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Financial Services UK

  • July 4, 2018

    London's New Cyber, Economic Crime Court Gets Gov't OK

    The government confirmed on Wednesday it has given the go-ahead to its plan to build a new court that will hear cases of fraud, economic crime and cybercrime in the financial center of London.

  • July 4, 2018

    Banks Could Face Billions More In PPI Claims After Ruling

    The Financial Conduct Authority set out draft proposals for U.K. lenders on Wednesday on when they should reveal high commissions charged on payment protection insurance after a potentially game-changing court decision that could force banks to pay billions of pounds in additional compensation.

  • July 4, 2018

    Lloyds Faces Pivotal £508M Pension Discrimination Suit

    Lloyds Banking Group PLC is set to face trial on Thursday in a London court over claims the British lender’s pension scheme discriminates against thousands of female employees, in a landmark case that could result in pensions being topped up across the U.K.

  • July 4, 2018

    Ring-Fenced Banks Must Meet Leverage Rules, PRA Says

    The Prudential Regulation Authority has ordered "ring-fenced" banks to follow so-called leverage ratio framework rules, although the watchdog said it will amend the amount of capital these spun-off firms will need to hold to reflect other regulatory demands.

  • July 4, 2018

    LSEG Steps Up Brexit Plans With Dutch Trading License Bids

    The London Stock Exchange Group said Wednesday it has started executing its contingency plans for a "hard" Brexit by applying for several licenses in The Netherlands that will allow it to keep serving clients in the European Union.

  • July 4, 2018

    Lawmakers Point To 'Weakness' In UK Watchdog's Powers

    The inability of the audit regulator to investigate individuals who are not chartered accountants “highlights a weakness” in its powers, which was exposed during the U.K. watchdog’s probe into the controversial sale of high street chain BHS before it collapsed with a massive pensions deficit, a parliamentary committee said.

  • July 4, 2018

    UK Supreme Court Dismisses Goldman Suit Over $835M Loan

    The U.K.’s highest court dismissed an appeal by Goldman Sachs and a New Zealand fund on Wednesday over an $835 million loan to now-failed Portuguese bank Espirito Santo, finding that the liability claimed is not recognized in Portugal and that the court cannot step into legal proceedings in another EU member state.

  • July 4, 2018

    Standards Group Helps Set Irish, French Derivatives Market

    The global standards setter for trading in derivatives has provided the legal basis for Ireland and France to settle disputes in derivatives trading, creating options for traders preferring to keep transactions within a European Union jurisdiction after the U.K. leaves the bloc.

  • July 4, 2018

    MasterCard, Visa Lose UK Appeal In Swipe Fee Antitrust Suits

    Credit card companies Visa and MasterCard set fees at an unlawful level that restricted competition, a London appellate court ruled Wednesday, in a landmark judgment in favor of a group of British retailers that could revive lawsuits potentially worth billions of dollars against the card firms.

  • July 4, 2018

    FCA Plans Open Register of Financial Services Bosses

    Senior managers could soon find the history of their conduct made public for consumers and firms to scrutinize under proposals put forward by the U.K.’s financial watchdog on Wednesday.

  • July 3, 2018

    Del. Justice Holland Breaks Ground With UK Chambers Role

    Retired Delaware Supreme Court Justice Randy J. Holland, who bills himself as the answer to all trivia questions about the state's high court, has broken ground again by joining a commercial law chambers in London.

  • July 3, 2018

    CBOE Accused Of Manipulating VIX Futures In Antitrust Suit

    A Luxembourg-based investment group has launched a putative class action accusing the holding company for the Chicago Board Options Exchange of manipulating the VIX index, causing the U.S. volatility benchmark to spike and reaping more than a billion dollars in proceeds in the process. 

  • July 3, 2018

    Baker & Partners Snags London Offshore Financial Litigator

    Litigation law firm Baker & Partners on Monday announced that it has hired an English barrister with experience in international trusts, insolvency and commercial disputes to join its global offshore disputes practice in Jersey.

  • July 3, 2018

    Hold Off Pension Scheme Supervision, ESMA Tells Regulators

    The European Securities and Markets Authority told national regulators on Tuesday to “not prioritize” taking supervisory action on pension scheme arrangements once they are subject to clearing obligations in August.

  • July 3, 2018

    Keep Up With Fintech Firms, EU Watchdog Warns Banks

    Europe’s lenders could find their profits coming under increasing pressure from financial technology companies if they fail to adapt to a changing market, the bloc's banking watchdog warned on Tuesday.

  • July 3, 2018

    Financial Services Body Finalizes New Bond Issue Standard

    A private sector financial services body warned London’s banks and traders on Tuesday about potential conflicts of interest that could arise when they enter into transactions to mitigate risks during the issuance of bonds, as it finalized a new standard for the wholesale markets.

  • July 3, 2018

    SFO Fights Mining Giant's Landmark Legal Privilege Appeal

    The Serious Fraud Office and an international mining firm appeared before a London court on Tuesday in a landmark appeal with major ramifications for banks facing attempts by U.K. enforcement agencies to make them reveal privileged documents during routine investigations.

  • July 3, 2018

    Lawmakers Ask City Watchdogs For Brexit Impact Study

    The City’s watchdogs and policymakers should publish detailed assessments of the economic damage they think Brexit could wreak before a parliamentary vote is held on a withdrawal deal, a parliamentary committee demanded on Tuesday.

  • July 3, 2018

    Allied Irish Banks Gets Quick Win In €1M Loan Suit

    A director at a real estate firm who acted as a guarantor for a company loan must pay Allied Irish Banks PLC €1 million ($1.2 million) after a judge at the High Court of Ireland said it was “scarcely credible” that the contract included a term that the guarantee would never be relied upon.

  • July 3, 2018

    Watchdog Investigates KPMG Audit Of Doomed Drinks Co.

    The Financial Reporting Council announced on Tuesday that it has launched a probe into KPMG’s audit of the financial statements of a British alcohol supplier that collapsed into administration in April.

Expert Analysis

  • UK Regulators Recognize Cryptocurrency And ICO Risks

    Andrew Barber

    In the infancy of cryptocurrencies, initial coin offerings could pay scant regard to due diligence and business transparency, but investors now expect more from regulators. The United Kingdom's Financial Conduct Authority must balance consumer protection and market integrity with promotion of technological innovation, says Andrew Barber of Womble Bond Dickinson LLP.

  • Consider The Impact Of Carillion's Decline And Fall

    Lance Ashworth

    In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.

  • Why Machine Learning Should Matter To Lawyers

    Dan Puterbaugh

    Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.

  • The Volkswagen Scandal: Catalyst For Class Action Change?

    Noah Wortman

    The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.

  • A Review Of Cross-Border Investigations In 2017: Part 2

    Sunil Gadhia

    Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • A Review Of Cross-Border Investigations In 2017: Part 1

    Sunil Gadhia

    A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Portfolio Finance May Minimize Litigation Funding Risks

    Matthew Denney, Chancery Capital.jpg

    In the litigation funding world, portfolio financing offers many potential advantages, but few who talk about it truly understand the mechanisms or reasoning behind portfolio arrangements, says Matthew Denney of Chancery Capital.

  • A Look At US And EU Fintech Regulatory Frameworks

    Brian Christiansen

    The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.

  • EU Notice To Stakeholders Is Accurate, But Misleading

    Louise Freeman

    The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.