We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Financial Services UK

  • October 2, 2018

    EU Steps Up Controls On Cash Moving Through Bloc

    The Council of the European Union adopted a new regulation Tuesday aimed at improving controls on cash entering and leaving the bloc, in Europe’s latest attempt to crack down on money laundering and terrorist financing.

  • October 1, 2018

    CFTC Chief Aims To Alter Agency’s Cross-Border Swap Role

    The head of the Commodity Futures Trading Commission on Monday unveiled a plan to overhaul the agency's role in reviewing cross-border swaps, proposing a new system that would hand more control over to "competent" regulators outside the U.S. with comparable regulatory frameworks.

  • October 1, 2018

    SRB Weighs Best Approach To Deal With Bad Loan Pileups

    New policies designed to tackle the buildup of nonperforming loans on European banks' balance sheets should be tied to clear and straightforward intermediate objectives, an advisory body to the European Union’s systemic risk watchdog said Monday.

  • October 1, 2018

    Financial Firms Hasten Exodus As Brexit Looms, EY Finds

    Financial services firms are speeding up job relocations from the U.K. to other European locales as Brexit approaches with no sign of Britain reaching an agreement, according to data released by EY on Monday.

  • October 1, 2018

    Double Disclosure Rules May Lose Investors, Watchdogs Warn

    Overlapping demands contained in the Europe Union’s controversial disclosure rules for investment products could discourage investors from using reports meant to distill the risks and benefits of offerings within the bloc’s $11 trillion fund market, regulators said Monday.

  • October 1, 2018

    UBS, RBS Duck Claims Of Conspiracy Against Swaps Platform

    UBS Group AG and The Royal Bank of Scotland Group PLC successfully avoided a class action that accused them and 10 other banks of boycotting a firm’s interest rate swaps platform, when a New York federal judge on Friday dismissed them from the suit on jurisdictional grounds.

  • October 1, 2018

    Market Interventions Must Be Tested For Consequences: FCA

    A senior Financial Conduct Authority executive urged policymakers and regulators on Monday to rigorously test market interventions before they implement them, warning that even the most well-intentioned actions can fail if they are not subjected to a tough trial process.

  • October 1, 2018

    Expect MiFID Changes After Brexit, French Regulator Says

    A senior French market regulator said Monday that major changes will need to be made to European transparency rules after the U.K. leaves the European Union in March 2019.

  • October 1, 2018

    Trader Accuses Insurer Of FCA Breaches Over Sugar 'Losses'

    A commodities trader suing Royal & Sun Alliance Insurance PLC for up to $19.1 million has accused the U.K. insurer of breaching Financial Conduct Authority rules by failing to clarify the terms of a partial payment made toward alleged losses on two shipments of sugar.

  • October 1, 2018

    FCA Chief Backs Calls For New Financial Services Tribunal

    The head of Britain’s Financial Conduct Authority has said he will support the launch of a new independent financial services tribunal that could give businesses their “day in court” when they are in dispute with their banks.

  • October 1, 2018

    Tesco Bank Hit With Landmark £16M Fine For Cyberattack

    Tesco Bank has been fined £16.4 million ($21.4 million) for failing to protect its customers against a “foreseeable” cyberattack in 2016, the Financial Conduct Authority said Monday.

  • September 28, 2018

    Foul With Routine Witness Trips Up Deutsche Libor Trial

    The government’s Libor-rigging case against two former Deutsche Bank traders has suffered setbacks in recent days, after a routine witness put on to authenticate documents admitted signing an untrue declaration, which led to harsh words from a federal judge to prosecutors and the exclusion of a swath of trading data from coming into the case.

  • September 28, 2018

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

    The last week has seen a Toys R Us property unit sued by the firms behind its £263 million bridge loan, XL Catlin lodge a claim against a commercial motor insurance specialist and an action on behalf of Lloyd's underwriters against QBE Insurance.

  • September 28, 2018

    Industry Weighs New Code To Prevent Push Payment Scams

    An industry group set up by the Payment Systems Regulator asked for views Friday on a draft voluntary code that when finalized would require signatory banks to introduce tougher procedures on customer authentication and reimburse customers that are tricked into sending money to fraudsters.

  • September 28, 2018

    Fried Frank Hires Capital Markets Partner From Freshfields

    Fried Frank Harris Shriver & Jacobson LLP has added a former Freshfields Bruckhaus Deringer LLP attorney to its London office to head up its Europe, Middle East and Africa transactions team.

  • September 28, 2018

    AmEx Privacy Chief Talks Protecting Data In Age Of GDPR

    Louise Thorpe oversees the worldwide privacy program at credit card giant American Express. Here, she talks to Law360 about how the company can keep the trust of its more than 100 million cardholders across the globe, and how companies should treat customers in the era of GDPR.

  • September 28, 2018

    Fund Manager Wants $11M In Banker's Assets Kept Frozen

    FM Capital Partners Ltd. on Friday attempted to block a bid to scrap an $11.25 million freeze on the assets of a banker who helped the U.K. asset manager’s former chief executive funnel money away from the firm.

  • September 28, 2018

    EU Money Market Funds Get New Rules For Stress-Testing

    Europe’s top securities regulator floated new proposals on Friday for conducting stress tests on money market funds, which are being asked to establish common parameters for gauging the impact of difficult market conditions.

  • September 28, 2018

    KPMG Prevails In Appeal Over Barclays Compensation Plan

    An English appeals court concluded Friday that KPMG LLP can't face judicial review over its role in denying a Barclays Bank PLC client compensation over the misselling of interest rate hedging products because the auditor was not acting in a public function.

  • September 28, 2018

    UK To Probe Bank Penalty 'Scam' Against Loyal Customers

    The Competition and Markets Authority said Friday that it is to investigate a “super complaint” alleging that financial services firms are overcharging long-standing customers as it expands regulatory scrutiny of whether banks and insurers are penalizing consumers who do not switch accounts.

Expert Analysis

  • 5MLD Is A Step Forward In EU's Fight Against Financial Crime

    Keily Blair

    The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.

  • Unique Considerations In Cryptocurrency Estate Planning

    Michael Kearney

    Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.

  • How Fair Is Fair Market Value In The UK?

    Abdulali Jiwaji

    The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • FCA Enforcement Strategy May Influence Litigation Privilege

    Abdulali Jiwaji

    The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.

  • GDPR Is Here — What If You Didn't Prepare?

    Joseph Facciponti

    Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.

  • Opinion

    OFAC Digital Currency Plan Will Hurt Business, Not Terrorists

    Clif Burns

    The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.

  • GDPR — Coming Soon To A Merger Near You

    Emma Flett

    Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.

  • Innovation Theories Of Harm Are Crucial In Merger Control

    Can Celiktemur

    While the broad theoretical considerations that are relevant to an economic assessment of whether a merger is likely to reduce innovation are undisputed, the European Commission's interpretation of the relevant economic literature in recent mergers is contentious, say economists at Cornerstone Research.

  • UK Public Beneficial Owner Register Will Be 1st Of Its Kind

    Simon Airey

    Earlier this year, U.K. Business Secretary Greg Clark announced that a public register containing details about owners of overseas companies that buy or own property in the U.K. will be made available by early 2021. While the true impact of the new register is difficult to predict, it is clear that the days of anonymous property ownership are over, say Simon Airey and Joshua Domb of Paul Hastings LLP.