Financial Services UK

  • November 30, 2017

    Barclays Names Board For Ring-Fenced Bank For New Law

    Barclays PLC announced appointments to the board of its new ring-fenced bank on Thursday, as it gears up to comply with legislation that forces banks to separate their retail operations from riskier investment business by the beginning of 2019.

  • November 30, 2017

    Lloyds Settles With Whistleblowers In HBOS Fraud Scandal

    Lloyds Banking Group PLC on Thursday said it has reached a settlement with a couple who helped uncover one of Britain’s biggest banking frauds after their business was destroyed by a loan scam carried out by former employees at the Reading branch of the lender’s HBOS unit.

  • November 30, 2017

    ESMA Plans Tougher Scrutiny Of Foreign Firms Trading In EU

    Europe’s securities watchdog wants tighter control of firms from outside the European Union operating in the bloc, including from the post-Brexit U.K, and will push lawmakers for more powers to oversee cross-border trading activities, a senior regulator said Thursday.

  • November 30, 2017

    FCA Targets Introducers Over 'Misleading' Pensions Advice

    Britain’s financial services watchdog said Thursday it has started civil proceedings against two unregulated "pensions introducer" firms, alleging that they gave out unauthorized advice and made misleading statements about retirement investments.

  • November 30, 2017

    Banks Must Top Bitcoin Payment System To Beat It, ECB Says

    Banks must create better, faster and safer transactions systems if they are to fend off the challenge of digital currency competitors, a senior European Central Bank executive said Thursday.

  • November 29, 2017

    UK Top Court Overturns 'But For' Damages Ruling In Loan Suit

    The U.K. Supreme Court on Wednesday overturned a decision allowing a now-bankrupt short-term business finance lender to recover the full £3.1 million ($4.2 million) it provided for a property development, finding the lower appeals court erred in assessing the damages.

  • November 29, 2017

    EU Exec Rains On UK's Hopes For Smooth Post-Brexit Trade

    The European Union’s chief Brexit negotiator said Wednesday that the United Kingdom’s proposals for a deal that includes existing benefits on trade would not be possible, adding further uncertainty for U.K. banks and businesses waiting for clarity on their future regulatory relationship with the bloc.

  • November 29, 2017

    Insurers Lose Bid For Slice Of Harlequin Damages Win

    A group of insurers have failed in their bid to claim priority over a slice of a £7.9 million ($10.6 million) fund held by the High Court which they claim they are owed in premiums from insurance policies that were used to fund collapsed property investment firm Harlequin Property (SVG) Ltd.’s successful lawsuit against its advisers Wilkins Kennedy.

  • November 29, 2017

    ESMA Releases Final MiFID I Grades As New Rules Near

    Europe’s securities watchdog on Wednesday published its final review into how regulators across the bloc have handled the sector’s overarching derivative trading rulebook, just five weeks before it is replaced with a sprawling new set of guidelines.

  • November 29, 2017

    BOE's Carney Lines Up Behind FCA Conduct Code Goals

    The governor of the Bank of England gave his backing on Wednesday to plans by the Financial Conduct Authority to formally recognize industry codes of conduct.

  • November 29, 2017

    ECB Seeks Finance Experts To Choose New EU Interest Rate

    A group of financial experts set up to choose a risk-free overnight interest rate to replace benchmarks that have been rocked by scandal should start work by the beginning of next year, European authorities announced Wednesday.

  • November 29, 2017

    Gov't Must Seek Swift Brexit Deal For City, FCA Chief Warns

    Britain’s top City regulator told senior politicians on Wednesday that the U.K. must agree a Brexit transition period with the European Union “pretty damn quick” or risk chaos in financial and insurance markets.

  • November 29, 2017

    FCA Targets Asset Manager Quartet In 1st Competition Case

    ​Britain’s Financial Conduct Authority on Wednesday brought its first case using its antitrust enforcement powers, accusing four asset management firms of breaking competition law by disclosing inside information ahead of share-dealing.

  • November 29, 2017

    15 EU Central Banks Sign Up To Global FX Conduct Code

    The European Central Bank said Wednesday that 15 central banks in the EU, from countries including Germany, Ireland and Belgium, have signed up to a new global code of conduct designed to prevent misconduct in foreign currency markets.

  • November 28, 2017

    SEC Chair Says He Is Bracing For MiFID II Impact

    U.S. Securities and Exchange Commission Chairman Jay Clayton on Tuesday said dealing with the looming overhaul of European securities regulations — the new Markets in Financial Instruments Directive — has come to dominate his work lately, and that managing the stateside impact of the changes could prove more important than other items on his regulatory agenda for next year.

