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Financial Services UK

  • May 31, 2018

    Critics Push Gov't To Limit Overdraft Fees After FCA Report

    Despite the U.K. Financial Conduct Authority’s proposal to increase transparency on payday loans and other expensive consumer credit, the watchdog faced criticism from lawmakers and consumer groups on Thursday for taking an overly cautious approach to tackling exorbitant overdraft charges in its review, and called for the government to take action.

  • May 31, 2018

    Top EU Court Rules No Gun-Jumping In EY, KPMG Merger

    The European Union's highest court said Thursday that auditing giants Ernst & Young and KPMG followed merger rules when their Danish units combined even though the companies began preparing for the deal before regulators had signed off on it.

  • May 31, 2018

    ABN Amro Wins Claim To London Flat Over $13.7M Debt

    ABN Amro can lay claim to a London property owned by a Cayman Islands-registered investment fund as part of the Dutch bank’s efforts to reclaim about $13.7 million following a legal battle with a Spanish oil company, a senior officer at the High Court in London has ruled.

  • May 31, 2018

    UK Unveils ‘Excuses’ For Lack Of Women In Top Biz Roles

    Despite recent pressure on banks and other financial firms to boost female leadership positions, bosses at some of the U.K.’s biggest companies have offered up "outrageous explanations" for why they don’t have more women in senior roles, the government said Thursday as it released findings from a gender diversity review of top firms.

  • May 31, 2018

    Jordan Bank Faces Fight Over Bid To Recover $6M HSBC Debt

    A Jordanian national being sued in England by the Arab Jordan Investment Bank has claimed the lender is not entitled to recover a $6 million order that a subsidiary of HSBC Holding PLC won in an overseas court but failed to enforce.

  • May 31, 2018

    Ashurst Grows UK Finance Practice With Baker McKenzie Hire

    Ashurst LLP announced Thursday that it has snagged a partner with over 20 years of senior-level experience in the securitization market from Baker McKenzie’s finance group to grow the firm's team in London.

  • May 31, 2018

    FRC Goes After Deloitte And Software Co. Ex-Chiefs

    The Financial Reporting Council announced Thursday that it has brought enforcement proceedings against Deloitte LLP, two of its auditors and former finance directors at a U.K. software company, alleging they failed to disclose information about the company’s financial health before its $11 billion acquisition by Hewlett-Packard Co.

  • May 31, 2018

    FCA Takes On High-Cost Credit, Unfair Overdraft Fees

    The Financial Conduct Authority set out measures on Thursday to protect vulnerable consumers trapped in debt who are facing high-cost credit charges, including eyeing a possible ban on exorbitant overdraft fees, as it tackles practices it says need "fundamental reform."

  • May 30, 2018

    Belgian Court Lifts Freeze On $21.5B Of Kazakh Assets

    A Belgian court has lifted a freeze on nearly $21.5 billion of Kazakh assets that was imposed at the request of two Moldovan oil and gas investors looking to enforce a more than $506.7 million arbitral award against Kazakhstan and instead limited the attachment to $530 million.

  • May 30, 2018

    BNP Paribas' $90M Forex Rigging Plea Deal OK'd

    A New York federal judge on Wednesday signed off on a plea deal in which BNP Paribas USA Inc. agreed to pay a $90 million fine for engaging in a foreign currency exchange rigging scheme, despite initially voicing concern about the agreement’s terms.

  • May 30, 2018

    Barclays, HP Grapple With Fraud Payout After DOJ Declination

    The U.S. Department of Justice has given Barclays more time to negotiate with Hewlett-Packard Corp. over how much the bank should pay in restitution for a foreign currency exchange fraud on HP that the DOJ declined to prosecute, according to a document made public Wednesday.

  • May 30, 2018

    DOJ Won't Interview Ex-UK Official For Libor Trial

    The U.S. Department of Justice said Wednesday that it was dropping its contested attempt to interview a former British banking official ahead of a criminal fraud trial of two former Deutsche Bank traders accused of trying to rig the London Interbank Offered Rate, saying it had alternative evidence to prove the scheme. 

  • May 30, 2018

    Ex-Credit Suisse Banker Demands £46M Over 'Espionage' Suit

    An ex-Credit Suisse director suing the bank for more than £46 million ($61 million) has said it has a duty to indemnify him for damages suffered after he was imprisoned in Romania on espionage charges over his work for the Swiss lender.

