Financial Services UK

  • May 25, 2016

    Cross-Border Profit Transfers Stall EU Tax Avoidance Deal

    The European Union’s push to stamp out corporate tax avoidance hit a roadblock Wednesday amid disagreement over how to stop multinationals from shifting profits across internal EU borders for better tax rates.

  • May 25, 2016

    Shadow Banking Firms Need More Policing, Watchdog Says

    Shadow banking remains largely unregulated three years after the Financial Stability Board recommended a global policy framework to keep the sector in check, the FSB said in a report released Wednesday.  

  • May 24, 2016

    SFO Hamstrung By Unusual Funding Structure, Watchdog Says

    The U.K.’s Serious Fraud Office should increase its core funding and reduce its reliance on government cash injections for big cases, a model that prevents the agency from developing skills in-house, according to an independent executive agency report released Tuesday.

  • May 24, 2016

    Longtime Expats Lose Last-Ditch Appeal Over Brexit Vote

    The U.K.’s Supreme Court on Tuesday rejected a bid to allow U.K. citizens who have been living abroad for more than 15 years the right to vote in an upcoming referendum on whether the country will remain in the European Union, ending a suit from a White & Case LLP competition attorney.

  • May 24, 2016

    FCA Probes Banks Dumping Potentially Risky Accounts

    U.K. authorities said Tuesday they will probe banks that deny services to potentially risky customers to avoid money-laundering issues, warning that the practice could be in violation of U.K. competition law.

  • May 23, 2016

    EU Lays Out Flexible Rules For Bank 'Bail-In' Instruments

    The European Commission on Monday unveiled a set of flexible criteria national regulators must use when setting requirements for the kinds of debt banks need to have on their books in order to avoid taxpayer-funded rescues if they fail.

  • May 23, 2016

    FCA To Issue Stance On Risk Aversion Trend At UK Banks

    The Financial Conduct Authority will release a long-awaited report Tuesday that examines whether British banks are denying entire categories of customer accounts to reduce risk of money laundering and thus avoid more rigorous enforcement by authorities.

  • May 20, 2016

    Deutsche Bank Investigating Conflict of Interest Trade

    Deutsche Bank confirmed Friday that an internal investigation is under way into a derivatives transaction that may have involved “unacceptable” conflicts of interest by employees who had invested personal funds, reportedly including the London-based former co-head of the bank’s investment division.

  • May 20, 2016

    Longtime UK Expats Lose Appeal For Brexit Voting Rights

    The U.K.’s Court of Appeal ruled Friday that British citizens who have been living abroad for more than 15 years can't vote in an upcoming referendum on whether the country will remain in the European Union, rejecting a suit from a White & Case LLP competition attorney.

  • May 19, 2016

    SFO Urges Firms To Self-Report To Soften Penalties

    Companies involved in corporate wrongdoing can expect lighter penalties, such as civil charges or deferred prosecution, if they come forward promptly and fully cooperate with investigators, a senior figure from the U.K.’s Serious Fraud Office said on Wednesday.

  • May 19, 2016

    FCA Ban To Stick Against Former Life Settlement Firm Exec

    The former compliance officer of a collapsed investment company that had sold £475 million ($694 million) worth of faulty life settlement products has withdrawn his appeal against a decision to ban him from financial service activities, the U.K.’s Financial Conduct Authority announced Thursday.

  • May 18, 2016

    EU Securities Markets Regulation Enters Homestretch

    The finish line for implementing a vast swath of rules aimed at creating more competitive, integrated securities markets across the European Union is now in sight after EU leaders passed another piece of the massive legislation and agreed to a January 2018 start date.

  • May 17, 2016

    Ex-Barclays Trader Denies Blind Ambition Behind Libor Rig

    A former Barclays Libor submitter accused of conspiring to manipulate the benchmark rate denied in a London court Tuesday that he was driven to tailor submissions by a desire to join the “big dogs” on the swaps desk.

  • May 17, 2016

    EU Weighs Tweaks To Post-Crisis Rules For Banks

    Europe’s financial services commissioner pledged Tuesday to review whether swathes of legislation implemented since the banking crisis could be revised, responding to industry fears that tighter regulation has slowed financing for markets and the economy.

  • May 16, 2016

    Ex-Barclays Trader Made False Libor Submissions For Years

    A former Barclays trader accused of conspiring to manipulate the Libor testified in a London court Monday that he knowingly submitted a false rate every day for two years, a practice he claimed was widely used at other banks.

  • May 13, 2016

    Ex-Barclays Trader Admitted Libor Lie Amid Extradition Fear

    A former Barclays trader accused of conspiring to manipulate Libor told a London court Friday that he lied at first to the U.S. Department of Justice about his role in the scandal but later changed his story because he was “very scared” of being extradited to stand trial in the U.S.

  • May 12, 2016

    Ex-Barclays Trader Blames Bat-Wielding Boss For Libor Rig

    A former Barclays trader accused of trying to manipulate Libor testified in a London court Thursday that he was following the directions of his boss, who he said would "whack" him with a 12-inch toy bat if he made mistakes in his work.

  • May 11, 2016

    Ex-Barclays Bankers Jury Told Of Related Libor Guilty Plea

    The prosecution in a Libor-rigging trial told a London jury on Wednesday that a former colleague of the five ex-Barclays bankers accused of manipulating the key benchmark had already pled guilty in October 2014 to the same charge of conspiracy to defraud.

  • May 10, 2016

    UK Magic Circle Firms Caught In Panama Papers Data Dump

    Two Magic Circle firms and at least 17 other major U.K.-based solicitors have been linked to thousands of the offshore investment companies listed in the so-called Panama Papers, which exposed a vast network that has global regulators looking to strengthen tax avoidance regimes. 

  • May 9, 2016

    FCA Launches 'Regulatory Sandbox' For Financial Products

    The U.K.’s Financial Conduct Authority began taking applications Monday for an initiative that allows companies to test new products in a live market environment without being subject to the full regulatory rulebook.