Financial Services UK

  • October 13, 2016

    UK Payments Watchdog Mulls More Financial Crime Protection

    As fraudsters grow more sophisticated, financial technology advances and watchdogs should consider whether consumers need greater protection from crime, the managing director of the U.K.’s Payment Systems Regulator said Thursday.

  • October 13, 2016

    £3.3M Fine Just The Start Of FCA's Money Laundering Crunch

    The Financial Conduct Authority's no-nonsense approach to tackling money laundering is about to ramp up, lawyers warn, pointing to a multimillion-dollar fine Britain's financial regulator dished out this week as a sign of things to come.

  • October 13, 2016

    EU Must Bear Down On Money Laundering, Regulators Say

    The European Union needs to be more rigorous in enforcing existing rules to combat money laundering and terrorist financing in the wake of the Panama Papers release, regulators told the European Parliament Thursday.

  • October 13, 2016

    FCA Urges Top UK Court To Ease Banker Defense Rights Test

    The Financial Conduct Authority pushed the U.K. Supreme Court Thursday not to force it to play detective to ensure unnamed bankers can't be identified from enforcement decisions against institutions, in a dispute over a JPMorgan Chase fine tied to $6 billion in "London Whale" losses.

  • October 13, 2016

    Post-Brexit UK To Step Into Data Transfer Minefield

    The U.K. may have to enter into its own complex Privacy Shield pact with the U.S. and Europe because of the historic vote to exit the European Union, causing new headaches for multinational financial services firms dealing in global data flows.

  • October 13, 2016

    UK Gov't Plan To Trigger Brexit Is Unlawful, Court Hears

    The British government’s plans to begin leaving the European Union by March 2017 without the express permission of Parliament is an unlawful violation of the nation’s rights, lawyers argued in the U.K.’s high court on Thursday.

  • October 13, 2016

    Scotland Rolls Out Plan For 2nd Independence Vote

    Scotland's government next week will introduce a new draft bill setting out preparations for a second vote on Scottish independence to be held before the U.K. leaves the European Union and its single market, Scottish First Minister Nicola Sturgeon said Thursday.

  • 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.