  • May 30, 2018

    Complaints About High-Cost Credit Reach New Peak

    The number of complaints about high-cost credit have soared to their highest level ever, according to figures released by the Financial Ombudsman Service on Wednesday, just a day before a highly anticipated review by Financial Conduct Authority into the sector will be published.

  • May 30, 2018

    Reject Iranian Bank's Sanctions Appeal, EU Court Is Told

    An Iranian lender whose assets were frozen over its alleged involvement in the country’s nuclear program should not be allowed to challenge the validity of restrictions on Iranian banks because the European Union sanctions are no longer in force, a top legal adviser at the EU's highest court said Wednesday.

  • May 30, 2018

    Educate Investors To Make Better Choices, Regulators Told

    A global securities standards setter and a think tank urged financial regulators and other public authorities on Wednesday to use behavioral insights to educate investors so that they can make better informed financial decisions about their savings and investments.

  • May 30, 2018

    EU Watchdogs Worry Bail-Ins May Hurt Retail Debt Investors

    National regulators must consider the “significant” risks posed to retail investors by debt instruments such as bonds when they draw up plans to rescue or resolve failing banks, the European Securities and Markets Authority and the European Banking Authority said Wednesday.

  • May 29, 2018

    Reform Or Retreat? UK Firms Eye Next Steps On Pay Data

    U.K. law firms have come up with numerous approaches to a new requirement for disclosing gender pay gap information, and the ensuing PR storm is pushing them in conflicting directions.

  • May 29, 2018

    Investment Funds Settle €22M Share Payout Dispute

    A subsidiary of investment firm Sapinda Holding BV has settled a lawsuit over claims it owes €22 million ($25 million) to a fund managed by Luxembourg-based Altera Capital LLC over allegations it failed to meet its obligations to buy around 7.7 million shares in a Berlin-based tech company.

  • May 29, 2018

    Clifford Chance May Face UK Probe Over RBS Review

    Magic Circle firm Clifford Chance LLP is “likely” to face questioning from the Solicitors Regulation Authority over claims it failed to properly follow up allegations of fraud during an inquiry into Royal Bank of Scotland’s treatment of thousands of small companies, the watchdog told Law360 on Tuesday.

Expert Analysis

  • The Johnson Conviction And Fallout For Forex Market

    Paul Hinton

    The recent conviction of former HSBC foreign exchange executive Mark Johnson has shocked market participants and could lead to a reduction in liquidity for block trades in the foreign exchange and other over-the-counter markets, say members of The Brattle Group and AGN Advisory.

  • Takeaways From The Capita Financial Managers Sanction

    Greg Lascelles

    Last month, the U.K. Financial Conduct Authority publicly censured Capita Financial Managers with respect to the collapsed unregulated collective investment scheme known as the Connaught Income Fund. This serves as a salutary reminder that those in the fund administration and outsourcing fields take on a high level of responsibility and liability, says Greg Lascelles of Covington & Burling LLP.

  • Navigating Whistleblower Protections Across The Atlantic

    Lynne Bernabei

    Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Regulators, Whistleblowers And The Paradise Papers

    Adam Pollock

    Clients of "Paradise Papers" law firm Appleby Global should now expect that tax authorities in the U.S., the U.K. and elsewhere will closely scrutinize the leaked documents for evidence of tax evasion. And individuals with inside information that sheds further light on these cases stand to reap sizable rewards by filing qui tam actions, says Adam Pollock of Ford O'Brien LLP.

  • The Future Of Foreign Direct Investments In The EU

    Isabelle MacElhone

    Until recently, there has not been any regulation harmonizing control toward foreign direct investments at the European Union level. However, a proposal introduced in September may be an appropriate first step toward developing an adapted, cohesive regime regarding foreign investments, say Isabelle MacElhone and Samantha Chavane de Dalmassy of Reed Smith LLP.

  • Financial Institutions Must Invest In FATCA Compliance

    Ashly Elmore Drew

    The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Charles Guerin

    As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.

  • Regulatory Crosshairs Focus On Individual Accountability

    Francis Kean

    Criticized for lacking teeth during the financial crisis, U.K. regulators are now intent on establishing the personal accountability of individuals at all levels, not just in the boardroom, says Francis Kean of Willis Towers Watson.