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Financial Services UK

  • June 28, 2018

    Clifford Chance In The Clear After RBS 'Fraud' Probe

    The Solicitors Regulation Authority said Thursday it will not take action against Clifford Chance following claims the magic circle firm failed to properly follow up allegations of fraud during its inquiry into Royal Bank of Scotland’s treatment of thousands of small companies.

  • June 28, 2018

    Gov't Appoints 3 New Justices To UK Supreme Court

    The government has announced the appointment of three new judges to the Supreme Court of the United Kingdom, who will take the places of justices who have stepped down or are due to retire from their roles later this year.

  • June 28, 2018

    Look Out For Crypto-Asset Risks, BOE Warns City Firms

    Banks, insurers and investors should be cautious if they are considering investing in cryptocurrencies because they are volatile, at risk of being used in organized crime and carry “reputational risks,” the Bank of England warned on Thursday.

  • June 28, 2018

    FRC Probes Deloitte Audit Of UK Building Products Supplier

    The Financial Reporting Council revealed on Thursday that it has launched an investigation into Deloitte LLP’s audit of financial statements for a British-based distributor of building products in Europe.

  • June 28, 2018

    Watchdog ‘Looking Into’ Carillion Insider Trading Claims

    The U.K.’s Financial Conduct Authority is probing allegations of insider trading at failed construction giant Carillion PLC before it collapsed, the City regulator revealed on Thursday.

  • June 28, 2018

    FCA To Tackle 'Opaque' Charges On Pensions Drawdown

    Businesses providing popular “drawdown” pension products may be forced to clearly set out their charges in pounds and pence each year to make sure savers get better value for money, the U.K.’s Financial Conduct Authority announced on Thursday.

  • June 28, 2018

    BayernLB Overcharged Swap Tied To £410M Loan, Suit Says

    Tindall Hotels is suing Bayerische Landesbank over claims the German lender overcharged it on an interest rate swap tied to a £410 million ($539 million) loan and inflated the costs of breaking the contract to stop the firm exiting the deal early and refinancing its debt with another lender.

  • June 27, 2018

    Treasury Reveals Contingency Planning For No-Deal Brexit

    The U.K. Treasury said Wednesday that it is preparing for the possibility that British and European Union negotiators won't have a departure deal or transition period in place in time for the U.K.'s exit from the European Union in March 2019, severing the nation's financial services from EU regulation.

  • June 27, 2018

    Asset Manager Sued Over 'Failure' To Settle €135M Bonds

    A subsidiary of the Swiss financial technology firm Leonteq AG has sued a U.K.-based asset manager in London for allegedly failing to transfer €135 million ($156 million) worth of bonds.

  • June 27, 2018

    UK Firms Must Step Up Gender Diversity Targets, Gov’t Says

    The U.K. government on Wednesday heaped pressure on listed companies to improve gender diversity at the board level, calling out those firms — including from the financial services sector — who it says have not been prioritizing a commitment to tackle inequality.

  • June 27, 2018

    EU Council Endorses Controls On Cash Entering Europe

    European Union governments endorsed proposals to tighten controls on illicit funds flowing into and out of the bloc on Wednesday, the Council of the EU announced. 

  • June 27, 2018

    'Wolf Of Wimbledon' Fraudster Gets 4 More Years In Jail

    A “boiler room” fraudster has had his prison sentence extended by four years after a London court found he had failed to pay in full a £7.5 million ($9.86 million) confiscation order, the Serious Fraud Office said on Wednesday.

  • June 27, 2018

    ECJ Urged To Claim Jurisdiction Over Bank Holdings Case

    An adviser to the Court of Justice of the European Union said Wednesday that EU courts should have exclusive jurisdiction to review a case brought by former Italian prime minister Silvio Berlusconi after the European Central Bank challenged his stake in a financial institution.

  • June 27, 2018

    BOE Urges EU To Help Protect £29T In Derivatives Contracts

    The European Union must find solutions equivalent to the Brexit safeguards being put in place by the U.K. to ensure legal continuity for £29 trillion ($38 trillion) in cross-border derivatives contracts after Britain leaves the bloc in March 2019, the Bank of England said Wednesday.

