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Financial Services UK

  • April 12, 2017

    Lawmaker Tries To Unshroud Furtive Economic-Crime Review

    Britain’s government may be forced to reveal details of a secretive review it is carrying out into the agencies responsible for tackling economic crime, following intervention Wednesday from an influential lawmaker.

  • April 12, 2017

    EU Securities Watchdog Demands Greater Post-Brexit Powers

    The head of the European Securities and Markets Authority said Tuesday that the watchdog needs tougher powers to oversee financial firms relocating to countries with the laxest regulatory regimes once the U.K. has quit the European Union.

  • April 12, 2017

    Coutts Hong Kong Branch Fined Over AML Rules Breach

    Hong Kong’s banking regulator said Tuesday it has fined the local branch of U.K. private bank Coutts & Co. Ltd. HK$7 million ($900,750) for breaching anti-money laundering and counterterrorist rules, following similar fines in Switzerland and Singapore.

  • April 12, 2017

    EXCLUSIVE: EU Heavyweight Says Brexit Finance Deal Key

    A quick-fire Brexit deal for financial services firms to continue accessing the bloc’s single market is a must to avoid dangerous regulatory uncertainty, Britain’s most influential European Union politician told Law360 in an exclusive interview on Wednesday.

  • April 12, 2017

    BOE All In On Fintech As Carney Embraces Blockchain

    Britain's central bank vowed Wednesday to throw its weight behind a new range of financial technologies to take advantage of the potential it sees for the new generation of fintech firms to strengthen financial stability and fuel growth.

  • April 12, 2017

    Russian Duo Plead Not Guilty To Bank Cyber Scam Charges

    Two Russian men, one of whom is a former Olympic wrestler, pled not guilty in a London criminal court on Wednesday to charges of fraud and money laundering related to an alleged clearing bank cyberattack scam.

  • April 12, 2017

    Central Banks Told To Be More Active In $12T Repo Market

    The Bank for International Settlements recommended on Wednesday that central banks play a more active role in the crucial short-term funding markets used by financial firms, saying they should lend more securities as collateral to offset increasing market volatility.

  • April 12, 2017

    EC Efforts To Close MiFID II Loophole Draw Lawmakers' Ire

    A group of influential European Union lawmakers has criticized European Commission plans to clamp down on investment firms feared to be gaming the bloc’s financial rules by exploiting a loophole in major market reforms, according to documents published Wednesday.

  • April 12, 2017

    EU Banking Authority To Tweak Supervisory Review Process

    National regulators across the European Union should expect an updated version of the European Banking Authority’s guidelines for the supervisory review process by the end of the year, the banking watchdog announced on Tuesday.

  • April 11, 2017

    Investment Trusts Lose VAT Battle In UK Supreme Court

    A group of investment trusts lost their long-running bid in the U.K. Supreme Court on Tuesday to claim refunds that they allege they were owed on value-added tax paid in some cases more than 20 years ago.

  • April 11, 2017

    ECB Not Ready To Embrace Blockchain Technology

    The European Central Bank, the banking regulator for the European Union’s eurozone, has ruled out using distributed ledger technology within the so-called Eurosystem’s market infrastructure for the foreseeable future, until the software meets high safety and reliability standards.

  • April 11, 2017

    ECB Clarifies Rules For UK Banks Relocating To Euro Area

    U.K. banks applying for an EU license after Britain leaves the European Union will have to wait six months to a year for approval, the European Central Bank confirmed Tuesday as it published detailed guidance on several Brexit-related queries.

  • April 11, 2017

    EU Securities Watchdog Clarifies Clearinghouse Margin Rules

    Europe’s securities regulator on Monday clarified how clearinghouses should align the collateral they need to underpin derivatives trades with the level of risk they are taking onto their books under the European Union’s securities market rulebook.

  • April 11, 2017

    Lawmakers To Scrutinize Barclays' Whistleblowing Probe

    A U.K. Parliamentary committee pledged on Tuesday to closely monitor investigations into a whistleblowing case involving the head of Barclays PLC, saying the results would help road-test sweeping regulatory reforms.

  • April 11, 2017

    FCA Proposes Robo-Adviser Guidance To Help Consumers

    The Financial Conduct Authority set out new rules on Tuesday aimed at “robo-advisers” as part of wider efforts to make financial advice more widely available to consumers.

  • April 11, 2017

    EU Must Avoid Brexit Threat To CMU Plan, Finance Chief Says

    The European Union will continue its overhaul of financial regulation and try to breathe new life into its flagging plan to create a capital markets union across the bloc, which has been further damaged by Britain’s moves to leave the EU, its finance chief said Tuesday.

  • April 11, 2017

    London Bank Lobby Pushes UK-EU Market Access Pact

    The U.K. and European Union should strike a deal to use each other’s services financial rules, allowing British banks and financial firms to continue reaching EU markets after Brexit, an advisory group set up by bank lobbying bodies said Tuesday.

  • April 11, 2017

    UK OKs £700M MasterCard, VocaLink Deal With Antitrust Fixes

    The U.K.’s top competition and consumer authority gave the go-ahead on Tuesday for MasterCard’s £700 million ($870 million) acquisition of payment infrastructure supplier VocaLink, after approving measures offered by the credit card company to tackle competition concerns.

  • April 10, 2017

    SFO, Tesco Get Court's OK For False Accounting DPA

    Judge Sir Brian Leveson on Monday approved a Tesco PLC subsidiary's deferred prosecution agreement with the Serious Fraud Office over alleged false accounting that distorted the retail giant's share price in 2014, Tesco said.

  • April 10, 2017

    UK Tax Cops Fire A Warning Shot With Credit Suisse Raid

    Britain’s role in an international raid on the offices of Credit Suisse SA should serve as a cautionary tale to firms that U.K. enforcement officials are not waiting for new tax evasion laws to kick in before pursuing an increasingly aggressive approach.