Financial Services UK

  • February 7, 2018

    Irish Watchdog To Probe Conduct At 5 Top Lenders

    The Irish central bank will review the behavior and culture at the country's five main lenders to determine whether they are doing enough to protect customers, the authority's head of conduct said Wednesday.

  • February 7, 2018

    AmEx Cards Bound By Swipe Fee Regs, Top EU Court Rules

    The European Union’s highest court handed down judgments in two cases brought by American Express Co. on Wednesday, ruling that the firm’s co-branded card offerings are subject to the bloc’s interchange fee regulations.

  • February 7, 2018

    ESMA Focuses On MiFID II, Brexit In 2018 Supervisory Targets

    The European Union’s securities watchdog set out on Wednesday its plans to further align European supervision in areas including data quality, free movement of services, financial innovation and Brexit in the coming year.

  • February 7, 2018

    UK-Based Banks Given June 30 Deadline To Seek EU License

    U.K.-based banks have until June 30 “at the latest” to apply for a license to relocate key operations to the European Union regardless of the outcome of Brexit talks, a senior European Central Bank official said on Wednesday, adding a warning that British firms are running out of time.

  • February 6, 2018

    Ex-Arsenal Investor Says Linklaters Error Cost Her £11.6M

    A former Arsenal shareholder is suing law firm Linklaters LLP and accounting firm Deloitte LLP for up to £11.6 million ($16.2 million) she says she lost after the firms failed to advise her of tax liabilities she would face in selling her shares in the Premier League soccer club to its U.S.-based majority owner.

  • February 6, 2018

    Senior Lawmaker Pushes FCA To Hurry Up With RBS Probe

    The head of Parliament’s Treasury Committee on Tuesday pushed the Financial Conduct Authority to “swiftly” complete investigations into Royal Bank of Scotland PLC’s controversial treatment of troubled small businesses, after another lawmaker claimed a long-stalled report on the matter showed "systemic and widespread" customer abuse.

  • February 6, 2018

    EU Securities Watchdog Details Rules For Depositories

    The European Union’s securities regulator published clarifications on Tuesday to help providers of settlement, clearing and other securities-trading services comply with reporting and monitoring rules.

  • February 6, 2018

    BOE, 6 Other Central Banks Sign Up To FX Code Of Conduct

    The Bank of England and six other European central banks signed up on Tuesday to a code of conduct designed to clean up foreign exchange markets following a series of industry trading scandals.

  • February 6, 2018

    Aggregating EMIR Data May Let Risks Slip By, ESMA Warned

    Two central banks have warned the European Union's securities watchdog that aggregating data on over-the-counter derivatives trading collected under new market infrastructure rules means that central banks might miss signs of systemic risks.

  • February 6, 2018

    ESMA Sets Out Info-Sharing Rules For Market Abuse Probes

    The European Securities and Markets Authority issued final rules on Tuesday that clarify how national authorities and other regulatory bodies in European Union member states should cooperate with each other to fight market abuse.

  • February 6, 2018

    Tesco Fraud Trial Abandoned After Defendant's Heart Attack

    The high-profile criminal trial of three former Tesco PLC executives accused of fraud and false accounting has been abandoned after four months at a London court because one of the defendants has suffered a heart attack.

  • February 6, 2018

    Central Banks Urged To Step Up Amid Bitcoin 'Ponzi Scheme'

    Central banks must act to protect customers and investors from potential cryptocurrency collapses, the head of the Bank for International Settlements warned on Tuesday amid growing concerns about the volatility of digital tokens and lack of oversight.

  • February 5, 2018

    Ex-UBS Trader Wants Feds' Fraud, Spoofing Counts Tossed

    A former UBS trader accused of scheming to manipulate the precious metals market through a trading tactic known as “spoofing” told a Connecticut federal court on Monday that prosecutors had asked a Connecticut grand jury to sign off on the seven counts he’s now facing in a criminal case despite knowing six of them couldn’t be tried in that district.

  • February 5, 2018

    FCA Chief Sees Hope For Post-Brexit Deal In TTIP Proposal

    The European Union’s proposed trade agreement with the U.S. may have stalled, but a draft provision that would have included the financial services sector in the deal could be “a good starting point” for Brexit negotiations, the chief of the U.K.’s industry watchdog said Monday.

  • February 5, 2018

    Watchdog Proposes Process For Benchmark Rules Approval

    The U.K.’s Financial Conduct Authority on Monday proposed setting up a new decision making process for approving financial firms that wish to distribute benchmarks as the European Union's new benchmark rules take effect.

  • February 5, 2018

    KPMG Turning Down All Carillion Work Following Audit Probe

    Global auditing giant KPMG on Monday said  that it is rejecting any further work involving the construction giant Carillion PLC, which collapsed last month with an £800 million ($1.1 billion) pension deficit.

  • February 5, 2018

    EU Financial Services Reforms Must Be Finalized, ECB Says

    The European Central Bank on Monday said that finalizing the European Union’s banking reform measures is crucial to strengthening resilience in the financial sector.

  • February 5, 2018

    HBOS Fraud Probe Bulks Up Team As It Aims To Finish In 2018

    An independent team reviewing Lloyds Banking Group PLC’s handling of a £245 million ($343 million) fraud at its subsidiary HBOS PLC has hired five lawyers as it gears up to deliver its findings by the end of 2018.

  • February 5, 2018

    Gov't Hires 5 New Treasury Attys To Prosecute Major Crime

    The U.K.’s attorney general announced Monday the appointment of five new members to the Treasury’s counsel team, where they will be responsible for prosecuting some of the most serious crimes in Britain.

  • February 2, 2018

    Somerfield Stake Sale Agreement Must Change, Court Rules

    The U.K. High Court on Friday ruled that an agreement between Murray Holdings Ltd. and a defunct investment vehicle owned by property mogul Robert Tchenguiz must be changed because of a mistake that altered Murray Holdings’ right to payments linked to an investment in British supermarket Somerfield.

Expert Analysis

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • UK Acknowledges Partial EU High Court Jurisdiction

    Mathew Rea

    A recent U.K. white paper indicates a sensible retreat from the government's previous redline of taking back control from the Court of Justice of the European Union. The government has recognized that in order to ensure legal certainty and equal treatment for businesses and individuals, the CJEU must continue to play a considerable, if indirect, role in the U.K., says Mathew Rea of Bryan Cave LLP.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • UK Prime Minister's Speech Fails To Provide Clarity

    David Mundy

    U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.

  • A Close Look At Deferred Prosecution Agreements: US Vs. UK

    Amaee, Robert Cropped HiRes.jpg

    Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.

  • The UK Criminal Finances Act From A D&O Perspective

    Carey Lynn

    Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.

  • Technology Assisted Review Can Work For Small Cases


    For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.

  • New Sedona Principles Stress Information Governance

    Saffa Sleet

    The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.

  • Preparing For UK Litigation As A US Lawyer

    Richard Reice

    Counsel fees, issue fees, risk of loss and the “additional” cost of a barrister mark significant differences between the U.K. and U.S. legal processes. The good news is that the bond between the U.K. and the U.S. arising out of our common history and law renders retaining and working with U.K. counsel seamless and rewarding, says Richard Reice of Hoguet Newman Regal & Kenney LLP.