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Financial Services UK

  • May 11, 2017

    EBA Finalizes Guidelines For Assessing Bank IT Risk

    The European Banking Authority issued final guidelines on Thursday for national regulators to aid them in assessing and containing risks to the financial system from the rapid growth of information technology within the financial services industry.

  • May 11, 2017

    ECB Wants More Regulatory Reform In Derivatives Markets

    A top European central banker said on Thursday that more regulatory work needs to be done to make the derivative markets secure, amid rising risks related to the way banks and brokers use clients’ assets for their own purposes.

  • May 11, 2017

    Fintech Lobbyists Call For Election Pledges On Brexit

    Britain’s top financial technology lobby group on Thursday urged every U.K. political party to put pledges in their election manifestos to protect the sector, amid fears that a "hard Brexit" will damage the industry’s access to talent and funding.

  • May 11, 2017

    Use Arbitration Body To Settle UK Brexit Bill, Think Tank Urges

    Britain and the European Union should use international arbitration to settle their dispute over the size of the U.K.’s European divorce settlement to help avoid a looming clash that risks derailing Brexit talks, an economic think tank based in Brussels said on Thursday.

  • May 11, 2017

    UK Authority Fines PwC £5M For Misconduct Over Audits

    PricewaterhouseCoopers LLP was hit with a £5 million ($6.46 million) fine by the U.K.’s accounting watchdog on Thursday for misconduct over its 2009 audit of social housing group Connaught PLC, which has since collapsed.

  • May 10, 2017

    SEC Keeps Up Aggressive Wrap Fee Enforcement, For Now

    The U.S. Securities and Exchange Commission stepped up the pace of its pursuit of programs charging a supposedly all-inclusive wrap fee on Wednesday, fining Barclays Capital Inc. $97 million over charging fees for services that weren't delivered, but experts said it's too early to tell if the agency will keep up the hunt under new SEC Chairman Jay Clayton.

  • May 10, 2017

    Barclays To Pay SEC $97M For Investment Client Overcharges

    A unit of Barclays PLC will pay $97 million to settle claims by the U.S. Securities and Exchange Commission that it overcharged thousands of investors over a six-year period for services it never actually provided, the regulator announced Wednesday.

  • May 10, 2017

    Basel IV Pushes Past Bank 'Inflection Point,' ISDA Chief Says

    New capital requirements for banks threaten to push past an "inflection point' forcing banks to retrench from lending operations to remain compliant, a step that could drag on economic growth, the head of the global standard-setting body for the derivatives market said Wednesday.

  • May 10, 2017

    Shadow Banking Continues To Grow, Global Watchdog Says

    The global shadow banking market has grown by trillions of dollars, according to a Financial Stability Board report published on Wednesday analyzing the sector that regulators continue to warn needs greater scrutiny and supervision.

  • May 10, 2017

    Ireland Outlines Stance On Banking License Applications

    British banks seeking to move their operations to Ireland will be allowed to temporarily use their existing internal risk models without undergoing a full-blown approval process, a top Central Bank of Ireland official said on Wednesday, as the country steps up efforts to attract business from London after Brexit.

  • May 10, 2017

    SFO Wins Landmark Privilege Ruling To Access Internal Docs

    The Serious Fraud Office can force an international mining firm under criminal investigation for corruption and bribery to hand over documents including forensic accounting data produced during an internal investigation, London’s High Court ruled in a landmark decision on legal privilege.

  • May 10, 2017

    Barclays CEO Admits Whistleblower 'Error' Amid Probe

    Barclays PLC chief executive Jes Staley apologized to shareholders on Wednesday and admitted he “made an error” in attempting to uncover a whistleblower inside the firm, a move that is being investigated by British regulators.

  • May 10, 2017

    How US Firms' Growth Has Changed London's Legal Scene

    An onslaught of U.S. law firms into London over the past decade, driven largely by private equity and financial industry work, has created increased competition for talent in the city’s legal market and pushed U.K.-based law firms to rethink their strategies surrounding compensation.

  • May 10, 2017

    Gibraltar To Create Blockchain Regulatory Framework

    British overseas territory Gibraltar is consulting on a regulatory framework for blockchain, the territory’s government announced late Tuesday, making it the first jurisdiction to shape laws around the transformative technology.

  • May 10, 2017

    Regulatory Flood Pushes KPMG To Connect Banks, Insurers

    A tide of incoming financial regulation has prompted KPMG International to position itself as a middleman between banks, insurance firms and new financial technology companies, the firm said Wednesday, as the industry braces for landmark changes.

  • May 10, 2017

    Kirkland Hires Restructuring Finance Atty From Freshfields

    Kirkland & Ellis International LLP has hired a Freshfields Bruckhaus Deringer LLP partner who advises financial firms on restructurings and specialized lending transactions, Kirkland announced Wednesday.

  • May 9, 2017

    Blame Game Trial Starts Over $10M Ukrainian Loan Fallout

    A distressed-asset manager attempting to reverse its purchase of $10 million in debt owed by a Ukrainian steel manufacturer told London’s High Court on Tuesday that the firm had done all it could to meet its obligations under the sale agreement.

  • May 9, 2017

    Industry Waking To Enormity Of EU Benchmarks Regulation

    Of the flurry of legislation swamping Europe’s financial services sector in January, lawyers say one of the broadest and most problematic stems from attempts to stop manipulation of the benchmarks in financial instruments, a complex and demanding raft of changes that have flown under the radar as banks juggle with competing demands.

  • May 9, 2017

    Regulators May Fragment Global Markets, ISDA Chief Warns

    There are early signs that cooperation among regulators is slipping, which is threatening to fragment liquidity in global financial markets, the head of the international derivatives standard setting body said Tuesday.

  • May 9, 2017

    FCA Updates Financial Adviser Exam Standards

    The Financial Conduct Authority updated on Tuesday the standards retail bankers need to meet to qualify under its training and competence regime, in the latest move from the regulator aimed at improving the financial advice industry in the U.K.