Financial Services UK

  • May 21, 2018

    Market Value 'At Risk' As Libor Is Dropped, Trade Group Says

    The chief executive of the International Swaps and Derivatives Association has warned that the value of more than $300 trillion of financial assets tied to Libor will be "at risk” when they are moved to “safer, more robust” benchmark rates by 2021.

  • May 21, 2018

    City Lobby Calls On UK To Prevent Talent Drain After Brexit

    U.K. financial services fear that visa requirements after Brexit will make it more difficult to attract top talent to London and are calling on the government to reform the U.K.’s immigration system to remove obstacles, a financial lobby group and a "Big Four" accountancy firm said Monday.

  • May 21, 2018

    UK Court Dismisses Barclays $3B Qatar Loan Charges

    A court in London on Monday dismissed charges against Barclays Bank PLC brought by the Serious Fraud Office that it provided a $3 billion loan to Qatar in 2008 in a deal linked to a plan to raise the bank's share capital.

  • May 21, 2018

    UK Gov't Must Halt Russian Dirty Money Flow, MPs Warn

    Britain is "turning a blind eye" to dirty Russian money flowing through the City of London, a powerful group of MPs said Monday as they urged the government to use the country's position as a key financial center to encourage global action to tighten loopholes in the sanctions regime.

  • May 18, 2018

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

    The last week has seen two individuals bring a personal injury claim against two insurers and a yacht company after a fatal boating accident in 2014, a cryptocurrency exchange sue another exchange over IP rights, and the export arm of Philip Morris sue British lender NatWest. Here, Law360 looks at those and other new claims in the U.K.

  • May 18, 2018

    6 Questions For Metro Bank's General Counsel

    When Sally-Ann James took up the role of general counsel at Metro Bank in February 2012, she was the new bank’s first and only lawyer, tasked with building up a legal team to support the rapid growth of the organization in line with its customer-centric, ethical and “zesty” culture.

  • May 18, 2018

    Invoice Co. Rejects Payment Firm's 'Absurd' Contract Claim

    U.S. invoice provider Tradeshift has rejected claims that its contract with a Danish payment services company contains clauses on the firm’s potential allocation of shares in Tradeshift were “mathematically absurd," telling a London court that the allegation has no legal relevance.

  • May 18, 2018

    UK Court Upholds Ruling In Credit Suisse Misselling Case

    The Court of Appeal dismissed on Friday an appeal brought by a British couple who blame Credit Suisse (UK) Ltd. for misselling them a Swiss-franc loan that turned “disastrous” when the exchange rate tumbled, ruling that two of their claims are time-barred and will not succeed.

  • May 18, 2018

    ICICI Bank Sues Indian Oil Co. For $41.6M Over Unpaid Loan

    The U.K. arm of Indian lender ICICI Bank is suing the holding company of Assam Co. India for breach of contract, seeking repayment of the outstanding balance of a $63 million loan it claims it is owed under a 2007 loan provided to Assam Oil Co. Ltd.

  • May 18, 2018

    Legal & General Launches Fund For Gender Diversity

    Legal & General Investment Management has launched the first investment fund aimed at encouraging a better gender mix at U.K businesses, which will seek to invest in companies where women are well-represented in the workforce.

  • May 18, 2018

    Lloyds Sells Irish Mortgages To Barclays For £4B To Cut Risk

    Lloyds Banking Group PLC announced Friday it will sell its Irish residential mortgage portfolio to Barclays Bank PLC for £4 billion ($5.4 billion) as it consolidates its U.K. business after gaining approval to split off its retail operations to meet new regulations.

  • May 18, 2018

    EU Launches Measures To Protect European Biz In Iran

    The European Commission said Friday it is taking steps to shield European Union companies doing business in Iran after the U.S. government abandoned an international nuclear deal and warned that it could impose sanctions on companies trading with Tehran.

  • May 18, 2018

    UK Gov't Names Team To Review Under-Fire Audit Watchdog

    The U.K. government appointed a team on Friday to oversee a review into the national accounting regulator’s governance and powers, days after lawmakers slammed the watchdog for its "feebleness and timidity" and failure to deter "sloppy auditing."

