Financial Services UK

  • March 15, 2018

    European Banking Watchdog Turns Spotlight On Fintech

    The European Union’s banking watchdog published its “fintech roadmap” on Thursday, setting out a series of supervisory priorities for the next two years, including monitoring financial technology firms so they can be consistently regulated across the EU.

  • March 14, 2018

    Rockpool Partner Sues For £6.6M Over Dilution Of Shares

    A partner of Rockpool Investments LLP is seeking at least £6.6 million ($9.2 million) in damages from the private equity firm, alleging that her co-partners breached their contract by diluting the value of her shares in the firm without her knowledge and input in the process.

  • March 14, 2018

    Ex-Gov't Minister Disputes 'Villain' Tag In Investment Row

    An ex-government minister said at a High Court hearing on Tuesday that he is being made the "villain" in a legal battle over the profit he and his business partners allegedly made on a £27 million ($37.7 million) land investment deal, denying he committed any wrongs.

  • March 14, 2018

    How Legal Departments Can Prepare For The Upcoming GDPR

    Some multinational companies and their legal departments have been taking steps toward complying with the European Union’s upcoming data protection regime, while others have only just begun or aren’t even considering action before the regulation goes into effect in less than 75 days. Here, Law360 looks at how businesses and their legal departments can prepare for the approaching May 25 implementation date.

  • March 14, 2018

    Crypto Exchange Lands Barclays In 1st UK Bank Tie-Up

    After winning U.K. regulatory clearance, Coinbase said Tuesday it has inked a deal with Barclays to speed up payments and make it easier for customers to withdraw their money, making it the first major cryptocurrency exchange to team up with a British bank.

  • March 14, 2018

    Prudential Boosts Solvency II Surplus By £300M With Spinoff

    Major U.K. insurance and financial services group Prudential PLC said on Wednesday that it will split its British business from its U.S. and Asian operations, in a move that will boost its Solvency II capital surplus by £300 million ($419 million).

  • March 14, 2018

    EU Lawmakers Say No Special Trade Deal For UK Firms

    The European Parliament on Wednesday voted to offer the U.K. a trade agreement without any special access for financial services or other industries after the nation leaves the European Union.

  • March 14, 2018

    EU Needs New Financial Regulation For Nonbanks, ECB Says

    European policy needs to be enhanced by introducing new instruments that help to target risks caused by financial services firms other than banks, the European Central Bank’s vice president said on Wednesday.

  • March 14, 2018

    Financial Adviser Can't Shirk Liability For Ponzi Fraudster

    A London court refused Tuesday to overturn a Financial Ombudsman Service ruling holding financial adviser group TenetConnect Services Ltd. liable to pay redress over one of its appointed representatives who was later convicted running a £2.9 million ($4.04 million) fraud.

  • March 14, 2018

    National Laws Apply To EU Swipe Fees Battle, UK Court Rules

    A London court has ruled that swipe fee claims brought against MasterCard Inc. by a group of European retailers over alleged violation of competition laws must be applied under the national laws of the claimants.

  • March 14, 2018

    EU Looks To Reduce $1T In Bad Debt With New Banking Rules

    European banks will be forced to put aside more money to help cut down the pile of bad loans stifling economic growth across the bloc, according to plans announced by the European Commission on Wednesday.

  • March 13, 2018

    Austrian Law Could 'Distort' EU Capital Regs, Top Court Told

    An adviser to the Court of Justice of the European Union urged the court Tuesday to rule that an Austrian national law allowing that country's financial regulator to sanction a bank with interest payments over what it called excessive exposure to risk was not in line with EU legislation.

  • March 13, 2018

    Top Lawmaker Queries Ombudsman Over Staff Shortcomings

    The head of a key parliamentary committee demanded answers from Britain’s top financial arbiter on Tuesday after an undercover investigation revealed that complaints had been handled by staff with inadequate training, who in some cases used Google to understand the products involved.

  • March 13, 2018

    Lawmakers Seek New Debate Over RBS Restructuring Group

    A group of U.K. lawmakers formally applied Tuesday for another parliamentary debate on the continued fallout from the Royal Bank of Scotland PLC’s now-defunct global restructuring group, during which they will introduce a motion seeking more redress for firms that lost money or went bankrupt after being placed in the unit.

  • March 13, 2018

    UK Eyes Link Between Big Cash Transfers, Financial Crime

    The U.K. government announced Tuesday that it is cracking down on individuals and businesses who use large cash transactions to take part in financial crimes such as evading tax payments and laundering money.

  • March 13, 2018

    FCA Plans To Overhaul Its Handbook After Brexit

    The Financial Conduct Authority will have to review its handbook when Britain leaves the European Union, minutes from the U.K. watchdog's most recent board meeting reveal, but it will limit the number of rule changes it makes in the run-up to Brexit.

  • March 13, 2018

    EU Passes Law On Mandatory Disclosure Of Tax Avoidance

    Tax advisers will have to tell European Union authorities about avoidance schemes they market from 2020 under a law passed unanimously by the bloc’s finance ministers Tuesday.

  • March 13, 2018

    EU Gov'ts Delay Banking Reform Talks Amid Divisions

    European finance ministers on Tuesday failed to agree on terms for a major package of reforms designed to reduce risk in the European banking sector and have pushed back further discussions until May.

  • March 13, 2018

    Ex-Barclays Trader Loses Appeal Of Libor-Rigging Conviction

    Former Barclays PLC trader Alex Pabon lost his attempt to have a British appellate court toss his conviction for rigging Libor on Tuesday as judges rejected his claim that a key prosecution witness who testified at his trial lacked credibility.

  • March 13, 2018

    Central Banks Warned Against Issuing Cryptocurrencies

    Allowing central banks to distribute their own digital currencies could create serious new risks for financial markets and destabilize traditional lenders, a comprehensive report from a banking standards setter has warned.

Expert Analysis

  • A Review Of Cross-Border Investigations In 2017: Part 1

    Sunil Gadhia

    A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Portfolio Finance May Minimize Litigation Funding Risks

    Matthew Denney, Chancery Capital.jpg

    In the litigation funding world, portfolio financing offers many potential advantages, but few who talk about it truly understand the mechanisms or reasoning behind portfolio arrangements, says Matthew Denney of Chancery Capital.

  • A Look At US And EU Fintech Regulatory Frameworks

    Brian Christiansen

    The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.

  • EU Notice To Stakeholders Is Accurate, But Misleading

    Louise Freeman

    The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.

  • On The Eve Of A Blockchain Revolution

    Ross Nicholls

    Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.

  • Smart Contracts Need Smart Corporate Lawyers

    Matthew O’Toole

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.

  • Shariah Compliance Does Not Affect English Law Payments

    David Miles

    The English High Court's recent decision in the Dana Gas case has upheld the enforceability of Islamic finance products entered into by Middle East-based entities by rejecting the argument that lack of Shariah compliance can invalidate sukuk obligations, say David Miles and Christoph Schulz of Covington & Burling LLP.