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Financial Services UK

  • December 11, 2018

    NatWest Need Not Release Seized Ship In $16M Loan Battle

    England's appellate court on Tuesday refused a ship owner's bid to have its seized carrier vessel released amid a dispute over the outstanding balance of a $15.7 million loan from NatWest Markets PLC, saying to do so would upend settled admiralty law practices.

  • December 11, 2018

    FCA Blasts Financial Firms' Cybersecurity Complacency

    The Financial Conduct Authority has warned that bosses at some of the U.K.’s largest asset managers and banks lack the knowledge to tackle cybersecurity issues effectively.

  • December 11, 2018

    ECB Wins Top EU Court Backing For Bond-Purchase Program

    The European Union’s highest court ruled on Tuesday that a 2015 decision by the European Central Bank to buy sovereign debt from its member states is valid and within its mandate, following a legal challenge from Germany to the quantitative easing program.

  • December 11, 2018

    FCA's Bailey Sees US Crackdown On ICO Market As Model

    European regulators should get tougher on policing of initial coin offerings, the chief executive of the Financial Conduct Authority said Tuesday, as he pointed to recent enforcement action taken by the U.S. Securities and Exchange Commission to protect consumers.

  • December 11, 2018

    US Investors Beef Up £2M Countersuit In Soured Retail Deal

    A group of Luxembourg entities owned by a U.S. real estate investment company has made a counterclaim for at least £1.95 million ($2.5 million) against a U.K. asset manager that is suing them for alleged payments after they canceled agreements tied to commercial property investment portfolios.

  • December 11, 2018

    Pensions Regulator Hits Accountant In 1st Fraud Prosecution

    An accountant will appear in court in January charged with scamming more than £200,000 ($251,500) from a pension fund in the first fraud prosecution mounted by The Pensions Regulator, the watchdog said on Tuesday.

  • December 11, 2018

    Pension Trustees' £3.5M Suit Against Adviser Gets Trial Date

    A dispute between a financial adviser and a former client over a missed tax deadline, which allegedly led the client to lose almost £3.5 million ($4.4 million), will head to trial at the beginning of 2020, new documents filed with a London court reveal.

  • December 11, 2018

    Ex-Manager At Failed Irish Lender Banned For Loan Breaches

    A former senior manager at an Irish lender that collapsed in 2011 has been disqualified for 18 years from managing a financial services company after he admitted to breaching rules on monitoring commercial loans, Ireland’s central bank said on Tuesday.

  • December 11, 2018

    City Firms Will Suffer Under All Brexit Scenarios, MPs Say

    The financial services sector will contribute less to Britain's economy under all Brexit scenarios set out by the government, a panel of lawmakers said on Tuesday, warning that the country's regulators will lose their voice in forming policy during a transition period after March 29.

  • December 10, 2018

    Financial Co.’s Fine For Making 8.5M Nuisance Calls Upheld

    A British appeals tribunal has upheld a decision by the Information Commissioner’s Office to fine a company £300,000 after it made 8.5 million nuisance calls targeting individuals for payment protection insurance compensation claims without their consent.

  • December 10, 2018

    Indian Tycoon Can Be Extradited On Bank Fraud Charges

    A London criminal court ruled Monday that an Indian beverage tycoon can be extradited to India to face charges that he plotted to defraud a major bank in connection with tens of millions of dollars' worth of loans for his now-defunct Kingfisher Airlines.

  • December 10, 2018

    Major Global Investors Demand Action On Climate Change

    A group of investors with $32 trillion in assets under management urged governments around the world Monday to spend more money on slowing climate change, warning that temperature rises could cause permanent economic damage many times greater than that seen in the financial crisis.

  • December 10, 2018

    UK Outlines New AML Measures For Limited Partnerships

    The U.K. government outlined a package of anti-corruption reforms Monday aimed at tackling the abuse of limited partnerships by criminals to launder dirty money through the U.K., including more stringent checks for registration and annual filing requirements.

  • December 10, 2018

    UK's May Delays Brexit Vote After Rebellion In Own Ranks

    Theresa May postponed a key parliamentary Brexit vote on Monday to stave off a potentially crippling defeat, as the prime minister succumbed to pressure from inside her own Conservative Party to press the European Union for a better deal.

  • December 10, 2018

    ECB Asks Top EU Court To Scrap Ruling On Bank Support

    The European Central Bank is fighting a decision by the European Union’s top court that overruled its refusal to disclose why it cancelled financial support for a struggling Portuguese bank that was given a €4.9 billion ($5.6 billion) bailout by the country’s authorities.

  • December 10, 2018

    Goldman Sachs Takes €37M Cartel Fine To Top EU Court

    Goldman Sachs Group Inc. has filed an appeal at the European Court of Justice challenging a €37.3 million ($42.5 million) fine imposed by European antitrust watchdogs over one of its former affiliate's involvement in a power cable cartel.

  • December 10, 2018

    ECJ Rules UK Can Unilaterally Cancel Brexit Process

    The European Court of Justice ruled on Monday that Britain can unilaterally reverse the process of leaving the European Union, boosting a campaign to stop Brexit with a second referendum if Parliament remains deadlocked over the withdrawal agreement now on offer.

  • December 7, 2018

    FCA Fines Plummet In 2018 As Regulator Shifts Focus

    The total value of fines handed out by the Financial Conduct Authority has plummeted 88 percent in 12 months, new data revealed on Monday, as the U.K. regulator eased off on huge penalties for corporations and focused instead on individual wrongdoing.

  • December 7, 2018

    'Weak' Fraud Trial Raises Questions About SFO's Approach

    The collapse of the trial of two former Tesco directors accused of fraud and false accounting by the Serious Fraud Office is the latest blow for the white collar crime agency and calls into question its dual strategy of pursuing deferred prosecution agreements with companies and criminal prosecutions of individuals, attorneys say.

  • December 7, 2018

    BNP Paribas Unit Says UK Manufacturer Didn't Escape Lease

    The securities arm of BNP Paribas has rejected in new court documents a former tenant’s argument that a one-off payment it made to the financial firm revoked its commitments to completely clear out a property it was leasing.

Expert Analysis

  • UK Financial Services Industry Faces 'Cliff Edge' Scenario

    Chris Bryant

    Though the United Kingdom has reached an agreement with the European Union regarding its withdrawal, the U.K. Parliament is unlikely to approve it. Much of the U.K.'s financial industry is still preparing for a "no deal" outcome, says Chris Bryant of Bryan Cave Leighton Paisner LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Closer Look At New Calif. Pension Fund Climate Law

    Kristie Blase

    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

    James Drury-Smith

    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.

  • Société Générale: Sanctions Enforcement Is Alive And Well

    Ama Adams

    The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.

  • Why English Courts Are Prepared To Assist Cyber Victims

    Fiona Cain

    This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.

  • Illegality Defense Developments In UK And Cayman Islands

    James Elliott

    Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.

  • UK Privacy Rules That Can Catch You Off Guard

    Alexander Edwards

    The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

    Antonia Apps

    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.