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Financial Services UK

  • November 14, 2018

    Kodak Takes Antitrust Row With Goldman, Others To UK

    Kodak has hit Goldman Sachs, Glencore and others with a U.K. lawsuit accusing them of manipulating aluminum prices, echoing antitrust claims it has pursued so far without success in the United States.

  • November 14, 2018

    UBS Says FDIC's Competition Claim Over Libor Is Too Late

    UBS AG urged a London judge on Wednesday to strike out a claim from the U.S. Federal Deposit Insurance Corp. that alleges it colluded with other banks to suppress a key interest rate benchmark, arguing the FDIC waited too long to file the suit.

  • November 14, 2018

    Banks Failing To Tackle Whistleblower Complaints, FCA Says

    Most banks fail to consistently assess complaints raised by employees when they conduct internal investigations into whistleblowing and are not passing them to the Financial Conduct Authority where appropriate, the financial watchdog said on Wednesday.

  • November 14, 2018

    Lloyds Bank To Pay Ex-Employee Who Blew Whistle On Fraud

    Lloyds Banking Group PLC said Wednesday it has settled with a former risk officer who wrote a report accusing her former bosses of concealing massive fraud at its HBOS PLC subsidiary.

  • November 14, 2018

    EU Guides Pension Funds On Disclosures As Reform Looms

    Europe’s top insurance regulator has set out guidance for pension funds on how to provide annual statements to savers, shortly before the bloc's member states will be required to write sweeping retirement fund reforms into national rulebooks.

  • November 14, 2018

    MPs Urge FCA To Help Rescue 140K ‘Mortgage Prisoners’

    Lawmakers urged the Financial Conduct Authority on Wednesday to “be bold and innovative” and help rescue 140,000 homeowners trapped in high-interest mortgages because their lender is either not authorized or no longer active.

  • November 14, 2018

    Debt Firm Owner Hits Setback In FCA Lifetime Ban Appeal

    The former boss of a collapsed debt management company has lost his appeal of the Financial Conduct Authority's attempt to ban him for life from working in financial services, but now has a month to petition a tribunal to revive the case.

  • November 14, 2018

    UK Cabinet Signs On To Breakthrough Brexit Deal

    Prime Minister Theresa May's cabinet on Wednesday adopted her draft agreement for Britain to exit the European Union on March 29, increasing the chances of a regulatory transition period for banks and businesses.

  • November 13, 2018

    UK, Singapore Fintech Groups Sign Cross-Border Agreement

    Organizations representing the U.K.’s and Singapore’s financial technology industries signed an agreement pledging to cooperate with one another on Tuesday, hoping that the cross-border pact will lay the groundwork for faster growth among startups in both countries.

  • November 13, 2018

    Cybercrime Tops FCA's List Of Financial Fraud Worries

    Identity theft and phishing attacks are the scams that financial firms are most concerned about, according the first financial crime review published by the City's watchdog on Tuesday.

  • November 13, 2018

    Lender To Hand Over Account Docs In €4M Insurance Dispute

    U.K. lender Nationwide Building Society has been pulled into a dispute between XL Insurance Co. SE and an underwriting firm over €4 million ($4.5 million) in allegedly unpaid premiums, after a High Court judge told it to hand over client account information connected to the transfer of funds.

  • November 13, 2018

    Court Of Appeal Will Hear £14B Mastercard Class Action Bid

    An English appeals court ruled Tuesday that it could weigh whether a £14 billion ($18.1 billion) consumer antitrust suit against MasterCard Inc. can proceed as a class action, rejecting an attempt to limit the challenge to a procedural review. 

  • November 13, 2018

    Regulations Make Bankers 'Scared' Of Decisions, MPs Told

    Tough compliance regimes at British banks risk making staff too frightened to make important decisions or take the initiative, the head of the Banking Standards Board warned a panel of lawmakers on Tuesday.

  • November 13, 2018

    Watchdog Points Way For EU Money Market Funds Disclosure

    Europe’s top securities regulator published guidelines on Tuesday to help managers of money market funds report quarterly information to their national supervisors, in a move that will allow the bloc to reduce risk in the sector under upcoming EU rules.

  • November 13, 2018

    Bulgaria's Banks Under ECB Spotlight As It Eyes Eurozone

    The European Central Bank has announced it will undertake a “comprehensive assessment” of six Bulgarian lenders, which will include a stress test and a review of their assets, as the country seeks to join the bloc’s banking union.

  • November 12, 2018

    Judge Narrows Century Financial's Trade Finance Dispute

    A claim by Century Financial Holdings that a Cyprus-based trading company had acted fraudulently and misled a London court at a trial over a trade finance dispute has been struck out, according to new documents filed in the case.

  • November 12, 2018

    FX Firm Can't Use HSBC's UK Docs For US Manipulation Suit

    A judge in London has rejected an attempt by a debt management company to use documents that HSBC PLC disclosed in U.K. proceedings as it considers whether to sue two of the bank’s units in the U.S. over allegations of "serious wrongdoing" in the foreign exchange markets.

  • November 12, 2018

    Ex-AIG Staff Could Win $100M After High Court Bonus Ruling

    A London court has ruled that 23 former executives at AIG are entitled to deferred bonuses pre-dating the financial crisis that could be worth more than $100 million despite the units' involvement in the risky trading that nearly brought down the insurance giant.

  • November 12, 2018

    UK Lawmakers Launch Probe Into 'Broken' Audit Market

    A fresh investigation is to be launched into the state of auditing in the U.K., the head of a parliamentary committee revealed on Monday, in the wake of a series of accounting scandals and corporate collapses that have “undermined public and investor confidence.”

  • November 12, 2018

    Financial Services Get Shared Lexicon To Fight Cyberattacks

    A forum of central bankers announced on Monday that it has published a common vocabulary of cyber terms to help the global financial services sector boost cross-border cooperation on security by cracking down on the growing threat of online crime.

Expert Analysis

  • UK Employees May Soon Gain The 'Right To Disconnect'

    Sarah King

    Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.

  • Cayman Derivative Cases Brought Overseas Still Face Hurdles

    Peter McMaster

    Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • Structuring Investigations In Light Of UK Privilege Case

    Mark Beeley

    The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.

  • UK's Proposed Investment Scrutiny Powers Are Far-Reaching

    Douglas Lahnborg

    The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.

  • Relief For Cos. Conducting UK Internal Investigations

    Simon Airey

    After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • SEC Action Brings Lessons For Quantitative Fund Managers

    Brian Daly

    The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.

  • Breaking Down The UK's Revised Corporate Governance Code

    Joseph Ferraro

    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • When To Use Options Analysis In Damages Assessments

    Ronnie Barnes

    In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.