Financial Services UK

  • August 16, 2017

    Consent Not Only Way To Honor EU Data Law, Regulator Says

    The U.K.'s privacy regulator on Wednesday sought to dispel concerns that the only way to comply with the stringent requirements for processing consumer information under the European Union's looming general data protection regulation is to get explicit consent, noting that the method isn't a "silver bullet" and that several other options exist.

  • August 16, 2017

    Help Consumers File PPI Complaints, FCA Tells Banks

    The U.K. Financial Conduct Authority said Wednesday it has instructed banks to make customer service a priority as they prepare for an influx of claims about missold payment protection insurance over the next two years.​

  • August 16, 2017

    Barclays Asks NY Top Court To Toss Amici In $10B Saudi Suit

    Barclays PLC on Saturday said that an amicus brief written by two New York law professors backing a Saudi contractor’s appeal in a $10 billion fraud case raises “entirely academic” issues and should be rejected by the state’s top court.

  • August 16, 2017

    Romanello Looks To Metro Bank In Hunt For Windhorst Assets

    Romanello Financial Corp. will find out next month if it can secure a final third-party debt order against Metro Bank PLC to obtain monies owed to Romanello by German entrepreneur Lars Windhorst, after the businessman allegedly reneged on deals to buy more than €60 million ($68.3 million) in securities.

  • August 16, 2017

    FCA Warns Online Broker Firm On Poor Market Abuse Controls

    The Financial Conduct Authority has issued a warning notice to the U.K. branch of American electronic brokerage firm Interactive Brokers LLC, saying it had failed three times to report suspected insider dealing.

  • August 16, 2017

    Firm Accuses AmTrust Of Excessive Disclosure Requests

    A Guernsey-registered firm which is seeking an indemnity payout from AmTrust Group's European unit has accused the insurer of making excessive disclosure requests, according to court documents seen on Wednesday.

  • August 16, 2017

    Barclays Seeks £321M For 'Misguided' Card Insurance Payouts

    Barclays PLC has demanded repayment of £321.4 million ($413.2 million) it says it is owed by a credit card services firm that is suing the U.K. lender for £1.06 billion in damages after the bank sold it portfolios of credit card agreements in 2007 which the company says were rendered worthless.

  • August 16, 2017

    PwC Fined £5M Over Audit Of Accountancy Firm RSM Tenon

    PricewaterhouseCoopers LLP was hit on Wednesday with a £5.1 million ($6.6 million) fine by the U.K. Financial Reporting Council after the accountancy giant admitted to misconduct over the audit of financial statements for professional services firm RSM Tenon Group PLC in 2011.

  • August 16, 2017

    Focus On Services In Brexit Talks, Financial Lobby Tells UK

    A major financial lobby group has urged the U.K. government to focus on exporting services, after politicians prioritized seeking a transitional Brexit deal on tariffs on goods and commodities.

  • August 16, 2017

    HSBC Blames Vintage Car Co. For £1.5M Cyberfraud Loss

    HSBC PLC has denied it is liable for damages over a malware attack that resulted in approximately £1.5 million ($1.9 million) being stolen from a vintage car restorer, claiming the company is to blame for allowing the fraudulent transactions to take place.

  • August 16, 2017

    UK Banks Behind Schedule With Brexit Planning, ECB Warns

    Banks wanting to relocate some of their regulated services from the U.K. to the EU because of Brexit have been slow to submit their license applications and are falling behind schedule, a European Central Bank supervisor warned Wednesday.

  • August 15, 2017

    Saudi Bank, HSBC Largely Dodge 2005 Jordan Bombing Suit

    A federal judge in Chicago on Monday dismissed a case against a Saudi bank alleging that it helped fund a 2005 terror attack in Jordan while allowing some claims to move forward against HSBC Holdings PLC’s North American and U.S. units.

  • August 15, 2017

    7 Questions For Sidley Austin’s Matthew Dening

    Matthew Dening is the managing partner of Sidley’s London office, co-head of the law firm's global finance team and a leader of its derivatives group. He talks Law360 through his practice and some of the regulatory challenges his clients are facing, as well as how the cross-border collaboration between Sidley’s U.S. and European offerings works in practice.

  • August 15, 2017

    RBS, Lloyds, Others Spend Record £246B For Misconduct

    The world’s 20 biggest banks have spent a record £246 billion ($316 billion) on fines and legal bills associated with misconduct over the past five years, with British lenders Royal Bank of Scotland PLC and Lloyds Banking Group PLC in the top five.

  • August 15, 2017

    Top EU Official Rebuffs UK Hopes for Brexit Customs Pact

    The European Parliament’s chief Brexit negotiator has dismissed as “fantasy” Britain’s hopes for a transitional period of close association with the bloc's customs union beyond March 2019.

  • August 15, 2017

    Failed Italian Banks Flunked Capital Tests, ECB Says

    Two failed Italian banks that were wound down earlier this year consistently fell below the European Central Bank's capital requirements since it took over the supervision of Eurozone lenders in 2014, according to documents published by the central bank on Monday.

