Financial Services UK

  • May 16, 2018

    Barclays Sees Off Small Biz Owners' Landmark Swaps Suit

    Barclays Bank PLC defeated the first swaps misselling claim brought against a high street bank by private individuals on Wednesday when a London court dismissed allegations that the bank used predatory sales practices when it sold complex interest rate hedging products to two small business owners.

  • May 16, 2018

    Banks May Get More Time For Moves From UK, ECB Says

    The European Central Bank on Wednesday gave banks looking to shift key operations to the European Union from London in time for Brexit hope that national regulators may give them more time to meet ECB licensing criteria, by recognizing the challenges of adapting to a new legal environment.

  • May 16, 2018

    Lawyers Warn Of Fears Over Financial Contracts After Brexit

    Top lawyers warned a parliamentary committee on Wednesday that U.K. banks and insurers face a massive task as they prepare to manage contracts with their European Union counterparts after Brexit and need confirmation that cross-border deals will remain legal.

  • May 16, 2018

    Appeals Court Scraps SocGen’s Turkish Gold Bullion Claim

    A U.K. appeals court on Tuesday dismissed an attempt by Societe Generale to revive its decade-old lawsuit against a Turkish jewelry company over $483 million-worth of gold bullion, finding negligent legal advice given to the bank was not reason enough to retrospectively serve its claim using a different method.

  • May 16, 2018

    Jenner & Block Hires White Collar Partner In London

    Jenner & Block LLP has hired an experienced investigations and white collar partner from K&L Gates LLP to co-chair its global investigations and compliance practice, the firm has said.

  • May 16, 2018

    £82B At Risk For Insurers Under Cliff-Edge Brexit, FCA Warns

    The Financial Conduct Authority’s chief executive warned insurers Wednesday that, unless the U.K. and European Union put safeguards in place for a cliff-edge Brexit, a “sudden and disorderly” end to passporting would put £82 billion ($110 billion) of insurance liabilities at risk.

  • May 16, 2018

    MPs Sound Alarm Over Slump In Green Investment

    A U.K. parliamentary committee called for action on Wednesday after a report into so-called green finance found a “worrying collapse” in the level of investment, urging the government to publish a plan to plug looming policy gaps.

  • May 15, 2018

    Fed Ends '10 Enforcement Action Against Barclays

    The Federal Reserve said Tuesday that it has terminated a nearly eight-year-old enforcement action brought against Barclays Bank PLC after the bank agreed in 2010 to pay $298 million to U.S. and New York authorities to settle criminal charges stemming from transactions it allegedly facilitated for banks in Cuba, Iran and other countries in violation of U.S. sanctions.

  • May 15, 2018

    DOJ 'Sandbagging' With New Theory In Libor Trial, Judge Says

    A Manhattan federal judge said Tuesday that she may push the trial of two former Deutsche Bank traders accused of rigging the Libor to September, saying she felt “sandbagged” by U.S. Department of Justice prosecutors’ new theories a month before trial.

  • May 15, 2018

    Lawmakers Suggest Leadership Change At Pensions Regulator

    Politicians criticized the U.K.'s pensions regulator for being “feeble” and “chronically passive” on Wednesday, adding that new leadership might be needed after a series of companies collapsed under the weight of massive pension liabilities.

  • May 15, 2018

    DLA Piper To Open Finance-Focused Dublin Office For Brexit

    Multinational law firm DLA Piper announced on Tuesday it is opening an office in Dublin and has hired a new partner with a focus on financial services in preparation for an expected increase in the number of companies with a presence in the city after Britain leaves the European Union.   

  • May 15, 2018

    Ex-Barclays Trader Tells Jury He Thought Rate-Fixing Was OK

    A former Barclays PLC trader accused of illegally manipulating a key interest rate told a London jury on Monday he saw nothing wrong in messages from senior managers asking him to help fix Euribor, saying he thought it was normal business practice.

