Financial Services UK

  • February 26, 2018

    Broker Sues Barclays For Disclosure Of Premiums Transfers

    An insurance brokerage facing legal action over outstanding reinsurance premiums has filed a claim against Barclays Bank PLC in the High Court in London, seeking to get hold of account information connected to the transfer of the missing funds.

  • February 26, 2018

    Banks Must Weigh Branch Versus Subsidiary In Brexit Plans

    With Brexit just over a year away, U.K.-based banks can choose between opening a branch on a budget or a fully operational subsidiary as options for securing continued access to the European market to satisfy strict licensing requirements set out by the European Central Bank. Here are the factors experts say lenders should consider when choosing between the two.

  • February 26, 2018

    ECB To Seek Feedback On New Overnight Reference Rate

    The European Central Bank will float proposals in March for the methodology for a new unsecured overnight interest rate it hopes to launch by 2020 as part of a global effort to replace benchmarks that have been hit by scandal, an executive board member said Monday.

  • February 26, 2018

    Citi To Argue For Hedge Fund At €290M Securities Trial

    An investment fund has declined to take part in a London trial that began Monday to determine whether Oceanwood Opportunities Master Fund has the right to instruct Citibank as trustee of €290 million ($356 million) of debt securities, leaving neutral party Citibank to argue in its place.

  • February 26, 2018

    EU Commission Mulls Cryptocurrency Investor Safeguards

    The European Commission said on Monday that consumers in all jurisdictions should be given frequent warnings about the risk associated with investing in cryptocurrencies to help protect them from losses.

  • February 26, 2018

    Latvian Gov't Holds Bank Crisis Meeting After EU Denies Aid

    Latvian government ministers and top regulators were meeting Monday to shore up the country’s troubled banking system after the European Union declined to rescue a leading bank linked by the U.S. to money laundering and alleged to have ties to North Korea.

  • February 26, 2018

    Austrian Bank Takes Trademark Case To Top EU Court

    Addiko Bank AG has lodged an appeal with the European Union’s top court as it challenges a decision by the EU Intellectual Property Office to throw out its bid to trademark a term that the bank uses in its branding.

  • February 26, 2018

    Do Not Limit Register To Managers, UK Firms Warn Watchdog

    The U.K.’s Financial Conduct Authority said on Monday that it has received “substantial” feedback from financial services firms urging it to continue to maintain a public register of all certified employees, rather than just senior managers, at businesses regulated by the watchdog.

  • February 26, 2018

    PPI Misselling Bill At £44B After RBS, Lloyds Reveal Hits

    U.K. banks have set aside £44.2 billion ($62 billion) to cover claims for missold payment protection insurance, approximately five times the cost of staging the London Olympics in 2012, new data shows.

  • February 23, 2018

    Germany Refuses To Extradite Traders For SFO Euribor Trial

    German prosecutors said Friday they will not extradite four Deutsche Bank traders to the U.K. to face charges that they manipulated a key European interest rate benchmark.

  • February 23, 2018

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

    The last week has seen hundreds of new claimants bring competition suits against Visa and MasterCard, Italian bank Dexia lodge a claim against a Sicilian city still staring down a pre-crisis-era derivatives contract, and the liquidator for an FCA-targeted carbon credit investment scheme file a negligence claim against Nabas International Lawyers LLP.

  • February 23, 2018

    Investment Co. Takes Ex-Director To Court To Hand Over Docs

    An investment company has asked the High Court of England and Wales to intervene in its dispute with a former director whom it fired for “mismanaging” the business and is now allegedly refusing to return important company documents.

  • February 23, 2018

    Sainsbury's Scores A Win Ahead Of Visa Swipe Fees Appeal

    A U.K. High Court judge in London handed British retailer Sainsbury’s Supermarkets Ltd. a minor victory on Friday ahead of an April appellate court hearing in its long-running action against Visa Inc., ruling that swipe fees charged by the credit card company are not exempt from European Union competition rules.

  • February 23, 2018

    EU To Propose Rules On Blocwide Covered Bonds In March

    The European Commission is set to propose legislation in March for an integrated covered bonds market for the European Union as part of a wider effort to bolster the bloc’s capital, a senior EU official said Friday.

  • February 23, 2018

    Credit Suisse Accused Of Poor Disclosure In Unpaid Fees Suit

    A former investment banker at Credit Suisse AG has accused the bank of making a “hopeless” attempt to disclose information connected to her lawsuit against the Swiss lender over allegations it owes her around $10 million in fees for the role she played in two financing deals run by the bank.

