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Financial Services UK

  • September 26, 2018

    Corrupt Banker's Sister Spared Jail Over Bribery Scam Role

    The sister of a corrupt banker avoided prison time at a London sentencing hearing Wednesday despite admitting to helping launder more than £2 million ($2.6 million) in bribes, as a judge said it would harm her children.  

  • September 25, 2018

    Vannin Wants Quick Win In £14M Claim On RBS Settlement

    Litigation funder Vannin Capital PCC at a London court hearing on Tuesday pushed for a quick win in its lawsuit seeking £14 million ($18.4 million) from the shareholders who won a £200 million settlement from Royal Bank of Scotland over its 2008 rights issue.

  • September 25, 2018

    SFO General Counsel To Leave For Kingsley Napley

    Kingsley Napley LLP announced Tuesday that the Serious Fraud Office’s chief lawyer will join the firm as a partner, bringing with him extensive experience as a criminal litigator and prosecutor.

  • September 25, 2018

    Fraudsters Skim £503M Off UK Accounts In 1st Half Of 2018

    British financial firms saved customers from losing £706 million ($929 million) to fraudsters in the first half of 2018, but criminals were still able to siphon off £503 million using deceptions ranging from investment and romance scams to impersonating banks or authorities, according to an industry study.

  • September 25, 2018

    Denmark Doubles Capital Buffers Amid Danske Bank Risk

    The Danish government doubled capital requirements for banks on Tuesday amid signs of growing risk in the market, including the possibility of fallout from the Danske Bank money laundering scandal.

  • September 25, 2018

    Standard Chartered Says It Will Stop Funding New Coal Plants

    Standard Chartered PLC announced on Tuesday that it will no longer provide financing for new coal-fired power plants, as the bank joins other lenders and insurers taking steps to move away from fossil fuels in a bid to combat climate change.

  • September 25, 2018

    EU Sets Up Payments Facility To Finance Trade With Iran

    The European Union's top three economies, backed by China and Russia, announced Tuesday they are creating a financial payments vehicle to allow trading with Iran to continue after the Trump administration announced it was withdrawing from the Iranian nuclear deal and reimposing sanctions on Tehran.

  • September 25, 2018

    EU Banking Watchdog Ends Maltese Bank AML Probe

    The European Banking Authority said Tuesday it will not open a formal investigation into the Maltese financial regulator's supervision of a local commercial bank, although the agency will be required to improve the way it oversees compliance with anti-money laundering regulations in the sector.

  • September 25, 2018

    Online Trading Firm Issues Profit Warning Blaming EU Regs

    A London-based online financial trading platform has become the latest casualty of European Union restrictions on speculative trading products as it announced on Tuesday that its profits have been hit by lower-than-forecast income.

  • September 24, 2018

    Ex-Deutsche Trader Dishes On Bank's Libor Self-Dealing

    A former Deutsche Bank money market trader on Monday told a Manhattan federal jury he would routinely make London Interbank Offered Rate submissions with the goal of aiding the bank’s derivative traders, a practice he now admits was wrong.

  • September 24, 2018

    Banks' Guilty Pleas Fair Game In Forex Traders' October Trial

    Federal prosecutors set to try three former currency traders for fixing exchange rates received a New York federal judge’s blessing Monday to tell jurors that the men’s former employers — including Barclays, JPMorgan and Citicorp — have themselves pled guilty to such price-fixing.

  • September 24, 2018

    FCA Tells Banks To Step Up Market Abuse Oversight

    The U.K.’s Financial Conduct Authority urged banks and other financial institutions on Monday to review their surveillance programs, as they may be allowing potential market abuses to go unidentified.

  • September 24, 2018

    Ex-Barclays CEOs Escape Claims In Dark Pool Case

    A New York federal judge dismissed the former CEOs of Barclays PLC from a class action alleging shares of the bank were artificially inflated by misrepresentations about the safety and transparency of its dark pool, citing a lack of evidence about the executives’ involvement.

  • September 24, 2018

    Property Investment Suit Paused Under UK Insolvency Law

    A lawsuit brought by investors seeking around £684,000 ($898,00) plus damages over a failed property investment has been paused under English insolvency laws while the claim is served on an individual in Iraq who the investors allege fraudulently marketed the project, according to a High Court of Justice order.

  • September 24, 2018

    Barclays Boss Challenged Over PPI Fraud Claim

    The chairman of Barclays PLC came under fire on Monday after he claimed that mis-sold payment protection insurance, which has cost banks billions of pounds in compensation, is turning many Britons into fraudsters.

  • September 24, 2018

    EU Commission Limits Trading Fixes To MiFID II Loophole

    The European Commission has limited proposals that impose minimum price increments to trades happening outside of regulated markets, which will close a loophole in the European Union’s so-called MiFID II rules, to cover only two financial instruments, Europe’s securities regulator has revealed.

  • September 24, 2018

    Deutsche Bank Ordered To Accept Outside AML Controller

    Germany’s financial regulator said Monday that it has ordered Deutsche Bank AG to accept third-party supervision to ensure it complies with controls against money laundering and terrorism financing.

  • September 24, 2018

    EBA Tells Banks To Submit Capital Data To Meet New Rules

    European banks must disclose details of their capital positions, exposure to risk and the quality of their assets in line with new reporting standards, the European Union’s top banking watchdog said on Monday as it launched its latest probe into the balance sheets of 130 companies.

  • September 24, 2018

    White & Case Snags Banking Pro From Baker McKenzie

    White & Case LLP has bulked up its banking practice with the hire of a new partner in London from Baker McKenzie with expertise in real estate finance, the firm said Monday.

  • September 24, 2018

    Adviser's Pension Loss Defense Is 'Hopeless,' Ex-Clients Say

    Two businessmen suing their former financial adviser for nearly £3.5 million ($4.6 million) in alleged pension losses have hit back at its attempts to dodge the suit, saying its suggestion that it was not required to provide advice on a tax deadline is “hopeless.”

Expert Analysis

  • How UK Regulators Approach The Digital Currency Market

    Henning von Sachsen-Altenburg

    So far, U.K. regulators have taken a fairly cautious approach to regulating digital currencies and the use of distributed ledger technology. Fortunately, the U.K. government will likely provide regulators with a political mandate and legislative foundation to enable a stable and flourishing cryptocurrency sector, says Henning von Sachsen-Altenburg of PricewaterhouseCoopers LLP.

  • 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.