Financial Services UK

  • May 4, 2018

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

    The last week has seen a commercial fraud claim against asset manager Shire Warwick Lewis, Italian insurers sue a shipper, and Denmark's tax authority take action against ED&F Man Capital Markets and more than five dozen other firms. Here, Law360 looks at those and other new claims in the U.K.

  • May 4, 2018

    EU Watchdogs Seek To Alter 'Simple' Securitizations Clearing

    The European Union’s top financial supervisors said on Friday that they are looking to extend special clearing reliefs currently granted to covered bonds to securitizations identified as “simple, transparent and standardized.”

  • May 4, 2018

    Singapore Exchange Taps UK Tech Startup For FX Trading System

    The Singapore Exchange has asked a London-based startup to provide its blockchain-based technology to more effectively process and record foreign exchange trades, the companies announced on Friday.

  • May 4, 2018

    Miner Fights Fund Manager's $6.6M Suit Over Axed Loan

    A gold mining company has argued in new court documents that it acted lawfully when it abandoned a proposed $55 million secured finance facility with one lender in favor of another as it fights a damages suit filed at a London court by the firm that set up the original deal.

  • May 4, 2018

    HSBC Sets Aside $897M To Cover US Misconduct Claims

    HSBC Holdings PLC said on Friday it has set aside $897 million from its first-quarter earnings to cover potential legal costs and fines from pending misconduct cases, including an investigation by the U.S. Department of Justice into the sale of residential mortgage-backed securities more than a decade ago.

  • May 4, 2018

    FCA Plans To Help Borrowers Escape Bad Mortgage Deals

    The Financial Conduct Authority said on Friday it wants to make it easier for thousands of "mortgage prisoners" to escape bad deals and suggested relaxing rules to make it easier for consumers in the U.K. to switch providers.

  • May 4, 2018

    Simmons Opens Dublin Office With Finance Atty Hires

    International law firm Simmons & Simmons LLP said its Dublin office is open for business as it plans to welcome 10 partners and 30 extra staff over the next three years, allowing it to continue to serve asset management and investment fund clients after Brexit.

  • May 4, 2018

    Step Up Market Abuse Reports, UK Bank Body Tells Firms

    Financial services firms and trading venues should report suspicious activity that could constitute insider dealing or market manipulation to regulators "without delay," a U.K. banking standards-setter said on Friday.

  • May 4, 2018

    Bank Insists £7M Yacht Finance Deal Was Sharia-Compliant

    A major U.K.-based Islamic bank has rejected assertions by a leisure company at a London court that the terms of a deal worth £7.3 million ($9.9 million) to finance a 40-meter yacht were not compliant with Sharia law and insisted that it was within its rights to chase the company after it missed payments.

  • May 3, 2018

    Brexit Can Boost UK Financial Services, Think Tank Claims

    Brexit could provide an opportunity to strengthen domestic and global financial services and insurance markets and improve the flow of capital around the world if the U.K. commits to making its regulation more competitive, a free-market think tank said on Friday.

  • May 3, 2018

    Euribor Trader Chats Were Largely Unmonitored, Jury Hears

    Barclays PLC and Deutsche Bank AG carried out minimal monitoring on their traders’ communications leading up to and during the financial crisis, two former executives from the banks said Thursday amid questioning at the London trial of five traders charged with rigging the Euro Interbank Offered Rate.

  • May 3, 2018

    ECB Suggests Pan-EU Agency To Fight Money Laundering

    A pan-European Union agency to fight money laundering through the bloc's financial system might be the way to ensure that national regulators proactively and speedily report suspected cases, a senior member of the European Central Bank said in a letter to the European Parliament on Thursday.

  • May 3, 2018

    Global Regulators Find CCPs Lag On Risk, Recovery Planning

    Two international standard-setting bodies warned on Thursday that central counterparties’ failure to implement risk management and recovery planning measures are “serious issues of concern” and warrant “immediate attention.”

  • May 3, 2018

    UK Lawmakers Urge Gov't To Move On Post-Brexit Disputes

    The U.K. government must quickly propose a mechanism for dispute resolution and enforcement after Brexit to deal with disagreements over subjects such as cross-border financial payments, members of the Upper House of Parliament said Thursday.

  • May 3, 2018

    Danske Bank Ordered To Hike Capital Buffer After AML Fail

    Denmark's Financial Supervisory Authority criticized Danske Bank on Thursday over “serious weaknesses" in its money laundering defenses and ordered the bank to stock up its capital buffer as a precaution after an investigation into senior staff involved with the firm's Estonian branch.

  • May 2, 2018

    Top UK Court Asked To Hear Landmark RBS Libor Swap Case

    Counsel for Property Alliance Group confirmed Wednesday it has sought permission from the U.K.'s Supreme Court to appeal certain aspects of a Court of Appeal decision dismissing its landmark £30 million swaps misselling case against Royal Bank of Scotland PLC.

  • May 2, 2018

    Cyber Drills To Offer Key Insight Into Bank Security, ECB Says

    The European Central Bank said Wednesday it has designed a first-of-its-kind framework for testing the cyber resiliency of financial firms that will offer insight into their cyber defenses and allow them to better prepare for potential attacks.

  • May 2, 2018

    Slaughter & May Tapped To Probe IT Fiasco At TSB, MPs Told

    The chairman of TSB PLC told members of Parliament on Wednesday that the bank has tapped law firm Slaughter & May to conduct an investigation into an IT meltdown that left thousands of customers with no access to their accounts and some claiming that their personal data had been compromised.

  • May 2, 2018

    UK Likely To Force Territories To Publish Co. Data

    The U.K.'s 14 semi-independent overseas jurisdictions will likely have to set up public registers of beneficial corporate owners before the end of 2020 after the British government on Tuesday accepted an amendment to the Sanctions and Anti-Money Laundering Bill.

  • May 2, 2018

    Counterclaim Lodged In Scrap Over Jet Lease, $40M Loan

    Export Development Canada and a leasing vehicle have hit back at claims by a South African investment fund that they were wrong to terminate an aircraft lease, filing a defense and countersuit listing alleged breaches of the agreement, including the fund’s links to corruption allegations.

Expert Analysis

  • Will The UK Open Its Doors To US-Type Class Actions?

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    While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.

  • Why European Arrest Warrants Need Reform

    Robert Hickmott

    European arrest warrants were designed to speed up and simplify extradition within the European Union, but they are often abused and give EU member states a relatively easy way to apply serious pressure to individuals and companies which they are in dispute with, says Robert Hickmott of Quinn Emanuel Urquhart & Sullivan LLP.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

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    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • An 11th-Hour Reprieve For Legal Entity Identifier Compliance

    Keily Blair

    Despite early indications that the U.K.'s Financial Conduct Authority and the European Securities and Markets Authority would require investment firms' clients to obtain legal entity identifiers by Jan. 3, regulators have now extended the deadline by six months. There is no extra credit for timely compliance, but in the long term, noncompliant entities cannot sit back and do nothing, say Keily Blair and Andrea Holder of PricewaterhouseCoopers LLP.

  • Inside France's 1st Deferred Prosecution Agreement

    Keith Krakaur

    France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Litigation Finance Trends To Watch In 2018

    Jay Greenberg

    Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.

  • The Enneagram And The Practice Of Law

    Jennifer Gibbs

    Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.

  • What Open Banking Has In Store For Wealth Managers

    Neil Warlow

    This year, the revised Payment Services Directive takes effect in the EU, providing the legal framework for open banking, which is intended to encourage competition in the retail banking sector by enabling customers to consent to allowing third parties safe and secure access to their current accounts, says Neil Warlow of JLT Specialty.