  • May 17, 2018

    Investors Lose Sampling Bid In Deutsche Bank RMBS Suit

    Investors suing Deutsche Bank National Trust Co. and an affiliate for allegedly failing to properly oversee a slew of residential mortgage-backed securitization trusts can't use loan sampling to help make their case, a New York federal judge ruled Thursday.

  • May 17, 2018

    Ex-Barclays VP On Trial Likens Role To McDonald’s Server

    A former Barclays PLC trader accused of illegally manipulating a key interest rate told a London jury on Wednesday that asking for rate fixes was only “a tiny part” of his life, saying he was a small player in the alleged conspiracy and had about as much power as a worker at McDonald’s.

  • May 17, 2018

    EU Finance Chief Urges More Action On Proposed Legislation

    The European Commission's finance chief on Thursday urged EU lawmakers to "seize the moment" and finalize key rules that remain stuck in the legislative process, particularly as a series of new proposals on securities and sustainable finance are set to be unveiled over the course of next week.

  • May 17, 2018

    Paul Hastings Taps 'Buyout Star' To Lead London PE Practice

    Paul Hastings LLP has hired a partner from DLA Piper it describes as an experienced “buyout star” to lead its private equity practice in London, the firm said Thursday.

  • May 17, 2018

    Lawmakers OK Plans To Hand ESMA More Power Over CCPs

    European Union lawmakers have approved several plans to grant a top regulator greater authority over central counterparties, in a move that will subject clearinghouses within the bloc as well as third-country CCPs to tougher EU-level supervision.

  • May 17, 2018

    Spain Faces Daily €50K Fine From ECJ For Regulatory Failure

    The European Commission said Thursday it will ask the European Union’s highest court to impose a daily fine of almost €50,000 ($59,000) on Spain until the country can show it has fully implemented a European law requiring banks to offer basic bank accounts to customers.

  • May 17, 2018

    New Rules Will Boost Credit Risk Policy Costs, Insurers Say

    Trade credit insurance policies are likely to become more expensive and less readily available if the Prudential Regulation Authority goes ahead with proposed regulatory changes to force insurers to pay out claims within days, a leading U.K trade body warned on Thursday.

Expert Analysis

  • UK Public Beneficial Owner Register Will Be 1st Of Its Kind

    Simon Airey

    Earlier this year, U.K. Business Secretary Greg Clark announced that a public register containing details about owners of overseas companies that buy or own property in the U.K. will be made available by early 2021. While the true impact of the new register is difficult to predict, it is clear that the days of anonymous property ownership are over, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • 4 Questions About Whistleblowing In The UK And Beyond

    Chris Warren-Smith - high res.jpeg

    Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.

  • Obtaining DPAs In The UK Will Not Be Easy

    Azizur Rahman

    In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.

  • Cryptocurrency Brings Rising International Risks

    Ryan Rohlfsen

    As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.

  • Raising Issues In UK Preliminary Hearings Can Be Risky

    Galina Usorova

    The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.

  • 3rd-Party Litigation Finance In UK: To Brexit And Beyond

    Daniel Spendlove

    Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.

  • Can D&O Policies Enhance Presumption Of Innocence In UK?

    Francis Kean

    The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.

  • Reining In Abusive Alien Tort Statute Cases

    Perlette Jura

    The most obvious takeaway from the U.S. Supreme Court's decision in Jesner v. Arab Bank is that non-U.S. corporations no longer need to fear Alien Tort Statute liability. But tucked within the decision’s holding and its various concurring opinions are other key points, say attorneys with Gibson Dunn & Crutcher LLP.

  • How To Deal With UK Cryptocurrency Tax Puzzle

    Will Egan

    A recurring theme in taxation is the uncertainty that can arise when rapidly developing technology is subjected to current legal frameworks, which inevitably lag behind the curve. In this article, Will Egan and Graham Samuel-Gibbon of Taylor Wessing LLP review the United Kingdom's taxation of cryptocurrencies.