Financial Services UK

  • December 4, 2017

    Bank Risk Rules Could Unbalance Capital Markets, EU Told

    A major package of reforms designed to reduce risk in the European banking sector, which finance ministers are due to discuss this week, could unbalance the bloc’s capital markets if they are waved through without change, industry experts warned on Monday.

  • December 4, 2017

    Resolution Body To Press EU Banks For Greater Compliance

    The European Union’s resolution authority said Monday that it will step up its scrutiny of banks’ resolution plans over the next year, as it continues to push for better crisis management and the completion of an EU-wide fund for bank failures.

  • December 4, 2017

    London, Tokyo Ink Standards Pact For Financial Services

    The governing body of London's "Square Mile" of financial services and insurance firms signed a four-year standard-setting agreement with Tokyo on Monday as it seeks greater regulatory cohesion with other major financial centers after Brexit.

  • December 1, 2017

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

    The last week has seen more than a dozen Indian banks sue the co-owner of the Force India Formula 1 team as he faces possible extradition from the U.K., the Nigerian government takes on JPMorgan, and Ace lodges a dispute against Aviva Life.

  • December 1, 2017

    Ruling Salvages Insurer's Sunken Ship Suit Against Bank

    A U.K. High Court judge said Friday that a group of insurers led by Aspen Underwriting Ltd. can bring a damages claim for alleged misrepresentation against the banker of a Turkey-based shipping company in the United Kingdom because it falls under tort law.

  • December 1, 2017

    EU Heightens Pressure On Malta To Clean Up Financial Crime

    EU lawmakers said Friday that the “perception of impunity” in Malta cannot be allowed to continue as they issued a sharp reprimand to the member state over its exercise of law and reluctance to implement European anti-money laundering legislation.

  • December 1, 2017

    EU Commission Aims To Simplify Reporting Rules For Banks

    The European Commission said Friday it will carry out a “fitness check” on the reporting requirements for banks and other financial firms in the EU as it tackles complaints from the industry that the rules are too complex and that their compliance costs are rising.

  • December 1, 2017

    Beware Of "Risky" Free Pensions Advice, FCA Warns Savers

    The Financial Conduct Authority urged savers in the U.K. to beware of free pensions advice on Friday and warned them against transferring funds into investments such as biofuel, forestry and care homes.

  • December 1, 2017

    Jury Convicts 4 Of Misselling Shares In £1.4M Scheme

    The Financial Conduct Authority said Friday that two individuals have been found guilty by a U.K. jury for their role in the misselling of company shares in a scheme in which investors lost more than £1.4 million ($1.9 million).

  • December 1, 2017

    Master Trusts Face Capital Test Under New Approval Regime

    Multiemployer pension schemes will need to meet new tests of their capital adequacy and governance — and companies that offer them will have to pay up to £67,000 ($90,400) to continue operating in the U.K. — under regulations that take force next year.

  • November 30, 2017

    Global Regulators Weigh New Guidance On Bank Resolution

    The Financial Stability Board launched two separate consultations on Thursday setting out proposed guidance on improving the resolution regimes for the biggest banks across the globe, as part of efforts to end the “too big to fail” problem.

  • November 30, 2017

    FCA Charges Convicted Forex Fraudster Of Perverting Justice

    A convicted fraudster who scammed investment clients out of £5 million ($6.7 million) through ostensible forex trading has been charged by the U.K. Financial Conduct Authority with perverting the course of justice.

  • November 30, 2017

    Visa Scores In UK Swipe Fee Case Against Sainsbury's

    A High Court judge in London handed a win to Visa Inc. on Thursday, ruling in a long-running case brought by Sainsbury’s Supermarkets Ltd. that the credit card company did not set its interchange fees at an unlawful level that restricted competition.

  • November 30, 2017

    UK Accounting Watchdog Admits To HBOS, KPMG Failings

    Britain’s accounting watchdog admitted on Thursday that it should have moved faster to investigate KPMG LLP's decision to approve the accounts of HBOS months before the doomed bank had to be rescued.

  • November 30, 2017

    UK Banks Push For Post-Brexit EU Data Sharing Agreement

    British banks said on Thursday that they want the U.K. government and the EU to act swiftly to prepare a mutual agreement to allow continued protection for cross-border exchange of personal data between the two regions between customers, businesses and organizations after Brexit.