  • May 15, 2018

    UK Gov’t Criticized For Snuffing Bill To Curb Risky Loans

    The U.K. government has scrapped a proposed bill that would put the brakes on a risky form of credit in which personal vehicles are used as security, drawing criticism from the independent legislation-review body that proposed the bill last year in an effort to protect consumers.

  • May 15, 2018

    Oil Trading Co. Says Defunct Investment Firm Not Owed $3M

    A company active in the oil and gas sector has hit back at claims filed in a London court that it owes a bankrupt British Virgin Islands investment company $3 million, arguing that it is too late for the firm to seek any relief, which it is not entitled to in any event.

  • May 15, 2018

    EU Tells Money Market Funds To Hand Over Data

    Managers of money market funds must report “detailed” information on their assets to national regulators in the European Union so the watchdogs can respond to any risk to the bloc’s €1 trillion ($1.18 trillion) sector, the European Commission said Tuesday.

  • May 15, 2018

    Thomson Reuters To Shift UK Derivatives Trades To Dublin

    Thomson Reuters said Tuesday it was preparing to move its foreign exchange derivatives trading operation from London to Dublin because of the U.K.’s impending departure from the European Union.    

  • May 15, 2018

    EU Warns Watchdogs To Coordinate Fight Against Dirty Money

    The European Union has ordered the bloc’s top three financial regulators to step up their campaign against money laundering "with some urgency," saying a failure to swiftly strengthen coordination of their efforts would be a threat to wider financial stability, according to a letter published Tuesday.

  • May 14, 2018

    Investment Co. Demands Immediate Payment Of $50M Loan

    WRM Capital Asset Management has launched legal proceedings in an English court against a Cyprus company it loaned $50 million to in 2015, claiming that the firm's failure to meet the terms of the deal triggers the asset manager's right to cancel the agreement and demand repayment.

  • May 14, 2018

    EU Council Adopts Tougher Anti-Money Laundering Laws

    The European Council announced on Monday that it has adopted new rules aimed at strengthening the European Union’s fight against money laundering and terrorist financing without hindering the bloc’s financial system.

  • May 14, 2018

    Consider Ring-Fencing Cryptocurrency Biz, ECB Tells Banks

    Financial institutions should isolate activities that involve cryptocurrencies such as bitcoin from their main business to lessen the risk from “gambling in risky assets” as it could endanger financial stability, a European Central Bank official suggested on Monday.

Expert Analysis

  • IP Considerations For UK Open Banking App Developers

    Rajvinder Jagdev

    Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Equity Partnership Isn’t What It Used To Be

    Jeff Liebster

    To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.

  • Breaching Policy Warranties Can Partially Void UK Coverage

    Richard Mattick

    The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.

  • With The GDPR, The Dawn Of The New Normal Approaches

    Maarten Stassen

    With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.

  • Issues To Watch For When Brexit-Proofing Your Contracts

    Dipti Hunter

    While a great deal of uncertainty remains around Brexit, there will be challenges for all contractual parties in the U.K. and the EU as they approach existing and future contractual obligations, say Dipti Hunter and Kirsty O'Connor of PricewaterhouseCoopers LLP.

  • Employers May Be Liable For Employee Data Breaches

    Whitaker Pulina.jpg

    In December, the U.K. High Court ruled for the first time that an employer could be held vicariously liable for an employee's misuse of data, potentially marking a new risk for employers at a time when the spotlight is on data protection obligations, says Pulina Whitaker of Morgan Lewis & Bockius LLP.

  • Identifying Cybersecurity Best Practices For Financial Firms

    Rishi Zutshi

    As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.

  • An Introduction To The UK's Unexplained Wealth Orders

    Konstantin Kroll

    Unexplained wealth orders, introduced in the U.K. this January, will allow authorities to ask individuals to explain the source of their assets. UWOs will put a new emphasis on the importance of following best practices in relation to know-your-client and anti-money laundering procedures, say Konstantin Kroll and Matthew Lawson of Orrick Herrington & Sutcliffe LLP.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.