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Financial Services UK

  • August 2, 2018

    UK Agencies Get £8M Boost To Battle Organized Crime

    The U.K. government is to ramp up public spending to crack down harder on serious and organized crime, with the country’s new economic crime unit set to receive a funding boost, it was revealed on Thursday.

  • August 2, 2018

    LSE Starts Plans For 'No-Deal' Brexit To Secure EU Access

    The London Stock Exchange Group said on Thursday that it is "executing contingency plans" for Brexit to ensure it can continue to function for markets and customers if the U.K. crashes out of Europe without agreeing a transition deal.

  • August 2, 2018

    Court Shuts Down UK Trading Firm For Abusing Client Funds

    A trading investment firm has been closed down by a High Court in England after an investigation revealed it routinely used aggressive sales tactics to encourage consumers to pour their money into bogus schemes, the government said Thursday.

  • August 2, 2018

    US Legal Bill And Claims Costs Knock Barclays Profits

    Barclays PLC reported a slump in its half-year profits on Thursday after it was hit with a one-off penalty payment by authorities in the U.S. over its role in the misselling of toxic mortgages in the run-up to the financial crisis.

  • August 2, 2018

    Lloyds Ends New Coal Plant-Funding Amid Green Fears

    Lloyds Banking Group PLC announced on Thursday that it will no longer finance new coal-fired power stations or thermal coal mines as it commits to moving to a "lower-carbon future" as concerns mount over climate change.

  • August 1, 2018

    UBS Doesn't Have To Turn Over Accounts, Swiss Court Says

    A Swiss court has blocked the country’s tax authorities from helping their French counterparts access UBS client information, ruling the existence of bank accounts in Switzerland belonging to French residents wasn’t enough to suggest potential tax avoidance.

  • August 1, 2018

    UK Tribunal Lowers FCA Fine Against Ex-Financial Adviser

    A U.K. appeals tribunal ruled on Wednesday that the Financial Conduct Authority must lower its fine against a former director of TailorMade Independent over unsuitable advice to pension clients, although it upheld a regulatory order banning him from the financial sector.

  • August 1, 2018

    Tougher Rules For E-Money Payment Sector On FCA Agenda

    Payment service providers and e-money institutions were put on alert Wednesday as the Financial Conduct Authority published proposals to strengthen standards of conduct and rules of communication in the markets.

  • August 1, 2018

    EU Could Let Firms Use Crowdfunding Platforms For ICOs

    Individuals and businesses trying to raise money within the European Union could be allowed to offer some cryptocurrencies to investors on crowdfunding platforms, the European Parliament has confirmed as it laid out proposed changes to peer-to-peer lending.

  • August 1, 2018

    Property Investor Gets OK To Drop £129M Deal In Fraud Case

    A New Zealand businessman secured millions of dollars from his former business partner by fraudulent misrepresentation, a London judge has ruled, finding that the New Zealander had engaged in “deliberate deception” when the pair set up a joint property investment venture.

  • August 1, 2018

    Lloyds Bank Sets Aside Further £550M For PPI Payouts

    Lloyds Banking Group PLC revealed on Wednesday it will take another £550 million ($722 million) hit as it deals with a rush of compensation claims from customers allegedly missold loan insurance, as the lender posted a big jump in profits for the first half of the year.

  • August 1, 2018

    FCA To Monitor High-Risk Products Similar To CFDs

    The Financial Conduct Authority said on Wednesday that it will monitor U.K. firms selling high-risk investments to retail customers that have features similar to speculative "contract for difference" products, which are restricted by Europe’s securities regulator.

  • August 1, 2018

    MPs Demand Law Change After RBS Escapes Punishment

    The Financial Conduct Authority and the U.K. government have come under pressure from politicians after the City regulator said it was unable to punish the Royal Bank of Scotland for mistreating small businesses in its controversial global restructuring group.

  • July 31, 2018

    EU Hits Credit Suisse With Formal Forex-Rigging Complaint

    European Union antitrust regulators have accused Credit Suisse of rigging foreign exchange rates, the Switzerland-based bank said in a filing Tuesday.

  • July 31, 2018

    Global 20: Sidley Austin

    Sidley Austin LLP demonstrated its breadth of international work in the past year by advising private equity firm Mid Europa Partners in a significant health care deal in central Europe and representing North America’s football association in corruption investigations against FIFA, once again securing a spot on Law360’s Global 20 list.

  • July 31, 2018

    UK Courts Can't Release Ship In NatWest Loan Row

    Courts in the United Kingdom cannot grant the release of a ship that was arrested after its owner allegedly failed to meet the terms of a $15.7 million loan from NatWest Markets PLC, as such an order would be inconsistent with long-standing legal principles, a judge in London decided Tuesday.

  • July 31, 2018

    EBA To Force Firms To Hold Risk In Traded Securitizations

    Firms that generate and transfer securitizations will be forced to retain an interest of at least 5 percent in each asset being handed over to investors, the European Union’s banking watchdog said as it published draft rules on Tuesday to help it spread any risk.

  • July 31, 2018

    Brexit Deal Must Include Contract Continuity, ISDA Says

    The global standard setter for derivatives trading has urged the U.K. and European Union to give financial firms and insurers the “highest level of legal certainty” by including provisions in Britain's withdrawal agreement that will safeguard existing derivatives contracts.

  • July 31, 2018

    Deadline For Declaring Offshore Assets Looms, HMRC Warns

    The U.K. tax authority issued a stern reminder to firms and individuals on Tuesday that they must notify the government in the next two months if they have earned income overseas or made profits on offshore assets or be hit with higher tax penalties.

  • July 31, 2018

    Ex-Tesco Finance Boss To Miss UK Fraud Trial, Judge Says

    A judge has ruled that Tesco PLC's ex-finance director will no longer face trial in September alongside two fellow former executives at the British supermarket chain who are accused of fraud and false accounting, the Serious Fraud Office has said.

Expert Analysis

  • Taming The UK's Unpredictable Digital Currency Market

    Anna Gaudoin

    The U.K.'s Treasury Committee recently launched a new inquiry into digital currencies and distributed ledger technology. Regulation is undeniably needed in this area, but ultimately the government is trying to play catch-up with an established, if unpredictable, market, says Anna Gaudoin of WilmerHale.

  • 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.