  • November 30, 2017

    EU Adopts Final Legislation On Covering Bank Losses

    New European Union rules governing the ranking of debt instruments after a bank enters insolvency passed the final legislative hurdle on Thursday as members of the European Parliament voted in favor of the proposed text.

  • November 30, 2017

    Barclays Names Board For Ring-Fenced Bank For New Law

    Barclays PLC announced appointments to the board of its new ring-fenced bank on Thursday, as it gears up to comply with legislation that forces banks to separate their retail operations from riskier investment business by the beginning of 2019.

  • November 30, 2017

    Lloyds Settles With Whistleblowers In HBOS Fraud Scandal

    Lloyds Banking Group PLC on Thursday said it has reached a settlement with a couple who helped uncover one of Britain’s biggest banking frauds after their business was destroyed by a loan scam carried out by former employees at the Reading branch of the lender’s HBOS unit.

  • November 30, 2017

    ESMA Plans Tougher Scrutiny Of Foreign Firms Trading In EU

    Europe’s securities watchdog wants tighter control of firms from outside the European Union operating in the bloc, including from the post-Brexit U.K, and will push lawmakers for more powers to oversee cross-border trading activities, a senior regulator said Thursday.

  • November 30, 2017

    FCA Targets Introducers Over 'Misleading' Pensions Advice

    Britain’s financial services watchdog said Thursday it has started civil proceedings against two unregulated "pensions introducer" firms, alleging that they gave out unauthorized advice and made misleading statements about retirement investments.

Expert Analysis

  • The Psychology Of Hourly Fee Arrangements

    J.B. Heaton

    The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.

  • 10 Tips For Banks Responding To Regulatory Requests

    Tilcia Toledo

    Responding to regulatory requests is a normal part of a bank’s operations, but a poorly written or confusing response may cause an agency to make assumptions about a bank that are not true. Tilcia Toledo of FTI Consulting Inc. offers 10 ways financial institutions can avoid sending negative messages in their responses.

  • Whistleblower Protection: When Private Turns Public

    Emma Vennesson

    In Chesterton v. Nurmohamed, a U.K. appeals court recently found that disclosing a breach of a worker's contract may satisfy the public interest requirement for whistleblower protection if a sufficiently large number of other workers are affected. This decision may cause some concern for well-known employers, say Emma Vennesson and Katherine Newman of Faegre Baker Daniels LLP.

  • Self-Collection In E-Discovery — Risks Vs. Rewards

    Alex Khoury

    As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.

  • 4 Ways Law Firms Can Help Battle Addiction

    Link Christin

    With more than a third of lawyers showing signs of problem drinking, and untold others abusing prescription drugs and other substances, it is time for law firms to be more proactive in addressing this issue, says Link Christin, executive director of the Legal Professionals Program at Caron Treatment Centers.

  • A Look At The Present State Of Privilege In Investigations

    Georgina Jones

    The current trend of rolling back privilege in an investigatory context is a troublesome development for companies, and may lead to a reduction in self-reporting and investigation. Even more concerning are the implications on litigation privilege, meaning that defendants will need to incriminate themselves in order to satisfy the evidential test as to when a prosecution was reasonably anticipated, says Georgina Jones of Taylor Wessing LLP.

  • 5 Tips For A Successful Legal Blog

    David Coale

    David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.

  • Internal Investigations: 10 Ways To Be A Cyber Sleuth

    Caroline Sweeney

    Given the overwhelming complexity of today’s data environments, investigators must take advantage of a variety of technology tools to apply both tried-and-true and new analytical techniques to internal investigations. Investigators must also develop the mindset of a relentless and detailed forensic detective, says Caroline Sweeney of Dorsey & Whitney LLP.

  • Enforcing Non-US Court Judgments In The US Can Be Difficult

    Rodney Page

    As business litigation becomes more international in scope, the ability to enforce a judgment across national boundaries is increasingly a key consideration in any litigation strategy. In the U.S., however, the multiple judicial systems among the states and federal system of courts add complexity to issues of enforcement for non-U.S. judgment creditors, say Rodney Page and Joseph Smallhoover of Bryan Cave LLP.

  • Series

    Notes From A Law Firm Chief Privacy Officer: New Demands

    Phyllis Sumner

    For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.