  • August 15, 2017

    Expanded Non-Financial Reporting Rules Under FRC Spotlight

    Banks, insurers and other traded companies will be expected to expand their reporting of non-financial information by clearly setting out how their businesses will affect society and sustainability in the long term, under new draft guidelines published by the U.K.’s top accounting watchdog on Tuesday.

  • August 15, 2017

    PPI Complaints Still Top List For UK Financial Ombudsman

    Payment protection insurance remained the U.K.’s most complained-about financial product between April and June, the Financial Ombudsman said on Tuesday, adding a warning to consumers that they have until August 2019 to make new claims to banks over missold PPI.

  • August 14, 2017

    Banks Look To Deep-Six Swiss Franc Libor Class Action

    A group of European banks including Royal Bank of Scotland PLC and Credit Suisse Group AG accused by investors of rigging the market for derivatives tied to the Swiss franc London Interbank Offered Rate on Monday urged a Manhattan federal judge to nix the proposed class action, saying the case doesn't belong in the U.S.

  • August 14, 2017

    Man Who Stopped WannaCry Won't Cop To Kronos Malware

    The British cybersecurity researcher who is credited with halting the global WannaCry ransomware attack pled not guilty Monday in Wisconsin federal court to charges that he helped to create and spread the Kronos banking Trojan malware, which harvested the private information of online banking users. 

Expert Analysis

  • Internal Investigations: 10 Ways To Be A Cyber Sleuth

    Caroline Sweeney

    Given the overwhelming complexity of today’s data environments, investigators must take advantage of a variety of technology tools to apply both tried-and-true and new analytical techniques to internal investigations. Investigators must also develop the mindset of a relentless and detailed forensic detective, says Caroline Sweeney of Dorsey & Whitney LLP.

  • Enforcing Non-US Court Judgments In The US Can Be Difficult

    Rodney Page

    As business litigation becomes more international in scope, the ability to enforce a judgment across national boundaries is increasingly a key consideration in any litigation strategy. In the U.S., however, the multiple judicial systems among the states and federal system of courts add complexity to issues of enforcement for non-U.S. judgment creditors, say Rodney Page and Joseph Smallhoover of Bryan Cave LLP.

  • Series

    Notes From A Law Firm Chief Privacy Officer: New Demands

    Phyllis Sumner

    For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.

  • Companies Subject To OFSI Jurisdiction Should Beware

    Christopher David

    The United Kingdom's Policing and Crime Act 2017 significantly increases the Office of Financial Sanctions Implementation's powers to enforce U.K. sanctions. Some are skeptical that the OFSI will use its new powers aggressively, but companies who may have breached the sanctions regime should prepare for the worst, say Christopher David and David Horn of WilmerHale.

  • How The IPad Can Be A Litigator's Best Friend

    Paul Kiesel

    New mobile computing tools — both hardware and applications — are changing the technology paradigm for legal practitioners. In particular, the combination of the 12.9-inch iPad Pro, the Apple Pencil and the LiquidText annotation app can revolutionize both trial preparation and courtroom litigating, says attorney Paul Kiesel, in his latest review of tech trends.

  • Legal Incubators Can Help New Lawyers And Society

    Martin Pritikin

    Legal incubators serve as an important bridge to practice and a crucial step toward aligning the incentives of new lawyers with the needs of their clients. They may even pose a threat to the traditional law school model itself, and that's not necessarily a bad thing, says Martin Pritikin, dean of Concord Law School at Kaplan University.

  • Extradition To The United States: Fight Or Flight?

    Ben Isaacs (9).jpg

    Recent extradition cases have demonstrated that individuals in the United Kingdom facing charges in the United States can either fight extradition proceedings tooth and nail, or voluntarily travel to the U.S. An approach carefully tailored to the facts of each case is required in order to best protect a requested person's interests, says Ben Isaacs of 7 Bedford Row.

  • Series

    15 Years Of SOX: A Significant Footprint In US And Abroad

    Paul Lanois

    Sarbanes-Oxley has been quite successful if one of its purposes was to screen out marginal foreign firms. In addition, the drop in the number of publicly listed companies may actually be a blessing in disguise, says Paul Lanois, senior legal counsel at Credit Suisse Group AG.

  • How To Prioritize Your Law Firm's Crisis Response Plan

    Michelle Samuels

    If the media is going to cover your law firm’s crisis, they are going to cover it with or without your firm’s input. But your involvement can help shape the story and improve your firm’s image in the public eye, says Michelle Samuels, vice president of public relations at Jaffe.

  • New Guidance From UK High Court On Recusal Applications

    Luka Krsljanin

    In his recent judgment on a recusal application in Miley v. Friends Life, Justice Mark Turner of the English High Court has given practitioners guidance on how to approach applications for judicial recusal, and has highlighted the key points to be aware of when contemplating such an application, says Luka Krsljanin of 2 Temple Gardens.