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Financial Services UK

  • September 5, 2018

    Batch Of Akin Gump Attys Leave To Launch New Moscow Firm

    A group of now former Akin Gump Strauss Hauer & Feld LLP attorneys comprising roughly half the firm's Moscow office have decided to strike out on their own to form a new law firm based in the Russian capital in light of trans-Atlantic "geopolitical tensions," the group said Wednesday.

  • September 4, 2018

    Forex Traders Seek Details On DOJ Talks With Foreign Gov'ts

    Three London-based foreign currency exchange traders due to stand trial next month on antitrust charges for allegedly colluding to manipulate benchmark rates argued on Tuesday that prosecutors should turn over communications between the U.S. Department of Justice and foreign governments regarding potential charges against a cooperating witness.

  • September 4, 2018

    2nd Circ. No Lock To Review Class Cert. In $50B Libor Fight

    Megabanks Bank of America and JPMorgan Chase asked the Second Circuit on Tuesday to examine Manhattan U.S. District Judge Naomi Reice Buchwald's certification of a class of investors allegedly damaged to the tune of $50 billion by Libor rigging, but one appellate judge seemed reluctant to take the case out of the hands of the judge who crafted the complex decision.

  • September 4, 2018

    5 Sentenced In £2.8 Million Madeira Investment Scam

    Five people were sentenced on Tuesday in a London court to a total of more than 17 years in prison for their roles in a series of boiler room scams that used high-pressure sales tactics to swindle £2.8 million ($3.59 million) from more than 170 investors, many of whom were elderly or vulnerable.

  • September 4, 2018

    Draft Laws Banning Non-Cash Payment Fraud Get MEPs' Nod

    Tougher penalties for crimes including credit card and virtual currency fraud, including a maximum prison term of at least three years, have been approved by a European parliamentary committee in a move to protect consumers from cyberattacks and online scams.

  • September 4, 2018

    BOE's Carney Signals Willingness To Extend His Term Again

    Bank of England Governor Mark Carney indicated on Tuesday that he would be willing to extend his term beyond his mid-2019 departure date to help guide a regulatory transition after Britain's departure from the European Union on March 29.

  • September 4, 2018

    SocGen Sets Aside €1.1B To Cover US Sanctions Fines

    Societe Generale SA revealed on Tuesday that it has set aside €1.1 billion ($1.27 billion) to settle expected fines by various U.S. authorities for violations of U.S. economic sanctions laws.

  • September 4, 2018

    ING Bank Fined €775M In Dutch Money Laundering Probe

    The Netherlands Public Prosecution Service said Tuesday that ING Bank NV has paid a €775 million ($895 million) settlement penalty to the agency after failures by the lender's Dutch unit to prevent money laundering and corrupt practices.

  • September 4, 2018

    TSB Chief Resigns Amid Probes Into Serial IT Meltdowns

    TSB PLC announced on Tuesday that its chief executive is finally stepping down after months of pressure from regulators following persistent IT failures at the bank that caused disruption for millions of customers and prompted an MP to describe it as "complacent and misleading."

  • September 4, 2018

    UK Agencies Call For More Collaboration In Anti-Fraud Fight

    New enforcement tools in the U.K. such as unexplained wealth orders and a new crime center will not succeed unless the private and public sectors work together to build greater trust and intelligence capabilities, senior enforcement officials have said.

  • September 3, 2018

    Ex-UBS Trader Detained As He Fights Deportation To Ghana

    A former UBS trader who was jailed for fraud after causing a $2.25 billion trading loss, the biggest in British banking history, was taken into custody in Scotland on Monday as the Home Office seeks to deport him to his native Ghana, his lawyer said.

  • September 3, 2018

    RBS, Lloyds Making PPI Claims Harder, Campaigners Claim

    Royal Bank of Scotland Group PLC, Nationwide Building Society and Lloyds Banking Group PLC are the lenders it is most difficult to complain to about missold payment protection insurance, consumers have told the campaign group Which?

