Financial Services UK

  • January 30, 2018

    UK To Expand Bank Exec Rules To Insurers By End Of 2018

    The U.K. government will extend its existing rules aimed at boosting accountability for senior banking executives to cover the insurance industry by the end of the year, the Treasury said Monday.

  • January 30, 2018

    BOE Chief Backs Partial EU Rule Equivalence For Finance

    The European Union would benefit from a post-Brexit arrangement providing the U.K. financial services industry with partially equivalent rules and an independent dispute settlement system, Bank of England Governor Mark Carney told lawmakers on Tuesday.

  • January 30, 2018

    EU Keeps Sri Lanka, Trinidad, Tunisia On AML Blacklist

    The European Parliament on Tuesday announced that it has voted for and Sri Lanka, Trinidad and Tobago and Tunisia to continue to be included on a list of third countries considered to have “strategic deficiencies” to their anti-money laundering and terrorism financing regimes.

  • January 30, 2018

    Dana Gas Tries To Snuff Out Judge's $700M Sukuk Ruling

    Dana Gas PJSC asked a U.K. High Court judge on Tuesday to set aside his November ruling over a $700 million Islamic bond dispute that went against the United Arab Emirates energy firm because the company could not take part in the trial.

  • January 30, 2018

    In An About-Face, FCA Vows To Publish Withheld RBS Report

    The Financial Conduct Authority said on Tuesday that it will publish in full a report into Royal Bank of Scotland PLC’s controversial treatment of troubled small businesses during the financial crisis, just hours after the bank’s chief executive told lawmakers that the lender wouldn't object to its release.

  • January 30, 2018

    KPMG, Carillion Staff May Face Prosecution, Watchdog Warns

    Global auditing giant KPMG and accountants at Carillion PLC could face prosecution following the contracting company's collapse, the head of the U.K.’s accounting regulator indicated on Tuesday.

  • January 30, 2018

    UK Banks Told To Rethink Plan For 1.7M Risky Mortgages

    The U.K.’s Financial Conduct Authority said Tuesday it is concerned that banks are not doing enough to provide repayment plans for 1.7 million interest-only mortgage customers under threat of losing their homes.

  • January 29, 2018

    3 Banks To Pay Combined $47M In CFTC Spoofing Settlement

    Global banking giants Deutsche Bank, UBS and HSBC agreed to pay a combined $46.6 million Monday to settle separate civil allegations by U.S. commodities regulators that their traders engaged in an illegal practice known as spoofing in an effort to manipulate precious metals markets.

  • January 29, 2018

    Deutsche Bank Wins TRO In $48M Del. Battle Over Vik Debt

    Deutsche Bank won a temporary restraining order from the Delaware Chancery Court on Monday barring interests of Norwegian billionaire investor Alexander Vik from shuffling $48 million to an alleged shell company as part of a purported conspiracy to duck a $323 million judgment issued in 2010.

  • January 29, 2018

    Cryptocurrency Outlet Accused Of Fraud In 2nd Investor Suit

    The legal woes facing cryptocurrency marketplace BitConnect mounted Monday as the U.K.-registered lending and exchange platform was hit with a second class action complaint alleging it was a Ponzi scheme that cheated thousands of investors out of millions of dollars.

  • January 29, 2018

    BBC, Guardian Can't Move Suit Over Paradise Papers Leak

    A United Kingdom court on Friday rejected efforts by the British Broadcasting Corp. and The Guardian newspaper to relocate a suit against the media companies over publication of the "Paradise Papers," a trove of documents from offshore law firm Appleby Global Group LLC detailing how the rich and powerful used offshore havens to minimize or avoid taxes.

  • January 29, 2018

    Banks Push To Arbitrate Or Move ‘Last Look’ Trading Claims

    A trio of European banks urged a Manhattan federal judge Friday to force a potential class of foreign exchange traders to arbitrate or relocate their claims over the banks’ alleged policy of delaying trades to increase their profits, a practice known as “last look.”

  • January 29, 2018

    EU Seeks Same Regs and ECJ Rule During Brexit Transition

    British banks and other financial services will be subject to the same European Union regulatory requirements during a Brexit transition period running until Dec. 31, 2020, when the European Court of Justice will also apply in full, EU governments proposed on Monday.

  • January 29, 2018

    Property Co. Pushes To Renew RBS Libor Swaps Test Case

    A real estate group seeking to revive its landmark £30 million ($42 million) misselling case against Royal Bank of Scotland told a London appeals court Monday that the bank misled it about the risks of the Libor-linked swaps.

  • January 29, 2018

    RBS Gets Another Open Banking Deadline Extension

    The Royal Bank of Scotland PLC has received a second deadline extension to comply with the U.K. antitrust regulator’s open banking initiative, after the bank said it would need another seven months to enroll some customers in automatic overdraft alerts.

  • January 29, 2018

    ECB Says EU Banks Capable Of Raising €34.4B For Basel III

    European banks should have no problem raising an estimated €34.4 billion ($42.4 billion) in capital to meet new global requirements, because they can “earn their way out” of expected shortfalls during a transition period, a senior European Central Bank official said Monday.

  • January 29, 2018

    FCA Warns Investors As Binary Options Scams Move Online

    The Financial Conduct Authority warned Monday of an increased risk of online investment fraud being marketed through social media, as it revealed that investors lost £87,000 ($122,400) a day to binary options scams in 2017.

  • January 29, 2018

    Accounting Watchdog Launches KPMG Carillion Audit Probe

    The U.K.’s accounting regulator said Monday it will investigate KPMG’s audit of the financial statements of construction giant Carillion PLC, which collapsed this month with an £800 million ($1.1 billion) pension deficit.

  • January 26, 2018

    City Seeks 'Pragmatic' Immigration Policy For EU Workers

    The governing body of London’s Square Mile on Monday urged the U.K. government to create a “pragmatic” immigration policy after Brexit as it revealed that 13 percent of the workforce in the City’s financial and insurance markets are from the European Economic Area.

  • January 26, 2018

    Morgan Stanley Denied Quick Win In Deutsche RMBS Suit

    Deutsche Bank National Trust Co. can proceed to trial with its suit alleging that a Morgan Stanley unit stuffed a $735 million pool of residential mortgages with bad loans and then failed to live up its contractual obligations, a New York federal judge ruled Thursday.

Expert Analysis

  • 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.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.