Financial Services UK

  • January 23, 2018

    Grant Thornton Denies Liability For Swaps Loss In £49M Suit

    Grant Thornton, the accounting firm being sued by Manchester Building Society for £49 million ($68.5 million) over alleged breaches of duty and negligence, said at a London court hearing Tuesday that it cannot be held liable for hedge accounting problems involving interest rate swaps that the society claims led to financial difficulties in 2013.

  • January 23, 2018

    Ex-Barclays Exec Hid Critical Culture Audit, FCA Says

    The Financial Conduct Authority on Tuesday defended its decision to ban a former senior executive at Barclays PLC’s wealth management division from holding a senior role in the sector, telling a U.K. court that he lacked integrity when he repeatedly used misleading statements to avoid distributing an independent report criticizing the bank's "revenue at all costs" culture.

  • January 23, 2018

    Osborne Clarke Snags Squire Patton PE Partner In London

    Osborne Clarke has picked up an experienced private equity partner for its London team, the second partner it has lured away from Squire Patton Boggs LLP in the last four months. 

  • January 23, 2018

    FRC Fines Auditing Firm £700K For Quindell Misconduct

    The Financial Reporting Council said on Tuesday that it has fined a U.K. auditing firm £700,000 ($978,500) and reprimanded it for misconduct when working on the accounts of U.K. insurance and technology provider Watchstone Group PLC, formerly known as Quindell.

  • January 23, 2018

    Lawmakers Fault FCA Plan To Help Small Biz In Bank Disputes

    Better banking advocates in the U.K. Parliament have lambasted the Financial Conduct Authority's efforts to quell the uproar over the behavior of RBS' turnaround group for struggling companies, warning that a plan to expand access to the financial ombudsman fell short.

  • January 23, 2018

    LINK Support For Remote ATMs Falls Short, Regulator Says

    The U.K.’s largest cash machine network isn’t doing enough to maintain sufficient numbers of ATMs in remote regions after fee cuts for operators, the Payments Systems Regulator said Tuesday.

  • January 22, 2018

    RBS Beats UK Misselling Case Over 'Toxic' Swaps Deal

    A High Court judge freed the Royal Bank of Scotland PLC on Monday from an interest rate swaps case brought by a private jet charter company, rejecting claims that bank employees behaved dishonestly or misled the firm during negotiations that led to a "toxic" derivatives contract.

  • January 22, 2018

    SFO Front-Runner Takes Promotion At Kingsley Napley

    A veteran Kingsley Napley LLP white collar crime lawyer who was seen as a candidate for the next head of the Serious Fraud Office will stay at the firm after being promoted to senior partner effective May 1, the firm said on Monday.

  • January 22, 2018

    Investment Firms Get More Leeway To Bank Client Funds

    The U.K.’s Financial Conduct Authority on Monday more than tripled the number of days banks can hold client funds for investment firms, after investment managers complained they were being handcuffed by the old 30-day limit.

  • January 22, 2018

    UK Insurers Face 175% Levy Hike For Compensation Scheme

    General insurers may have to pay 175 percent more in total levies to the U.K.’s bankruptcy compensation scheme in the levy year starting in July than they did the previous year, the scheme revealed Friday in its latest budget plans.

  • January 22, 2018

    Securities Industry Warns Of Voided Contracts Post-Brexit

    The status of about a quarter of uncleared over-the-counter derivative contracts in the U.K. and the European Union, amounting to around £26 trillion ($36.2 trillion), could be disrupted when the U.K. leaves the EU unless governments act, a top securities industry group warned on Monday.

  • January 22, 2018

    Amid Uproar FCA Eyes Wider Access To Bank Dispute Service

    The Financial Conduct Authority on Monday proposed widening access for small and medium-sized companies to a resolution service for disputes between businesses and lenders, days after calls in the U.K. Parliament for sweeping reforms.

  • 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.

Expert Analysis

  • A 10-Step Guide For US Companies Pondering GDPR Compliance

    Seth Berman

    One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.

  • 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.