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Financial Services UK

  • February 23, 2017

    Debevoise Snags Private Funds Atty From Pollath

    Debevoise & Plimpton LLP is boosting its London and Frankfurt offices with the hiring next month of a "highly trusted" private funds regulatory lawyer from Pöllath + Partners, the law firm announced Thursday.

  • February 23, 2017

    Barclays Warns Legal Costs Loom As Capital Ratio Rises

    Barclays reported a boost to its capital buffers on Thursday as a result of lower misconduct charges, but warned of looming legal costs ahead of a potentially expensive legal battle with U.S and U.K authorities. 

  • February 23, 2017

    Bank Clients Risk Brexit Upheaval, Consumer Panel Warns

    The U.K. must reinforce vital regulatory safeguards for financial services consumers in the rush to slash European Union red tape during Brexit, an advisory panel to the Financial Conduct Authority urged Thursday.

  • February 23, 2017

    More Delays Plague Stalled EU Payment Rules

    The European Banking Authority on Thursday published overdue technical guidelines that form the basis of new European Union payment laws, though it admitted that further delays in the process mean finalized rules won’t go into place until nine months after the regulation goes live.

  • February 22, 2017

    ESMA Opens Up On Challenge Of Regulating Blockchain

    The European Securities and Markets Authority has largely taken a back seat as the financial services industry tinkers with blockchain and explores its possibilities — but ESMA has its eye on the transformative technology and is preparing for the industry to adopt it on a wider scale, a senior risk analysis officer told Law360 in an exclusive interview.

  • February 22, 2017

    Sainsbury’s Pushes On Alone In Swipe Fee Trial Against Visa

    Sainsbury’s Supermarkets Ltd. soldiered on in a London court on Wednesday as the last remaining claimant in an antitrust case against Visa Inc. seeking damages over swipe fees, following a series of recent out-of-court settlements between the credit card company and the other 14 retailers in the original claim.

  • February 22, 2017

    EU Regulators Want To Create Market For €1​T Bad Loans

    The European Union wants to establish a regulated market for banks to sell off the nonperforming loans that total around €1 trillion ($1.1 trillion) across the bloc, the European Commission’s finance chief said Wednesday.

  • February 22, 2017

    UK Steps Up Corruption Fight As Criminal Cash Bill Advances

    Britain’s government must back up its threats to punish banks involved in hiding and moving illicit cash with action, anti-corruption campaigners said Wednesday, after new legislation targeting dirty money was passed by the lower house of Parliament.

  • February 22, 2017

    Marathon Gets Just £2 Damages In Win Over Stolen Docs

    London’s High Court awarded damages of just £2 ($2.49) to Marathon Asset Management LLP on Wednesday after finding that documents taken without permission by former employees before they left to set up a rival firm were worth considerably less than the £15 million claimed by the firm.

  • February 22, 2017

    FCA Looks To Help Fintechs With Ontario Regulator Deal

    London’s financial technology firms will enjoy smoother access to Ontario, Canada, markets following an assistance deal sealed between the Financial Conduct Authority and the Ontario Securities Commission on Wednesday, the FCA said.

  • February 22, 2017

    Fears Of US Fines Weigh On European Banks, Fitch Warns

    The threat of U.S. fines for past misconduct is likely to deter some of Europe’s biggest banks from lending as they tread cautiously around capital management in anticipation of major payouts, a leading credit ratings agency said Wednesday.

  • February 22, 2017

    Banks Likely To Get Leeway On New Rules, Basel Official Says

    A senior official at the world’s top financial standards setter said Wednesday that banks will be given time to adjust to controversial new global capital requirements that regulators have been unable to agree to in the face of fierce European opposition.

  • February 22, 2017

    BOE Official Downplays Worries Over London's Euro Clearing

    A top Bank of England official sought to deflect fears on Wednesday that euro-denominated contracts clearing will be forced to leave London after Brexit, and warned that “currency nationalism” could break up global capital markets.

  • February 22, 2017

    Ex-Barclays Trader Merchant Gets Libor Rigging Sentence Cut

    Former Barclays PLC trader Jay Merchant has had his sentence for rigging a key global interest rate benchmark reduced by 12 months, to five and a half years, in a Wednesday ruling by the London-based Court of Appeal.

  • February 21, 2017

    Zero Corporate Tax Nations To Be Spared EU Blacklist

    The European Union has agreed that jurisdictions charging zero corporate tax on banks and multinational businesses won’t be automatically classed as unfair tax regimes as it prepares its first ever “blacklist” of offshore tax havens, officials said Tuesday.

  • February 21, 2017

    FCA Cedes Belgian Law Point In Trader's Euribor Ruling Suit

    Britain's Financial Conduct Authority has accepted that Belgian law governs a benchmark interest rate underlying a former Deutsche Bank AG trader's dispute with the regulator, but maintained that English law still applies to key alleged infractions cited in an FCA rate-rigging decision against the bank, according to an Upper Tribunal decision Monday.

  • February 21, 2017

    Bank Lobby Urges FCA To Collaborate With Financial Firms

    The U.K.’s Financial Conduct Authority should consider a “no blame” approach allowing some financial firms to report incidents and receive advice rather than penalizing them for misconduct, Britain’s top banking lobby said Tuesday.

  • February 21, 2017

    Post-Backlash Payment Reform Delays Likely At EBA

    Following an industry backlash the European Banking Authority is expected to reveal further delays Wednesday to long-awaited reforms to technical standards for financial payments, an EBA official familiar with the matter told Law360.

  • February 21, 2017

    Don’t Hammer Banks With Even Tougher Rules, Lobby Urges

    The U.K. government must consider how sweeping changes to the way businesses are run will affect banks, and limit the effects on firms that are already highly regulated, the industry’s top trade body said Tuesday.

  • February 21, 2017

    BOE Says Strong Oversight Of Insurers’ Risk Models Justified

    The “robust approach” taken by U.K. regulators before approving requests for changes to internal modeling is necessary to prevent insurance firms from trying to cut their capital requirement levels, a senior figure at the Bank of England said on Tuesday.