Financial Services UK

  • October 13, 2016

    Basel Weighs Timeline For Bank Capital Accounting Rules

    Banks could have up to five years to prepare for how new accounting rules will alter the amount of capital they need to hold for regulatory purposes, the global forum for banking regulators said Thursday.

  • October 13, 2016

    UK's Johnson Predicts EU Backing For Post-Brexit Market Access

    British Foreign Minister Boris Johnson on Thursday sought to deflect fears among Britain’s banks and businesses that they will lose access to the European Union’s single market, amid mounting cross-party criticism of the government’s Brexit planning.

  • October 13, 2016

    New UK Criminal Bill Puts Banks On Hook For Tax Evasion

    The U.K. government on Thursday published new anti-corruption legislation that will require banks and other financial institutions to share data with each other and with enforcement agencies investigating financial crime, and also turns the heat up on banks that fail to prevent tax evasion.

  • October 12, 2016

    Data Breaches Send Bank Fraud Soaring, New Figures Show

    Financial fraud rose by a quarter in the first half of 2016, touching £400 million ($489 million), according to new figures published Wednesday by British banking industry body Financial Fraud Action UK, which tied the jump to increasingly prevalent data breaches.

  • October 12, 2016

    Parliamentary Brexit Debate Offers Little Reprieve For Banks

    British Prime Minister Theresa May conceded Wednesday that lawmakers would have the chance to scrutinize the country's plan for leaving the European Union, but attorneys say the move offers financial services firms little new security about their future access to EU markets.

  • October 12, 2016

    EU Banking Watchdog Reprioritizes After Budget Cuts

    The European Union’s top bank regulator on Wednesday published revised priorites for its 2017 work program to reflect budget cuts and resource constraints amid a growing number of regulatory requests from the European Commission.

  • October 12, 2016

    Basel Orders Bail-In Tool Deductions For Capital Reserves

    The global forum for banking regulators has ordered that the value of banks’ holdings of some types of "bail in" instruments be deducted from the banks' regulatory capital reserve levels, in rules published Wednesday.

  • October 12, 2016

    Labour Calls For Clarity On Post-Brexit Banking

    The opposition Labour Party on Wednesday turned up the heat on the British government for answers on how exiting the European Union would affect the country's sprawling financial services industry and how it's regulated.

  • October 12, 2016

    'Avalanche' Of Regulations Plague Treasurers, Report Says

    An increasing "avalanche" of regulatory pressures and a fear of new technologies are keeping corporate treasurers awake at night, new research from Deutsche Bank AG revealed on Wednesday.

  • October 12, 2016

    UK's May Sidesteps Lawmaker Brexit Vote But Assures Debate

    British Prime Minister Theresa May on Wednesday dodged pressure to let Parliament vote on the government’s Brexit plans, but said lawmakers would still be allowed to debate the details of plans to quit the European Union.

  • October 12, 2016

    White & Case Expands UK FinReg Team With Partner Hire

    Global law firm White & Case has expanded its legal team for financial regulation with the addition of a partner in London, the firm announced Wednesday.

  • October 12, 2016

    Mishcon Builds Cybersecurity Services With London Hire

    International law firm Mishcon de Reya on Tuesday said it appointed a cybersecurity expert in its latest move to offer clients non-legal services at a time when cyber threats have been identified as the greatest risk to the financial sector.

  • October 12, 2016

    FCA Fines Bangladeshi Bank For Money Laundering Failures

    The Financial Conduct Authority hit Bangladeshi state-owned Sonali Bank’s U.K. subsidiary with a £3.3 million ($4 million) fine and banned the bank from accepting deposits from new customers for almost six months as a result of “serious and systemic” weaknesses in Sonali’s anti-money laundering controls, the FCA said Wednesday.

  • October 12, 2016

    BOE Gov Warns Path To EU Bank Access Will Be 'Painstaking'

    Protecting the passporting regime that allows U.K. banks to trade freely across the EU through a bespoke arrangement would be a “painstaking process” and would increase the cost of finance, a top central bank official said Wednesday.

  • October 12, 2016

    UK Aims To Show Sandbox Initiative No Mere Plaything

    The U.K.’s “regulatory sandbox” — a safe space for fintech innovators to road-test ideas without fear of watchdog reprisal — has proven to be a trailblazing approach for the U.K., prompting other governments to emulate the model.

  • October 11, 2016

    Bank Boardrooms To Reboot As Cyberthreats Grow

    European regulators have identified cyberthreats as the greatest risk to the financial sector today as lawyers say efforts to make boardrooms more responsible for failings will force a culture change within the world’s biggest banks.

  • October 11, 2016

    UK Accountant Regulator Sets Guidance For Annual Reports

    The Financial Reporting Council, the United Kingdom’s accounting industry regulator, on Tuesday issued guidance to preparers of annual reports for roughly 1,200 listed companies to help encourage investment in the U.K. as it faces cyber-risk, climate change and economic issues following the Brexit vote.

  • October 11, 2016

    UK Gov't Reviews Hold Key To SFO Future

    The U.K.’s Serious Fraud Office faces a nervous wait over the direction of two separate government reviews into economic criminal law enforcement, which experts say will either guarantee the agency’s future or consign it to extinction.

  • October 11, 2016

    EU Securities Watchdog To Police Rules Harmonization

    The European Union’s securities watchdog on Tuesday said making sure member states all implement new, sweeping financial markets rules to the same degree was its top priority for 2017, ahead of the rules coming into force in January 2018.

  • October 11, 2016

    Best Brexit Deal For Banks Is Priority, UK Minister Tells City

    Britain’s Treasury minister said Tuesday that getting the best Brexit deal for London’s banks is of central importance as the government seeks to protect the lucrative passporting regime that allows them to trade freely across the European Union.