  • June 27, 2018

    RBS Defends Handing $9M Shipping Co. Loan To 3rd Party

    Royal Bank of Scotland PLC has defended its decision to transfer a shipping company’s $9 million loan to a third party, claiming in documents filed at the High Court in London that it was not obliged to tell the customer that the switch had taken place.

  • June 27, 2018

    FCA Ends Probe Into Outsourcing Group’s Profit Warning

    The Financial Conduct Authority has dropped its investigation into a profit warning announced by Mitie Group PLC, the U.K. outsourcing and energy services company said on Wednesday.

  • June 27, 2018

    MPs Demand Full Access To Lloyds Fraud Probe Into HBOS

    A parliamentary committee told Lloyds Banking Group PLC on Wednesday that it wants full access to the findings of an inquiry into whether its executives properly investigated “shocking" fraud at HBOS PLC after it was acquired by Lloyds, as the MPs called for “maximum transparency.”

  • June 26, 2018

    Freed Ex-HSBC Forex Exec Can Return To UK Pending Appeal

    A New York federal judge on Tuesday ordered former HSBC foreign currency exchange executive Mark Johnson to be released from prison and blessed his return to the U.K. while he appeals his conviction for defrauding Cairn Energy PLC in a $3.5 billion currency deal.

  • June 26, 2018

    Nigeria Says JPMorgan Had To Stop $875M Oil Deal Payment

    Nigeria has fought back against JPMorgan's attempt to dodge the African nation's U.K. lawsuit claiming the U.S. banking giant negligently transferred $875 million in state funds to a company connected to Nigeria’s former energy minister as part of a corrupt oil deal.

  • June 26, 2018

    Ashurst Denies Owing Bank Duty Over $70M Escrow Funds

    Ashurst LLP has denied claims that it agreed to hold $70 million on trust for Raiffeisen Bank until Asia Coal Energy Ventures Ltd. acquired a portfolio of loans from the Austrian lender as part of deal to acquire the bank's shares in an Asia-focused coal miner.

Expert Analysis

  • Why European Arrest Warrants Need Reform

    Robert Hickmott

    European arrest warrants were designed to speed up and simplify extradition within the European Union, but they are often abused and give EU member states a relatively easy way to apply serious pressure to individuals and companies which they are in dispute with, says Robert Hickmott of Quinn Emanuel Urquhart & Sullivan LLP.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency


    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • An 11th-Hour Reprieve For Legal Entity Identifier Compliance

    Keily Blair

    Despite early indications that the U.K.'s Financial Conduct Authority and the European Securities and Markets Authority would require investment firms' clients to obtain legal entity identifiers by Jan. 3, regulators have now extended the deadline by six months. There is no extra credit for timely compliance, but in the long term, noncompliant entities cannot sit back and do nothing, say Keily Blair and Andrea Holder of PricewaterhouseCoopers LLP.

  • Inside France's 1st Deferred Prosecution Agreement

    Keith Krakaur

    France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Litigation Finance Trends To Watch In 2018

    Jay Greenberg

    Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.

  • The Enneagram And The Practice Of Law

    Jennifer Gibbs

    Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.

  • What Open Banking Has In Store For Wealth Managers

    Neil Warlow

    This year, the revised Payment Services Directive takes effect in the EU, providing the legal framework for open banking, which is intended to encourage competition in the retail banking sector by enabling customers to consent to allowing third parties safe and secure access to their current accounts, says Neil Warlow of JLT Specialty.

  • What To Expect From Blockchain In 2018

    Austin Mills

    Blockchain's growth next year is unlikely to match its 2017 growth, but 2018 may well be a much more impactful year in the blockchain and cryptocurrency space. Emerging themes and initiatives include smart contracts, state-backed cryptocurrencies and the maturation of the initial coin offering market, says Austin Mills, head of the blockchain and cryptocurrency group at Morris Manning & Martin LLP.