  • September 3, 2018

    Law Firms Told To Report Funds Held For Sanctioned Clients

    Solicitors must report money they control belonging to clients that are subject to the U.K.’s financial sanctions regime, the regulator for solicitors in England and Wales warned law firms on Monday, after the government announced reporting deadlines in an annual review.

  • September 3, 2018

    BVI Trust Company Joins UK Suit Over $6.5M Securities Deal

    The administrator for an investment trust in the British Virgin Islands has entered a U.K. lawsuit between the trust's former management company and Falcon Asset Finance over $6.5 million allegedly owed to the Cayman Islands-based asset manager under two financial securities transactions from 2016.

  • September 3, 2018

    Property Co. Fights Clydesdale's Counter To Forced Loan Suit

    A property investment firm suing Clydesdale Bank PLC for allegedly making false statements and forcing it to take out costly loans has denied in court documents that the lender is entitled to recover outstanding payments tied to deals at the heart of the dispute.

  • September 3, 2018

    RBS Could Lose Customers In No-Deal Brexit, Chief Warns

    The chief executive of Royal Bank of Scotland PLC has warned that the bank could be forced to lose some business customers if a no-deal Brexit disrupts access to European Union markets.

  • September 3, 2018

    Indian Bank Joins US Hedge Fund In Hunt For Essar Damages

    The Singaporean unit of ICICI Bank has joined a U.S. investment firm in its lawsuit in England against Essar Group in an attempt to enforce a multimillion-dollar damages award against the multinational conglomerate in the U.S. courts after its Minnesota-based steel making subsidiary defaulted on a $450 million loan.

  • September 3, 2018

    New SFO Chief Sees Bigger Enforcement Role For Technology

    The Serious Fraud Office’s new chief said Monday that the agency under her five-year tenure will take a more proactive, cross-border approach to bringing sophisticated criminals to justice, including by using technology more effectively.

  • September 3, 2018

    Peer Lender To Float As FCA Cracks Down On Crowdfunding

    A British peer-to-peer lender announced on Monday that it plans to go public in a deal that values the firm at £1.65 billion ($2.1 billion), even though the Financial Conduct Authority has proposed tougher rules for crowdfunding platforms to help protect retail investors.

  • September 3, 2018

    MPs To Scrutinize Pension Fees Amid Concern Over Reforms

    Politicians will begin taking evidence on Wednesday about whether pension scheme managers are sufficiently open about their charges and the performance of their funds, as increasing numbers of savers transfer their nest eggs under Britain’s controversial retirement freedoms.

Expert Analysis

  • Judging The Financial Conduct Authority 5 Years On

    David Rundle

    The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.

  • EU's ICO Response Lags Behind Its Potato Regulation

    Bob Penn

    Recently, a multitude of regulators within the European Union have issued warnings on initial coin offerings of cryptocurrency tokens. However, until they start applying existing rules to ICOs or successfully develop new rules, the industry will remain relatively unregulated, say Bob Penn, Sarah Lewis, Matthew Fisher, Danilo Santoboni and Ulrike Schuster of Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    There Is Middle Ground For US Lawyers On AML Regimes

    Matthew O'Hara

    The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.

  • The Outlook For Anti-Suit Injunctions After Brexit

    Nicholas Greenwood

    It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.

  • EU Ruling Casts Doubt On Bilateral Investment Treaties

    Charles Goldblatt

    In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.

  • GDPR Will Benefit Financial Services In The Long Run

    Phil Beckett

    We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.

  • Taming The UK's Unpredictable Digital Currency Market

    Anna Gaudoin

    The U.K.'s Treasury Committee recently launched a new inquiry into digital currencies and distributed ledger technology. Regulation is undeniably needed in this area, but ultimately the government is trying to play catch-up with an established, if unpredictable, market, says Anna Gaudoin of WilmerHale.

  • IP Considerations For UK Open Banking App Developers

    Rajvinder Jagdev

    Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Equity Partnership Isn’t What It Used To Be

    Jeff Liebster

    To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.