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Financial Services UK

  • May 15, 2017

    Accounting Body Issues Guidance For Vetting Bank Capital

    Britain’s top accountancy body on Monday published a framework for the vetting of bank capital numbers to provide greater certainty over key banking regulatory ratios designed to measure a firm’s financial strength.

  • May 15, 2017

    Pillsbury Boosts London Finance Team With Double Hire

    Pillsbury Winthrop Shaw Pittman LLP has expanded its U.K. finance practice with the addition of two finance lawyers as partners to its London office, the international law firm said Monday.

  • May 15, 2017

    Brexit Will Trigger European Regulatory Changes, ECB Says

    A top European Central Bank official warned on Monday that it will be forced to rewrite equivalence rules to stop financial services firms from exploiting the fallout over Brexit to secure looser regulatory obligations from countries eager to accommodate them.

  • May 15, 2017

    JPMorgan Buys Dublin Office, Eyeing EU Access Post-Brexit

    U.S. bank JPMorgan Chase & Co. agreed on Monday to buy an office building in Dublin big enough to accommodate 1,000 staff — the first sign of a major firm expanding in Ireland to allow it to remain within the European Union's regulatory framework after Brexit.

  • May 15, 2017

    ECB Sets Criteria For Appointing Bank Board Members

    The European Central Bank said on Monday it will consider actions taken by banks to mitigate potential conflicts of interest when deciding whether new board members are “fit and proper” to hold their positions at Europe’s biggest lenders.

  • May 15, 2017

    FCA Warns Firms To Prepare For Fresh Cyberattack

    Britain’s financial regulator urged firms on Monday to brace for a second wave of the ransomware cyberattack that has hit 150 countries around the globe.

  • May 14, 2017

    G-7 Plans Stronger Cyber Protection, Dirty Money Cleanup

    The Group of Seven leading industrial nations with democratric governments have pledged to strengthen their fight against cybercrime and redouble efforts to stamp out money-laundering, according to a post-meeting communique issued Saturday.

  • May 12, 2017

    Gibraltar Penalizes 2 Directors Over Unregulated Pensions Advice

    The Gibraltar Financial Services Commission said Friday it reached an agreement with two directors of a company that was providing professional trustee services to pension insurance schemes without regulatory approval, with the executives agreeing to step down from their roles and not reapply for regulatory authorization for two years, following an investigation of the pair's "fitness and proprietary."

  • May 12, 2017

    EBA Finalizes Expected Credit Risk Management Rules

    Europe’s banking watchdog published final guidelines on sound credit risk practices and accounting for expected losses at banks on Friday, as the industry braces itself for onerous new accounting measures.

  • May 12, 2017

    Retail Banking Profitability To Come Under FCA Review

    The business models of the U.K.’s biggest retail banks will come under heightened scrutiny in the coming months after the Financial Conduct Authority announced a review of how the sector is adapting to regulatory and technological changes.

  • May 12, 2017

    UK Poised To Seize Insurance Securities Biz With Overhaul

    The British government is poised to introduce legislation that will make wide-ranging changes to the U.K.'s corporate, tax and regulatory regimes to encourage more insurers to set up special purpose vehicles to cover catastrophe risks onshore — and experts say the plan to win business back from Bermuda and Guernsey just might work.

  • May 12, 2017

    FCA Signs Fintech Deal With Hong Kong Securities Regulator

    A top British regulator signed an agreement on Friday with Hong Kong’s securities watchdog to bolster financial technology ties between the two jurisdictions.

  • May 12, 2017

    US Private Equity Co. Has Second Go At Suing Ex-F1 Boss

    After a New York court tossed a private equity firm's $650 million (£505.3 million) bribery suit against Bernie Ecclestone, the U.S. firm has filed a new claim against the former motor racing supremo in England, according to the High Court register.

  • May 12, 2017

    PRA Strengthens Accountability in Insurance, Banking

    The U.K.’s Prudential Regulation Authority released detailed policy on Friday outlining how banks and insurers must hold top executives personally accountable for misconduct under their watch.

  • May 12, 2017

    FCA Authorizes First Major Peer-To-Peer Lender

    Britain’s oldest peer-to-peer lender became the first major company of its kind to be granted authorization to launch an individual savings account by the U.K.’s banking watchdog on Thursday after more than a year of delays.

  • May 12, 2017

    Financial Reporting Council Wants Views On Sanction Rules

    The U.K.’s top corporate governance watchdog is asking for industry opinion on its enforcement procedures, which will be fed into an independent review of whether its penalties effectively deter wrongdoing.

  • May 11, 2017

    No End In Sight For De-Risking Dilemma At Besieged Banks

    A new era of aggressive regulatory and criminal prosecution of financial crime has led to a mass cull of correspondent banking relationships since the financial crisis, and lawyers say there is little sign of the pendulum swinging back any time soon.

  • May 11, 2017

    EU OKs Program To GIve Consumers Voice In Finance Policy

    The European Council gave final approval Thursday to a €6 million ($6.52 million) program that will fund two Brussels-based lobby groups to enhance consumer involvement in EU financial services policymaking.

  • May 11, 2017

    RBS Chief Defends £125M Cost Of Fighting Rights Issue Suit

    The Royal Bank of Scotland on Thursday again defended the high costs it is spending to fight a class action brought over the bank’s fundraising before its taxpayer bailout, estimated to finish at £125 million ($161 million) in legal fees, calling the case “extraordinary.”

  • May 11, 2017

    US Warns EU To 'Tread Carefully' On Euro Clearing

    A top U.S. securities regulator warned Europe late Wednesday that it should think carefully before attempting to move the lucrative euro-clearing industry away from London post-Brexit.