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Financial Services UK

  • 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.

  • July 3, 2017

    Fitch Says EU Money Fund Reform May Spark Consolidation

    European Union financial market reforms set to take effect later this month could spur consolidation in the bloc’s €1 trillion ($1.07 trillion) money market funds sector, Fitch Ratings said in a report published Monday.

  • July 3, 2017

    Barclays Ex-Bosses Appear In Court On Qatar Fraud Charge

    The former chief executive of Barclays PLC and three other former senior Barclays executives made their first appearance in a London court on Monday after being charged by the U.K.’s Serious Fraud Office with conspiracy to commit fraud over the bank’s 2008 fundraising deal in Qatar.

  • July 3, 2017

    FCA Crystallizes MiFID II Rules With Final Policy Paper

    Britain’s financial watchdog on Monday outlined its final rules for implementation of a major new European Union directive that rewrites the rulebook underpinning investment services across the bloc’s banking system.

  • July 3, 2017

    Greek Bank Sued In UK Over €2.7B Finansbank Share Sale

    Three executives from Turkey-based QNB Finansbank AS have filed a claim in London’s High Court against the privately-owned National Bank of Greece SA over what they allege are unpaid fees owed for their role in selling NBG’s majority shareholding of Finansbank at the end of 2015.

  • July 3, 2017

    UK Watchdog Raises Fees For Regulated Financial Firms

    Institutions regulated by the Financial Conduct Authority will need to hand over an extra £7.6 million ($9.8 million) in fees to cover costs the watchdog is facing because of its expanding regulatory remit and the U.K.’s decision to leave the EU, according to a policy statement published on Monday.

  • July 3, 2017

    'Hard Brexit' Could Hit Banks With €15B Bill, Report Warns

    U.K.-based lenders would face €15 billion ($19.4 billion) in restructuring costs and would have to hold as much as €40 billion of additional top-quality capital if Britain leaves the European Union without agreeing a trade deal for financial services, a study published on Monday warned.

  • July 3, 2017

    ICICI Bank Chases Essar To England For $588M Payment

    The Singaporean unit of ICICI Bank is pursuing multinational conglomerate Essar Group through the English courts for $588 million awarded in damages in the U.S. over a loan default by Essar’s U.S.-based steelmaking subsidiary.

  • July 3, 2017

    Fieldfisher Opens Office In Bologna Led By Corporate Atty

    U.K. law firm Fieldfisher LLP announced on Monday that it has expanded further into Italy with the launch of a new office in Bologna, a year after its first venture into the country.

  • July 3, 2017

    Former FCA Chief Takes Key Role At New Banking Lobby

    Tracey McDermott, the former acting head of the Financial Conduct Authority, has joined the board of the new lobby for Britain’s banking that was formed by the merger of six trade bodies, the group said Monday.