Members of Parliament on Wednesday called for Britain’s new rules on reporting on gender pay gaps to be tightened amid concerns that some of the City’s biggest firms are exploiting a loophole and publishing “disingenuous” figures.
PricewaterhouseCoopers has been fined a record £6.5 million ($8.7 million) by the U.K. accountancy regulator for misconduct during its auditing of BHS Ltd., a well-known retail chain that collapsed in 2016 with a £571 million pension deficit.
European Union lawmakers on Tuesday finalized their negotiating position for looming talks with the European Commission and the European Council on a package of reforms designed to reduce the reporting burden of derivatives rules on small firms.
The Financial Conduct Authority told banks to “enhance” their scrutiny of clients who trade in cryptocurrencies or invest in initial coin offerings, in order to prevent the risk of them “facilitating” financial crimes.
A former banking partner at Locke Lord LLP will face two counts of fraud in an English court in July for allegedly inflicting financial losses on members of a multimillion-pound investment scheme, the Crown Prosecution Service told Law360 on Tuesday.
The U.K. government pledged on Tuesday to create a culture of social impact investment in U.K. finance and said it would work with regulators and firms to make it easy for people to invest their money in causes they care about.
Eight people have been charged in the U.K. with conspiracy to launder millions of pounds through retail banks in the capital, following a series of raids carried out last week targeting suspected members of an organized crime network, the City of London Police told Law360 on Tuesday.
It is “blindingly obvious” that two former senior traders at Barclays PLC and Deutsche Bank AG were the main players in a "conspiracy" to game the financial system by rigging Euribor to benefit their trading positions, a prosecutor for the Serious Fraud Office told a London jury Tuesday.
White-collar prosecutions have fallen as police struggle with limited resources and come under increased pressure to fight financial crime in the U.K. as the Financial Conduct Authority shifts its focus to complex and cross-border cases, a law firm warned on Tuesday.
New EU rules governing how firms pay for research are likely to be mirrored in the United States and Asia in the next four years, driven either by new regulation or as global players copy each other's practices, a survey of more than 400 fund managers published on Tuesday reveals.
Litigation firm Hausfeld announced that it has hired a commercial litigation lawyer with expertise in financial services, contentious restructuring and insolvency as a partner at its London office from a litigation funder.
A plan to pay out creditors of a U.K. unit of defunct brokerage MF Global hit a roadblock on Monday after a London appellate court ruled that a disputed claim by Deutsche Bank AG for €126 million ($149 million) prevents the arrangement from going into effect.
The Financial Conduct Authority said Monday that a convicted fraudster, who is serving seven years in prison for his operation of a Ponzi scheme, has had his confiscation order increased from £1 ($1.3) to nearly £32,000 following an inheritance “sham.”
British banks and insurers and other major financial services firms will be forced to justify pay gaps between bosses and their workers under new corporate governance laws that will be unveiled in Parliament on Monday.
Reed Smith LLP announced Monday that it has hired a partner for its London office from Taylor Vinters LLP who has experience acting for financial service providers, including banks and insurers, and fintech suppliers.
A parliamentary committee said on Monday that higher education offers “poor value for money” for taxpayers and the economy as it warned that half of all student debt, which it predicts will rise to £1.2 trillion ($1.6 trillion) by 2050, will never be paid back.
A dispute between U.K. asset manager Invesco Perpetual and the board of one of its former investment trusts intensified Monday, with the board confirming that the Financial Conduct Authority has stepped in with an information request and both sides issuing letters to shareholders setting out their positions.
Former Barclays traders and a Deutsche Bank trader fighting Euribor rigging charges “each played a significant role” in an alleged plot to manipulate interest rates, a prosecutor told a London jury on Monday as he dismissed as “absurd" the bankers’ claims they thought it was normal business practice.
Legal & General Investment Management said Monday it will dump companies that fail to tackle climate change risks by selling their shares and voting to remove their chief executives, as it steps up a campaign to meet the demands of the Paris climate accord.
Global law firm Paul Hastings LLP said Monday it has snared a leading financial services and regulatory partner from Baker McKenzie to lead its London regulatory and financial technology practice.
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.
The Utkrisht Bond is one of the largest and most ambitious development impact bonds to date, intended to support private health care facilities in Rajasthan, India. Hopefully, such bonds will pave the way for more transactions to be used as catalysts for positive change, says Ranajoy Basu of Reed Smith LLP.
In the infancy of cryptocurrencies, initial coin offerings could pay scant regard to due diligence and business transparency, but investors now expect more from regulators. The United Kingdom's Financial Conduct Authority must balance consumer protection and market integrity with promotion of technological innovation, says Andrew Barber of Womble Bond Dickinson LLP.
In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.
Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.
The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.
Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
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.
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.
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.