Financial Services UK

  • January 19, 2018

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

    The last week has seen a dispute between a Dubai commodities trading firm and a foreign exchange trader, a contract suit against the Bank of Georgia, and a Swiss asset manager sue retailer L.K. Bennett, its founder and its former private equity owners. Here, Law360 looks at those and other new claims in the U.K.

  • January 19, 2018

    ESMA Updates Transparency Guidance On Equities, Bonds

    The European Securities and Markets Authority said Friday that some equities and bonds will be subject to transparency rules required by sweeping new EU-wide financial regulation — including trades that took place before the rules were launched this month.

  • January 19, 2018

    Firms Want €290M Citibank Securities Claim In NY, Not UK

    A High Court judge has ordered Citibank to justify why a claim it filed over the status of €290 million ($355.6 million) of debt securities should be heard in the U.K., after several defendants challenged the choice and said New York would be a more appropriate venue.

  • January 19, 2018

    Barclays Defends Pension Plans Amid Restructuring Fears

    Barclays Bank PLC denied on Friday that its impending restructuring could expose the lender’s pension insurance scheme, which is already running a £7.9 billion ($11 billion) deficit, to greater levels of risk.

  • January 19, 2018

    Insurers Need To Step Up For New Directives, FCA Warns

    The Financial Conduct Authority warned insurers on Friday they will have to go beyond the minimum requirements in new rules from Brussels on policy sales, and may also need to obey requirements similar to those in the European Union's sweeping securities regime.

  • January 19, 2018

    Banks Launch £300M Fund To Help Firms Hurt By Carillion

    Some of Britain's biggest banks said they have set up emergency funds totaling £300 million ($416 million) to support small business hurt by the collapse of construction giant Carillion PLC.

  • January 19, 2018

    RBS Investors Fight Consultant's Bid For Part Of £200M Deal

    An action group representing Royal Bank of Scotland PLC shareholders has rejected claims from a consultancy suing for a slice of the £200 million ($280 million) settlement the group reached over a class action against the bank.

  • January 18, 2018

    Deutsche Bank Seeks TRO In Del. Over $320M Vik Debt

    Deutsche Bank has asked Delaware’s Chancery Court to block a $50 million transfer by an entity controlled by Alexander Vik, the Norwegian billionaire the bank has been pursuing for nearly a decade over an unpaid $323 million judgment.

  • January 18, 2018

    HSBC To Pay $101.5M In Currency Exchange Fraud Settlement

    Global financial services giant HSBC Holdings PLC on Thursday agreed to pay $101.5 million as part of a deferred prosecution agreement filed in New York federal court to settle claims it defrauded two clients in a multimillion-dollar scheme to manipulate currency exchanges.

  • January 18, 2018

    Atty Fees For Berkshire Bank CEO's Son Concern Libor Judge

    A Manhattan judge expressed unease Thursday over the failure of Berkshire Bank to disclose that the son of its CEO Moses Krausz is a lawyer with a direct stake in the lender's effort to lead a class targeting four megabanks for allegedly rigging the global London Interbank Offered Rate.

  • January 18, 2018

    Appeals Court Sides With BP In $70M Abu Dhabi Bank Case

    The U.K. Court of Appeal on Thursday tossed a ruling that a BP PLC unit falsely represented its ability to sell debt to an Abu Dhabi bank, finding the lower court misinterpreted the contracts in the case before ordering the oil giant to pay more than $70 million in damages.

  • January 18, 2018

    Regulator Demands More Competition In Payments System

    A U.K. regulator urged the new retail payment system operator on Thursday to boost innovation and help create effective competition in the sector, as it called on the body to set out its long-term priorities.

  • January 18, 2018

    Global Securities Watchdog Warns ICOs Put Investors At Risk

    A group representing the world’s securities regulators on Thursday issued a warning on initial coin offerings, saying the relatively new fundraising method for startups is exposing retail investors to risks and possible fraudsters.

  • January 18, 2018

    FCA Challenges Lawmakers In British Steel Pensions Row

    The Financial Conduct Authority fought back on Thursday against claims that its efforts to protect members of the 125,000-strong British Steel Pension Scheme from “parasitic” financial advisers had been “grossly inadequate.”

  • January 18, 2018

    Gov't Mulls Reforms After RBS 'Let Customers Hang' Memo

    The British government minister for financial services told Parliament on Thursday that small businesses need a better system for resolving disputes with banks and advocated closer regulatory scrutiny of the way big lenders treat customers in the wake of new revelations about RBS.

  • January 18, 2018

    ESMA Floats Restrictions On Sale Of Risky Investments

    The European Securities and Markets Authority floated plans on Thursday to restrict or ban the sale of risky “contract-for-difference" products and binary options to retail customers, asking the industry to respond by next month.

  • January 18, 2018

    UK Lawmakers Vote Down Offshore Beneficial Ownership Rule

    The House of Lords voted late Wednesday against an amendment to an anti-money laundering bill that would have given the U.K. government greater power to demand that British offshore territories provide a public register of owners operating behind investment firms and trusts based in those countries.

  • January 18, 2018

    EU Details Plan To Draw Down Bad Loans In Banking System

    The European Commission laid out plans on Thursday to tackle the high stock of nonperforming loans in the financial system, including new requirements for banks and reforms to national insolvency and debt recovery rules.

  • January 17, 2018

    'Let Customers Hang Themselves,' RBS Group Memo Says

    RBS faced continued heat Wednesday over its controversial global restructuring group for troubled borrowers as U.K. lawmakers released a colorful 2009 tip sheet counseling that "sometimes you need to let customers hang themselves."

  • January 17, 2018

    Lenders Cut $27M Deal With Citi, HSBC In Libor Rigging Suit

    A proposed class of U.S. lenders told a New York federal judge on Tuesday they have reached separate settlements with Citigroup and HSBC totaling $27 million to resolve their claims in a sprawling multidistrict litigation over an alleged conspiracy to rig London Interbank Offered Rate.

Expert Analysis

  • UK Must Adjust To EU's New Market Integrity Rules

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    U.K. banks, asset managers, consultancies and law firms have embarked on a hiring spree in response to the second Markets in Financial Instruments Directive introduced this month. In the long run, the U.K. will need to focus on its strengths to retain its position as a top location for international investment, says Rosalyn Breedy of Wedlake Bell LLP.

  • 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 Pricewaterh... (continued)

  • 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.