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Financial Services UK

  • December 11, 2018

    City Firms Will Suffer Under All Brexit Scenarios, MPs Say

    The financial services sector will contribute less to Britain's economy under all Brexit scenarios set out by the government, a panel of lawmakers said on Tuesday, warning that the country's regulators will lose their voice in forming policy during a transition period after March 29.

  • December 10, 2018

    Financial Co.’s Fine For Making 8.5M Nuisance Calls Upheld

    A British appeals tribunal has upheld a decision by the Information Commissioner’s Office to fine a company £300,000 after it made 8.5 million nuisance calls targeting individuals for payment protection insurance compensation claims without their consent.

  • December 10, 2018

    Indian Tycoon Can Be Extradited On Bank Fraud Charges

    A London criminal court ruled Monday that an Indian beverage tycoon can be extradited to India to face charges that he plotted to defraud a major bank in connection with tens of millions of dollars' worth of loans for his now-defunct Kingfisher Airlines.

  • December 10, 2018

    Major Global Investors Demand Action On Climate Change

    A group of investors with $32 trillion in assets under management urged governments around the world Monday to spend more money on slowing climate change, warning that temperature rises could cause permanent economic damage many times greater than that seen in the financial crisis.

  • December 10, 2018

    UK Outlines New AML Measures For Limited Partnerships

    The U.K. government outlined a package of anti-corruption reforms Monday aimed at tackling the abuse of limited partnerships by criminals to launder dirty money through the U.K., including more stringent checks for registration and annual filing requirements.

  • December 10, 2018

    UK's May Delays Brexit Vote After Rebellion In Own Ranks

    Theresa May postponed a key parliamentary Brexit vote on Monday to stave off a potentially crippling defeat, as the prime minister succumbed to pressure from inside her own Conservative Party to press the European Union for a better deal.

  • December 10, 2018

    ECB Asks Top EU Court To Scrap Ruling On Bank Support

    The European Central Bank is fighting a decision by the European Union’s top court that overruled its refusal to disclose why it cancelled financial support for a struggling Portuguese bank that was given a €4.9 billion ($5.6 billion) bailout by the country’s authorities.

  • December 10, 2018

    Goldman Sachs Takes €37M Cartel Fine To Top EU Court

    Goldman Sachs Group Inc. has filed an appeal at the European Court of Justice challenging a €37.3 million ($42.5 million) fine imposed by European antitrust watchdogs over one of its former affiliate's involvement in a power cable cartel.

  • December 10, 2018

    ECJ Rules UK Can Unilaterally Cancel Brexit Process

    The European Court of Justice ruled on Monday that Britain can unilaterally reverse the process of leaving the European Union, boosting a campaign to stop Brexit with a second referendum if Parliament remains deadlocked over the withdrawal agreement now on offer.

  • December 7, 2018

    FCA Fines Plummet In 2018 As Regulator Shifts Focus

    The total value of fines handed out by the Financial Conduct Authority has plummeted 88 percent in 12 months, new data revealed on Monday, as the U.K. regulator eased off on huge penalties for corporations and focused instead on individual wrongdoing.

  • December 7, 2018

    'Weak' Fraud Trial Raises Questions About SFO's Approach

    The collapse of the trial of two former Tesco directors accused of fraud and false accounting by the Serious Fraud Office is the latest blow for the white collar crime agency and calls into question its dual strategy of pursuing deferred prosecution agreements with companies and criminal prosecutions of individuals, attorneys say.

  • December 7, 2018

    BNP Paribas Unit Says UK Manufacturer Didn't Escape Lease

    The securities arm of BNP Paribas has rejected in new court documents a former tenant’s argument that a one-off payment it made to the financial firm revoked its commitments to completely clear out a property it was leasing.

  • December 7, 2018

    International Law Firms Hire Partners In Boost For London

    Three international law firms have been hiring in the U.K. market as they install veteran lawyers as partners at their London offices, boosting finance and investments practices at two firms and recruiting a former Financial Conduct Authority attorney at a third.

  • December 7, 2018

    Fraudster Cops To Running Illegal Investment Scheme

    The director of a company accused of operating an illegal investment scheme pled guilty to charges of fraud and misleading consumers at a criminal court hearing in central London on Friday, Britain’s financial services watchdog said.

  • December 7, 2018

    UK Leading AML Fight, International Standard Setter Says

    The U.K. is leading the battle against dirty money, according to a report by a global anti-money laundering watchdog released Friday that examined the fight against criminal and terrorist financing in 60 countries.

  • December 7, 2018

    Scammer Who Targeted Banks Told To Pay Up Or Do Time

    A man who conned Barclays PLC and Belgian bank KBC Group NV out of almost £160 million ($204 million) and has received a 15-year sentence was ordered to pay more than £450,000 in the next three months or face a further four years in prison, the Serious Fraud Office said Friday.

  • December 7, 2018

    HSBC, Brazilian Bank Widen $35M Suit Against Transit Cos.

    The Swedish Export Credit Corp. has joined HSBC Bank PLC and a Brazilian lender in taking legal action in the U.K. against four transport companies that allegedly owe them $35.2 million after they defaulted on two loans.

  • December 7, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an African import-export bank sue Nigerian airline Airik, Jaguar and several major insurers sue an auto shipping specialist and a Brazilian energy executive lodge a claim against a unit of Swiss bank Rothschild. Here, Law360 looks at those and other new claims in the U.K.

  • December 7, 2018

    Businessman Can Use Schillings' Funds In Corruption Case

    A controversial businessman who ran Angola’s sovereign wealth fund can use $400,000 held for him by the U.K. law firm Schillings to fight regulatory proceedings and criminal investigations in Africa, a London court has ruled.

  • December 7, 2018

    FCA Plans Clampdown On Risky CFDs, Binary Options

    The Financial Conduct Authority set out plans on Friday to introduce a permanent ban on the sale of speculative derivatives products that would save consumers from annual losses of almost £470 million ($600 million) — and deal a blow to online trading companies already hit by European Union restrictions.

Expert Analysis

  • Time For Banks To Realign Legal, Risk And Compliance Teams

    Naomi Bowman

    After the collapse of Lehman Brothers and the crisis that followed, banks organized their legal, compliance and risk divisions into silos that addressed the needs of the moment. Ten years later, however, it's time to consider whether this is still the best framework for the future, says Naomi Bowman of Berkeley Research Group LLC.

  • UK And EU Crawl Toward Virtual Currency Regulation

    Jacqui Hatfield

    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.

  • Prosecutors Avoid 5th Amendment Showdown In Libor Case

    Justin Shur

    Former Deutsche Bank trader Gavin Black was recently convicted of wire fraud and conspiracy in connection with Libor manipulation. However, absent from the government’s case were Black's statements made during internal investigations, which leaves open an important Fifth Amendment question, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • Is Equifax Data Breach Penalty A Sign Of Fines To Come?

    James Castro-Edwards

    Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.

  • Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

    Claire Stockford

    With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.

  • 5 Cyber Insurance Pitfalls To Avoid In The UK

    Richard Mattick

    Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

    Fred Saugman

    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • GDPR Compliance Questions For Blockchain Firms

    Daniel Cooper

    The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.