Financial Services UK

  • July 20, 2016

    UK Gov't Told To Use Brexit Chance For Challenger Banks

    A senior British lawmaker on Wednesday urged the government to look into the opportunities presented by the U.K.’s exit from the European Union and departure from EU laws to create domestic banking rules that are less onerous on so-called ‘challenger banks.’

  • July 20, 2016

    Societe Generale Granted Slight Delay In Libya Fund Trial

    A civil trial brought by Libya’s sovereign wealth fund against Societe Generale S.A. over a $1.5 billion alleged bribery and corruption dispute will be pushed back by four months to April 2017, a London court ordered Wednesday.

  • July 19, 2016

    US Blocking Publication Of Damning HSBC Report, UK Says

    An explosive report into failures to thwart money laundering that is at the heart of a billion-dollar HSBC Holdings PLC settlement is being blocked from publication by U.S. authorities and may threaten the stability of the global financial system if ever fully aired, the U.K.’s top regulator said Tuesday.

  • July 19, 2016

    Watchdog Calls On EU To Match US Fund 'Passporting' Rules

    The European Union's financial markets watchdog asked on Tuesday that the EU's governing bodies take steps to prevent U.S. hedge funds from having a competitive advantage over their EU counterparts as a result of the region's softer "passporting" rules.

  • July 19, 2016

    New UK Financial Watchdog Chief Plots Mission Overhaul

    The new head of the U.K. Financial Conduct Authority has promised to aggressively target bad behavior in firms on its radar and increase transparency, after admitting Tuesday it has let down consumers.

  • July 19, 2016

    Brexit Challenge To Go To Trial In October

    The first legal challenge over whether the U.K. government can begin formal proceedings to leave the European Union without parliamentary assent will be heard in the middle of October, a judge ruled Tuesday.

  • July 18, 2016

    Societe Generale Seeks To Delay Libya Fund Trial

    Societe Generale S.A. asked a London court Monday to delay until October 2017 a civil trial brought by Libya’s sovereign wealth fund over a $1.5 billion alleged bribery and corruption dispute, in the hope current political turmoil in Libya the bank says could undermine proceedings might be resolved.

  • July 15, 2016

    Libyan Fund Expert In Goldman Dispute Struggles On Stand

    An expert called upon by Libya's sovereign wealth fund who judged that trades with Goldman Sachs at the heart of a dispute over a $1.2 billion loss shouldn’t have been carried out was forced to admit in a London court Friday that he had no concrete basis for his opinion.

  • July 14, 2016

    EU Watchdog Sees Regulators Improve Bank Health Reviews

    Regulators across the European Union have increased their efforts to meet EU guidelines on steps they have to take for ascertaining a bank’s robustness and ability to deal with market shocks, the European Banking Authority said Thursday.

  • July 14, 2016

    Barclays Can't Limit Info Search In €362M Taberna Case

    A London court on Thursday ruled that Barclays PLC will have to turn over more material than the bank wanted to over communications surrounding swaps deals at the heart of a €362 million ($403 million) dispute with Taberna Europe CDO I PLC.

  • July 14, 2016

    Revamped UK Cabinet To Prioritize EU Single Market Access

    A reshuffled U.K. government cabinet under new Prime Minister Theresa May will press for continued access to the European Union’s single market once the country pulls out of the bloc, which could come as early as December 2018, senior officials said Thursday.

  • July 13, 2016

    EU Watchdog Sets Market Abuse Rules On Insider Information

    The European Securities and Markets Authority issued final guidelines Wednesday for implementing rules concerning the treatment of pre-transaction inside information, including the steps investors need to take if they receive this information.

  • July 13, 2016

    UK FCA Fines Towergate £2.6M For Client Money Rules Breach

    The U.K.’s Financial Conduct Authority has fined insurance firm Towergate Underwriting Group more than £2.6 million ($3.4 million) and a company director £60,000 for breaking rules on protecting client money, the watchdog announced Wednesday.

  • July 12, 2016

    EU Urges Banking Group To Avoid More Capital Requirements

    The European Union’s financial ministers on Tuesday urged a global forum of banking supervisors to carefully assess the impact of proposed changes to international banking standards due to be finalized by the end of 2016, which banks say would increase their capital burden.

  • July 12, 2016

    RBS Trade Data Points To Libor Low-Balling, Expert Says

    Analysis of historical RBS trade data suggests the bank low-balled its submissions for pound sterling-linked Libor on dozens of occasions, an Oxford University financial mathematics lecturer told a London court Tuesday.

  • July 12, 2016

    SFO To Retry 2 Barclays Traders In February 2017

    Two former Barclays traders accused of attempting to rig Libor will be retried in February 2017 after a jury failed to reach a verdict in a recent 11-week trial, the Serious Fraud Office announced Tuesday.

  • July 11, 2016

    Tighter Rules Looming For Trillion-Dollar Money Funds Market

    Crunch talks aimed at ending years of wrangling on reforms to money market funds, a $1.1 trillion global industry, are set to begin behind closed doors in Brussels on Thursday, with officials hopeful a deal can be struck before the end of the year.

  • July 11, 2016

    Goldman Trader Admits Worry Over Libya Fund Trade Pricing

    A Goldman Sachs trader involved in pricing derivatives trades in 2008 that lie at the heart of a dispute over a billion-dollar loss sustained by Libya's sovereign wealth fund "expressed concern" at his colleagues' attempts to gouge out bigger profits on the transactions, a London trial court heard on Monday.

  • July 11, 2016

    Lawyers And Lawmakers Split On Brexit Vote Legality

    U.K. lawmakers believe the country's historic decision to leave the European Union can be taken by the prime minister alone, as more than 1,000 barristers across Britain wrote to officials on Monday to argue the result is not legally binding.

  • July 8, 2016

    London's Fintech Scene Hit By Brexit Blues

    London’s position as the top global fintech hub is under significant threat following Britain’s vote to leave the European Union, and the U.K. government must act quickly to stop a mass exodus of firms, a major trade body warned Thursday.