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Financial Services UK

  • September 5, 2018

    Differences In Liquidation Rules Hurt Bank Union, SRB Says

    Discrepancies between insolvency regimes in countries across the European Union are harming the bloc’s rules for dealing with failing lenders and undermining its banking union project, the Single Resolution Board warned on Wednesday.

  • September 5, 2018

    SFO Can't Narrow Privilege Protections In Landmark Ruling

    A London appeals court ruled Wednesday that documents prepared for international mining company ENRC during an internal investigation are protected by legal privilege, rejecting the Serious Fraud Office's efforts to demand the materials for a criminal corruption and bribery probe.

  • September 5, 2018

    Batch Of Akin Gump Attys Leave To Launch New Moscow Firm

    A group of now former Akin Gump Strauss Hauer & Feld LLP attorneys comprising roughly half the firm's Moscow office have decided to strike out on their own to form a new law firm based in the Russian capital in light of trans-Atlantic "geopolitical tensions," the group said Wednesday.

  • September 4, 2018

    Forex Traders Seek Details On DOJ Talks With Foreign Gov'ts

    Three London-based foreign currency exchange traders due to stand trial next month on antitrust charges for allegedly colluding to manipulate benchmark rates argued on Tuesday that prosecutors should turn over communications between the U.S. Department of Justice and foreign governments regarding potential charges against a cooperating witness.

  • September 4, 2018

    2nd Circ. No Lock To Review Class Cert. In $50B Libor Fight

    Megabanks Bank of America and JPMorgan Chase asked the Second Circuit on Tuesday to examine Manhattan U.S. District Judge Naomi Reice Buchwald's certification of a class of investors allegedly damaged to the tune of $50 billion by Libor rigging, but one appellate judge seemed reluctant to take the case out of the hands of the judge who crafted the complex decision.

  • September 4, 2018

    5 Sentenced In £2.8 Million Madeira Investment Scam

    Five people were sentenced on Tuesday in a London court to a total of more than 17 years in prison for their roles in a series of boiler room scams that used high-pressure sales tactics to swindle £2.8 million ($3.59 million) from more than 170 investors, many of whom were elderly or vulnerable.

  • September 4, 2018

    Draft Laws Banning Non-Cash Payment Fraud Get MEPs' Nod

    Tougher penalties for crimes including credit card and virtual currency fraud, including a maximum prison term of at least three years, have been approved by a European parliamentary committee in a move to protect consumers from cyberattacks and online scams.

  • September 4, 2018

    BOE's Carney Signals Willingness To Extend His Term Again

    Bank of England Governor Mark Carney indicated on Tuesday that he would be willing to extend his term beyond his mid-2019 departure date to help guide a regulatory transition after Britain's departure from the European Union on March 29.

  • September 4, 2018

    SocGen Sets Aside €1.1B To Cover US Sanctions Fines

    Societe Generale SA revealed on Tuesday that it has set aside €1.1 billion ($1.27 billion) to settle expected fines by various U.S. authorities for violations of U.S. economic sanctions laws.

  • September 4, 2018

    ING Bank Fined €775M In Dutch Money Laundering Probe

    The Netherlands Public Prosecution Service said Tuesday that ING Bank NV has paid a €775 million ($895 million) settlement penalty to the agency after failures by the lender's Dutch unit to prevent money laundering and corrupt practices.

  • September 4, 2018

    TSB Chief Resigns Amid Probes Into Serial IT Meltdowns

    TSB PLC announced on Tuesday that its chief executive is finally stepping down after months of pressure from regulators following persistent IT failures at the bank that caused disruption for millions of customers and prompted an MP to describe it as "complacent and misleading."

  • September 4, 2018

    UK Agencies Call For More Collaboration In Anti-Fraud Fight

    New enforcement tools in the U.K. such as unexplained wealth orders and a new crime center will not succeed unless the private and public sectors work together to build greater trust and intelligence capabilities, senior enforcement officials have said.

  • September 3, 2018

    Ex-UBS Trader Detained As He Fights Deportation To Ghana

    A former UBS trader who was jailed for fraud after causing a $2.25 billion trading loss, the biggest in British banking history, was taken into custody in Scotland on Monday as the Home Office seeks to deport him to his native Ghana, his lawyer said.

  • September 3, 2018

    RBS, Lloyds Making PPI Claims Harder, Campaigners Claim

    Royal Bank of Scotland Group PLC, Nationwide Building Society and Lloyds Banking Group PLC are the lenders it is most difficult to complain to about missold payment protection insurance, consumers have told the campaign group Which?

  • September 3, 2018

    Law Firms Told To Report Funds Held For Sanctioned Clients

    Solicitors must report money they control belonging to clients that are subject to the U.K.’s financial sanctions regime, the regulator for solicitors in England and Wales warned law firms on Monday, after the government announced reporting deadlines in an annual review.

  • September 3, 2018

    BVI Trust Company Joins UK Suit Over $6.5M Securities Deal

    The administrator for an investment trust in the British Virgin Islands has entered a U.K. lawsuit between the trust's former management company and Falcon Asset Finance over $6.5 million allegedly owed to the Cayman Islands-based asset manager under two financial securities transactions from 2016.

  • September 3, 2018

    Property Co. Fights Clydesdale's Counter To Forced Loan Suit

    A property investment firm suing Clydesdale Bank PLC for allegedly making false statements and forcing it to take out costly loans has denied in court documents that the lender is entitled to recover outstanding payments tied to deals at the heart of the dispute.

  • September 3, 2018

    RBS Could Lose Customers In No-Deal Brexit, Chief Warns

    The chief executive of Royal Bank of Scotland PLC has warned that the bank could be forced to lose some business customers if a no-deal Brexit disrupts access to European Union markets.

  • September 3, 2018

    Indian Bank Joins US Hedge Fund In Hunt For Essar Damages

    The Singaporean unit of ICICI Bank has joined a U.S. investment firm in its lawsuit in England against Essar Group in an attempt to enforce a multimillion-dollar damages award against the multinational conglomerate in the U.S. courts after its Minnesota-based steel making subsidiary defaulted on a $450 million loan.

  • September 3, 2018

    New SFO Chief Sees Bigger Enforcement Role For Technology

    The Serious Fraud Office’s new chief said Monday that the agency under her five-year tenure will take a more proactive, cross-border approach to bringing sophisticated criminals to justice, including by using technology more effectively.

Expert Analysis

  • 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.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    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.

  • Utkrisht Bond Holds Potential For Results-Based Financing

    Ranajoy Basu

    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.

  • UK Regulators Recognize Cryptocurrency And ICO Risks

    Andrew Barber

    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.