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Financial Services UK

  • July 5, 2017

    EU Watchdogs Clarify Key Info Requirements Under PRIIPs

    Europe’s top finance regulators on Tuesday clarified rules governing the use of standardized fact-sheets required under the European Union’s regulation on packaged retail and insurance-based investment products, or PRIIPs, which covers retail investment disclosure.

  • July 5, 2017

    EU Lawmakers Push Change To Debt Class In Bank Failures

    European Union lawmakers pressed ahead with plans to harmonize the bloc’s banking insolvency rules on Tuesday, days after the Italian government used state money to bail out three banks on the verge of collapse.

  • July 5, 2017

    Hogan Lovells Tackles Brexit With New Finance Offering

    Hogan Lovells has launched a new consultancy practice for financial services regulation and picked up a former PricewaterhouseCoopers LLP director to lead it, the law firm announced on Tuesday.

  • July 4, 2017

    PwC Accused Of Plotting To Steer Iron Ore Mine Sale To Timis

    A mining industry consultancy has accused major accounting firm PwC of conspiring to ensure the sale of a Sierra Leone-based iron ore mine to a company that allegedly paid PwC $3.5 million at the time of the sale, ignoring the interests of other potential buyers and creditors of the firm looking to offload the mine.

  • July 4, 2017

    EBA Consults On Bank Deposits Into Guarantee Schemes

    The European Banking Authority has asked for industry views on how bank contributions to national deposit guarantee schemes should be calculated across Europe, following a preliminary review that revealed the existing risk-based method may be too flexible.

  • July 4, 2017

    EU OKs €5.4B State Bailout Of Italy's Monte Dei Paschi Bank

    The European Commission approved a €5.4 billion ($6.1 billion) state bailout of Italy’s Monte dei Paschi bank on Tuesday, allowing the Italian government to recapitalize and restructure the troubled lender.

  • July 4, 2017

    EU Lawmakers Back Country-By-Country Tax Reporting Law

    European lawmakers on Tuesday voted to force multinational companies to disclose how much tax they pay in each country, in a bid to cut corporate tax avoidance which costs the bloc tens of billions of dollars.

  • July 4, 2017

    Brexit To Continue Dominating UK Parliament Committee Work

    A U.K. parliamentary committee tasked with scrutinizing incoming European Union rules and regulations said on Tuesday that it will hold Theresa May’s government to account during Brexit negotiations, using the expertise it has picked up from close engagement with industry over the past year.

  • July 4, 2017

    Ex-Credit Suisse Banker Sues For $10M In Alleged Deal Fees

    A former investment banker at Credit Suisse AG is suing the Swiss lender in London for what she alleges are approximately $10 million owed in fees over the role she played in financing deals with Azerbaijan’s state-owned oil company and with a bank based in the Russian Federation, according to court documents.

  • July 4, 2017

    Standard Life Wins UK Pension Transfer Value Case

    The U.K. Pensions Ombudsman has rejected a complaint against the scheme run by investment firm Standard Life PLC after a member claimed he had lost out because of a delay on a proposed pensions transfer.

  • July 4, 2017

    Disagreements Still Plaguing Basel Reforms, G-20 Told

    The global financial regulators responsible for drawing up new bank capital rules following the 2008 banking crisis told world leaders on Tuesday that progress has been hindered by disagreements on risk measurements and exposures.

  • July 3, 2017

    Supervisors Must Clarify Money Laundering Rules, FSB Says

    Global regulatory chiefs said Tuesday that banks that service financial institutions from other countries need clearer guidance from their national supervisors about how to conduct that business in compliance with anti-money laundering rules.

  • July 4, 2017

    FCA Cracks Down On Staff Incentives Fueling Bad Loan Sales

    Britain’s financial watchdog told consumer credit firms on Tuesday to tighten up their bonus schemes for loan dealers after discovering that out-of-kilter staff incentives were fueling the sale of unaffordable loans.

  • July 4, 2017

    Simmons Snags US Atty For London Capital Markets Practice

    Simmons & Simmons LLP announced on Tuesday that it has hired another capital markets partner from Clifford Chance for its London office as the practice continues to expand its international expertise.

  • July 4, 2017

    BOE Orders UK Lenders To Report Consumer Credit Exposure

    The Bank of England on Tuesday ordered British lenders to prove by September they are adequately protected against consumer credit risk, but stopped short of imposing tighter controls on lending.

  • July 4, 2017

    UK Data Regulator Reveals Sweeping International Strategy

    The U.K.’s data regulator announced a wide-ranging privacy protection blueprint on Tuesday to address international challenges such as Brexit upheaval, globalization and the European Union’s impending new information rulebook.

  • July 3, 2017

    Class Treatment Doesn't Jibe With Libor Claims, Banks Say

    Big banks accused of rigging the London Interbank Offered Rate have asked a New York federal court to not certify classes of investors and lenders in the multidistrict litigation, saying claims of suppressing the benchmark should be scrutinized on an individual basis.

  • July 3, 2017

    FSB Sees Progress On Shadow Banking Oversight After Crisis

    The Financial Stability Board said on Monday that the global regulatory response to the parts of shadow banking that contributed to the financial crisis has led to a more resilient market that no longer poses risks to financial stability, but that full implementation of existing guidance is still needed.

  • July 3, 2017

    ESMA Sets MiFID II Transparency Calculations

    The European Securities and Markets Authority on Monday published details on the classification of financial instruments that must meet transparency requirements when changes to the European Union’s new securities trading rules take effect next year.

  • July 3, 2017

    EU Top Court Is Asked To Weigh Tax Rule For Bank Branches

    France’s highest administrative court has asked the European Union to decide how and when finance giant Morgan Stanley can deduct value-added tax for its United Kingdom headquarters, a move that follows a legal dispute that could keep the firm’s French branch from deducting the levy.