agreements similar to payment protection insurance — on Monday said that the bank’s counterclaim that it is owed £321.4 million by the firm should be struck out.

  • February 12, 2018

    Gibraltar Aims To Become First To Legislate On ICOs

    Gibraltar's financial services watchdog said Monday it was drafting legislation to regulate initial coin offerings, which would make the British overseas territory the first jurisdiction to create dedicated rules for digital tokens.

  • February 12, 2018

    ESMA Adds Nasdaq's Europe Legal Counsel To Expert Group

    The European Securities and Markets Authority announced on Monday that it has appointed four experts, including a top Nasdaq lawyer, to a body that helps the regulator carry out consultation on policy developments.

  • February 12, 2018

    Genworth Bids To Dump £28.5M Misselling Suit On Santander

    A British subsidiary of Santander should be liable for claims for payment protection insurance misselling made against two U.K. companies that French insurer Axa SA acquired from Genworth, the U.S. insurer has argued.

  • February 12, 2018

    UK Regulators Want Tighter Controls In Automated Trading

    U.K. financial regulators said on Monday that British financial firms lack suitable procedures for running and monitoring high-speed electronic trading programs that use automated algorithms, which the authorities say can increase risk.

  • February 12, 2018

    EU Watchdogs Urge Caution On Cryptocurrency Investment

    Three of Europe’s major regulatory bodies joined forces on Monday to remind consumers of the risks they are exposing themselves to by investing in highly speculative digital currencies.

  • February 12, 2018

    Barclays Hit By Fresh Charges In Qatar Capital-Raising Case

    The Serious Fraud Office charged Barclays Bank PLC with unlawful financial assistance on Monday over a $3 billion loan it made to Qatar in 2008, adding to the same charges brought in 2017 against the bank’s financial services parent company, Barclays PLC.

  • February 9, 2018

    2 Mitsubishi Banks To Settle Libor Rigging Suit For $30M

    The Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp. have struck a $30 million deal to escape two investor suits alleging they rigged Libor, according to a memo filed Friday in New York federal court.

  • February 9, 2018

    Judge OKs Late Expert Evidence In NatWest Misselling Claim

    A U.K. property firm can submit expert evidence in its lawsuit against National Westminster Bank PLC over allegations it lost around £14 million ($19.3 million) from missed property investments because of an interest rate hedging product it claims the bank missold it.

  • February 9, 2018

    Banking Union Reforms Could Boost M&A, ECB Head Says

    European regulators could make it easier for banks to merge after several years of limited activity in the region by making sure capital requirements and other rules get applied consistently and forging ahead with the region's banking union, the president of the European Central Bank has said.

  • February 9, 2018

    EU Securities Authority Sharpens Focus On ICO Risk Analysis

    Europe’s top securities regulator said on Friday it will step up its scrutiny of initial coin offerings over the coming year to make sure existing rules are up to scratch, as well as launch a new series of risk assessment reports.

  • February 9, 2018

    BOE Seeks Standard Cyberattack Reporting Process For CCPs

    The Bank of England announced plans on Friday to formalize the way that central counterparties notify it of incidents that could harm their information technology systems, such as cyberattacks and vulnerability in data security.

Expert Analysis

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Charles Guerin

    As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.

  • Regulatory Crosshairs Focus On Individual Accountability

    Francis Kean

    Criticized for lacking teeth during the financial crisis, U.K. regulators are now intent on establishing the personal accountability of individuals at all levels, not just in the boardroom, says Francis Kean of Willis Towers Watson.

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • The Potential Effect Of Data Portability Under GDPR

    José Vega

    While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.

  • Tackling The Problem Of Nonperforming Loans In Europe

    Omar Shah

    More than 1 trillion euros' worth of nonperforming loans are concentrated in the periphery of the European Union, causing banking regulators and market participants to petition the European Union for help. However, EU laws could complicate a public intervention, say Omar Shah and Leonidas Theodosiou of Morgan Lewis & Bockius LLP.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.

  • Opinion

    Representing Women At The Intersection Of Law And Finance

    Andrea Mitchell

    To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.

  • 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.