  • February 23, 2018

    Belgian Banks Need More Capital To Withstand Risk, EBA Says

    The European Union’s banking watchdog said on Friday that it agrees with the Belgian central bank’s concern that financial firms in the region do not hold enough capital to protect themselves from increased market risks.

  • February 23, 2018

    Sharia Bank Sues As £7.3M Islamic Finance Deal Sours

    A Sharia-compliant bank based in the U.K. has launched legal proceedings against a leisure company that it claims reneged on the terms of a deal worth £7.3 million ($10.2 million) to finance the purchase of a 40-meter yacht, according to new court filings.

  • February 23, 2018

    PRA Updates Guidance on Assessing Liquidity Risk At Banks

    The Bank of England’s regulatory arm said on Friday it will scrutinize each of the entities that make up a banking and investment group when it assesses levels of liquidity as it seeks to prevent risk spilling over between divisions during times of financial stress.

  • February 23, 2018

    Standard Life Dodges Solvency II With Insurance Biz Sale

    Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.

  • February 23, 2018

    RBS Sets Aside £3.2B To Cover US Loan Misselling Probes

    The Royal Bank of Scotland PLC revealed on Friday that it has set aside a total of £3.2 billion ($4.4 billion) as it braces for heavy fines from U.S. authorities over its handling of risky securities in the run-up to the 2008 financial crisis.

Expert Analysis

  • What To Expect In Forex Fraud Trial Of Ex-HSBC Exec

    Scott Schirick

    The prosecution of HSBC’s former global head of foreign exchange spot trading — whose trial began on Monday in the Eastern District of New York — will test whether the government can turn sharp dealing and deception in the unregulated institutional spot forex market into criminal fraud, says Scott Schirick of Pryor Cashman LLP​.

  • When Contract Liability Exclusion Clauses Go Too Far

    Iain Campbell

    One way that contractors and subcontractors limit liability is through the use of exclusion clauses in a contract. Two recent U.K. cases involving the interpretation of such clauses make for interesting reading, particularly for institutions that may be seeking to claim back costs relating to poorly installed materials or unsafe systems, says Iain Campbell of Hill Dickinson LLP.

  • What Libor Replacement Will Mean For Derivatives

    Mark Young

    The increasing attention to Libor's phaseout is sending a strong signal to derivatives markets and derivatives market participants to prepare for this major financial change. The phaseout will also raise intriguing regulatory issues, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Preparing For Data Protection Harmonization After Brexit

    Sarah Delon-Bouquet

    Last month, the U.K. government announced its plan to implement a data protection bill that will avoid disadvantageous divergence with the EU's data protection regime. Companies in the U.K. should take this opportunity to clean up their data protection practices, and may need to look at other protective measures depending on the U.K.'s data protection adequacy, say Sarah Delon-Bouquet and Roman Madej of Bryan Cave LLP.

  • The Psychology Of Hourly Fee Arrangements

    J.B. Heaton

    The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.

  • 10 Tips For Banks Responding To Regulatory Requests

    Tilcia Toledo

    Responding to regulatory requests is a normal part of a bank’s operations, but a poorly written or confusing response may cause an agency to make assumptions about a bank that are not true. Tilcia Toledo of FTI Consulting Inc. offers 10 ways financial institutions can avoid sending negative messages in their responses.

  • Whistleblower Protection: When Private Turns Public

    Emma Vennesson

    In Chesterton v. Nurmohamed, a U.K. appeals court recently found that disclosing a breach of a worker's contract may satisfy the public interest requirement for whistleblower protection if a sufficiently large number of other workers are affected. This decision may cause some concern for well-known employers, say Emma Vennesson and Katherine Newman of Faegre Baker Daniels LLP.

  • Self-Collection In E-Discovery — Risks Vs. Rewards

    Alex Khoury

    As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.

  • 6 Common Lateral Partner Myths Debunked

    Dan Hatch

    It’s safe to say that while demand ebbs and flows for legal services, there will never be a shortage of opinions about lateral partner hiring, which is positive for the industry, as anything with such vital importance to careers should attract significant attention. However, there is a unique mythology that travels with the discussions, says Dan Hatch of Major Lindsey & Africa.

  • 4 Ways Law Firms Can Help Battle Addiction

    Link Christin

    With more than a third of lawyers showing signs of problem drinking, and untold others abusing prescription drugs and other substances, it is time for law firms to be more proactive in addressing this issue, says Link Christin, executive director of the Legal Professionals Program at Caron Treatment Centers.