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Financial Services UK

  • February 27, 2017

    RBS Fights £128M Resale Conspiracy Claim in London Court

    The Royal Bank of Scotland Group PLC pushed back Monday in a London court on claims from a former chief executive of a software company who accused the bank of conspiring to force his business into administration and unfairly benefit from its sale.

  • February 27, 2017

    Payment Security Rules Pass, But Further Problems Lie Ahead

    European regulators last week finalized new digital payment processing security rules — but experts warn the banking and e-payment sectors that they cannot rest easy, as a catalog of further compliance demands awaits.

  • February 27, 2017

    UK Relaxes Rules On Loan Ratios In Mortgage Lending

    Britain’s Prudential Regulation Authority on Monday relaxed its rules on the proportion of loan-to-income mortgage lending financial institutions can carry out, in a bid to help firms cope with changes in demand.

  • February 27, 2017

    Simmons & Simmons Nabs Ex-KWM Financial Atty In London

    Simmons & Simmons LLP said Monday it has expanded its financial practice with the addition of a partner to the international law firm’s London office from troubled King & Wood Mallesons LLP.

  • February 27, 2017

    Hogan Lovells, UK Tech Group Team Up To Study US Regtech

    A top U.K. financial technology trade group announced Monday that it has teamed up with law firm Hogan Lovells to explore how burgeoning regulatory technology, or regtech, could help smooth out tangled financial rules in the US.  

  • February 27, 2017

    EU Asks States To Help Declog Cross-Border Capital Flows

    The European Commission on Monday appealed to member states to participate in an "action plan" to clear barriers to cross-border capital flows that restrict access to finance and add additional transaction taxes of €8.4 billion ($8.9 billion) a year.

  • February 27, 2017

    BOE Looks To Ease Capital Demands For Challenger Banks

    The Bank of England’s regulatory arm said Friday it plans to update the standardized method used by smaller banks to calculate how much capital they need to withstand market shocks, in a move that could result in lower capital requirements for the U.K.’s challenger banks.

  • February 27, 2017

    Central Banks Told To Be Wary Of Blockchain Legal Risks

    The world’s central banks should carefully weigh the risks around adopting blockchain because a sound legal underpinning for the technology remains far off, a global payments standard setter said Monday.

  • February 27, 2017

    New Antitrust Snag Trips Up LSEG, Deutsche Börse Merger

    Plans to create Europe's largest stock exchange with the £24 billion ($30.1 billion) merger between the London Stock Exchange Group PLC and Deutsche Börse AG teetered on the brink after the U.K. exchange said late Sunday it couldn't sell a key Italian subsidiary to allay antitrust concerns in time for a Monday deadline. 

  • February 24, 2017

    Tyrie Urges UK To Stop EU Ring-Fencing Rules Despite Brexit

    An influential British lawmaker on Monday backed the government’s criticism of European Union plans to push controversial ring-fencing agreements onto large non-EU banks without formal consultation.

  • February 24, 2017

    Credit Suisse Wins Appeal Over Forced Energy Co. Stake Sale

    The U.K. Court of Appeal upheld a decision on Friday in favor of Credit Suisse International over the forced sale of the Caspian Energy Group Ltd., in a case centered on duties owed by the Swiss bank and the implied terms of a contract.

  • February 24, 2017

    Missed Swaps Rule Deadline Highlights Regulatory Miscues

    Finger-pointing between banks and regulators over a missed deadline for new securities swaps rules highlights the gap between regulatory blueprints and marketplace realities, leaving legal experts to predict more disconnects in the future.

  • February 24, 2017

    HSBC Appeals €33.6M Euribor Manipulation Fine

    HSBC Holdings PLC is appealing a European Union fine of €33.6 million ($35.6 million) over its alleged involvement in a cartel that manipulated prices for the key Euribor interest rate benchmark, the British bank said Friday.

  • February 24, 2017

    Taiwanese Shipping Tycoon’s $37M Breach Suit Struck Down

    A judge in London’s High Court ruled on Friday that a financial unit of ship-brokers Clarksons PLC is entitled to summary judgment for a negligence claim brought by the owner of Taiwanese shipping giant TMT Group over a 2008 derivatives contract breach.

  • February 24, 2017

    Global Banking Regulator Clarifies Net Stable Funding Ratios

    A global consortium of central banks clarified on Friday when financial firms can issue certain debt securities to meet international rules setting out minimum long-term stable funding levels for banks.

  • February 24, 2017

    UK Banks Warned Not To Sneak Into EU Market Post-Brexit

    Prospects for accessing the European Union's single market through the U.K. after Brexit "look dim," and European regulators will be watchful for British banks trying to create letterbox companies fronting for operations back in London, a senior German central banker said Friday.

  • February 24, 2017

    New Regulations Sap Market Liquidity, Experts Warn

    Fear of running afoul of new rules on misconduct and manager culpability imposed by European regulators is adding to the impact of stiffer capital requirements on market liquidity, bankers and financial lawyers warned Thursday at a meeting of the leading trade body for the financial industry.

  • February 24, 2017

    FCA Delays Deadline On Swaps Rules Amid Last-Minute Rush

    The U.K.’s Financial Conduct Authority has granted a last-minute reprieve to financial firms scrambling to meet new global derivatives rules coming into force on March 1, the regulator announced late Thursday.

  • February 24, 2017

    RBS Pitched Into Deep 2016 Loss By £5.9B Legal Bill

    Royal Bank of Scotland PLC said Friday that legal costs and regulatory fines soared to £5.9 billion ($7.4 billion) in 2016 from £3.6 billion a year earlier, pushing the British lender into a deeper loss for the year as it continued to struggle with the price of past misconduct.

  • February 23, 2017

    Ex-UBS Trader Hayes Fights FCA Lifetime Ban Over Libor

    Tom Hayes, the former UBS AG and Citigroup Inc. trader sentenced to 11 years in prison for rigging a key interest rate benchmark, is seeking to overturn his lifetime ban from the Financial Conduct Authority, partly on the grounds that it is "prejudicial" to his conviction appeal, his solicitor confirmed.