  • November 28, 2017

    EU Antitrust Chief Cites UK Tax Probe As Priority

    The European Union's antitrust chief vowed Tuesday to continue pursuing a state aid investigation into a British tax scheme that shields financing companies from tax avoidance rules and also called for an overhaul of legislation and culture to address broader tax problems.

  • November 28, 2017

    UK Judge Hangs Credit Suisse's 'Financial Suicide' Defense

    Credit Suisse U.K. Ltd. must pay millions of dollars in damages to a wealthy Kuwaiti family after a High Court judge dismissed the bank’s arguments that the family had committed “financial suicide” when its members effectively chose to liquidate around $26 million of structured investments made with the Swiss lender’s U.K. arm.

  • November 28, 2017

    Sheikh Dodges Costs Order In Failed £550M Lawsuit, For Now

    Arab businessman Sheikh Mohamed Bin Issa Al Jaber on Tuesday succeeded in temporarily ducking a court order that could potentially leave him on the hook for paying a liquidated Irish bank’s costs from defending a legal claim brought against it by one of his firms that was eventually struck.

  • November 28, 2017

    British Prosecutors Reveal Bitcoin Confiscation Orders

    British prosecutors have seized digital currencies as part of confiscation orders related to crime, it was revealed Tuesday, as the first details of how enforcers handle cryptocurrency assets such as bitcoin begin to emerge.

  • November 28, 2017

    EU Financial Chief Sets Ambitious Tax Evasion Timetable

    European Union lawmakers need to shoulder responsibility and accelerate the rollout of three key policies in the fight against tax evasion by the end of next year, including measures targeting financial and legal services, a top European Commission official said on Tuesday.

Expert Analysis

  • Extradition To The United States: Fight Or Flight?

    Ben Isaacs (9).jpg

    Recent extradition cases have demonstrated that individuals in the United Kingdom facing charges in the United States can either fight extradition proceedings tooth and nail, or voluntarily travel to the U.S. An approach carefully tailored to the facts of each case is required in order to best protect a requested person's interests, says Ben Isaacs of 7 Bedford Row.

  • Series

    15 Years Of SOX: A Significant Footprint In US And Abroad

    Paul Lanois

    Sarbanes-Oxley has been quite successful if one of its purposes was to screen out marginal foreign firms. In addition, the drop in the number of publicly listed companies may actually be a blessing in disguise, says Paul Lanois, senior legal counsel at Credit Suisse Group AG.

  • How To Prioritize Your Law Firm's Crisis Response Plan

    Michelle Samuels

    If the media is going to cover your law firm’s crisis, they are going to cover it with or without your firm’s input. But your involvement can help shape the story and improve your firm’s image in the public eye, says Michelle Samuels, vice president of public relations at Jaffe.

  • New Guidance From UK High Court On Recusal Applications

    Luka Krsljanin

    In his recent judgment on a recusal application in Miley v. Friends Life, Justice Mark Turner of the English High Court has given practitioners guidance on how to approach applications for judicial recusal, and has highlighted the key points to be aware of when contemplating such an application, says Luka Krsljanin of 2 Temple Gardens.

  • Without The SFO, The DOJ Would Be The Only Sheriff In Town

    Roger Burlingame

    Just as the U.K.'s Serious Fraud Office is beginning to find its feet, its fate is now in doubt — a prospect that would hobble U.K. domestic enforcement and lead to further expansion of the U.S. Department of Justice’s already-robust role in policing London markets and U.K. corporates, say Roger Burlingame and Rachel Goldstein of Kobre & Kim LLP.

  • FinCEN Goes Global In Bitcoin Enforcement

    Harry Dixon

    The U.S. indictment against bitcoin processor BTC-e unsealed Wednesday is the Financial Crimes Enforcement Network’s first action against a money service business based outside the U.S. Don’t be surprised if FinCEN and the U.S. Department of Justice continue to work with international law enforcement to pursue civil and criminal actions against foreign businesses, says Harry Dixon of Taylor English Duma LLP.

  • Having A Chief Privacy Officer Reassures Your Firm's Clients

    Rita Heimes

    When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.

  • A Look At Protection Options For Board Members In The UK

    Francis Kean

    Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.

  • 2nd Circ. Libor Ruling Won’t Slow Cross-Border Enforcement

    Jason Linder

    Many commentators predict the Second Circuit's Allen decision last week will substantially chill the government's cross-border law enforcement efforts, but the truth is that the government won't have to make major changes to its increasingly robust coordination with foreign law enforcement to avoid similar problems in the future, say Jason Linder and John Long of Irell & Manella LLP.

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.