Financial Services UK

  • October 23, 2017

    BREAKING: HSBC Exec Convicted Of Forex Fraud

    A Brooklyn federal jury on Monday convicted former HSBC foreign currency exchange executive Mark Johnson of leading a scheme to defraud Scottish oil and gas developer Cairn Energy PLC by ramping up the price of British pounds sterling ahead of a $3.5 billion forex deal.

  • October 23, 2017

    City Watchdog Calls For Detailed Brexit Plans In Annual Reports

    Financial services firms must provide more data about long-term Brexit planning on their annual reports, despite the uncertainties plaguing the process, the U.K. accounting watchdog said Monday.

  • October 23, 2017

    Shipping Co. Says US Sanctions Stopped $39M Loan Repayment

    An Iranian shipping joint venture that allegedly owes Commerzbank around $38.8 million in payments over a defaulted loan has claimed U.S. sanctions against Iran stemming from the country’s nuclear program prevented it from paying the loan, according to court papers seen by Law360 on Monday.

  • October 23, 2017

    RBS Faces Further FCA Action Over Failings Amid 2008 Crisis

    Britain’s Financial Conduct Authority is considering further regulatory action against The Royal Bank of Scotland Group PLC, it said Monday after releasing an interim report into how the lender handled some small businesses around the 2008 financial crisis.

  • October 23, 2017

    FCA Bans Debt Firm's Execs For Misusing £6M In Client Funds

    The Financial Conduct Authority on Monday banned two former directors of a now dissolved debt management firm from any involvement in the regulated financial services sector, after they were found to have dishonestly misappropriated client money.

  • October 23, 2017

    ICO Manifesto Aims To Make London A Crypto Safe Haven

    The City of London’s top think tank unveiled a code of conduct for initial coin offerings on Monday, to give investors protection and confidence in the new type of cryptocurrency-based fundraising and provide reassurance to regulators.

  • October 23, 2017

    Hotel Owner Denies Asset Manager's Forced Share Sale Claim

    The owner of a luxury hotel development on the Caribbean island of St. Barts who is suing asset management Duet Group Ltd. for around €37.5 9 million ($44 million) over debts it is allegedly owed for the hotel’s construction has denied that it forced Duet to sell its shares in the development at a fraction of their market value.

  • October 23, 2017

    Merrill Lynch Fined £34.5M For Failing To Report Transactions

    The U.K.’s financial regulator said Monday it has fined a unit of Bank of America Merrill Lynch £34.5 million ($45.4 million) for failing to report exchange-traded derivative transactions correctly over a two-year period.

  • October 23, 2017

    New Reporting Rules Fueled Spike In '17 Complaints, FCA Says

    The U.K. Financial Conduct Authority on Monday reported a spike in financial services customer complaints in the first half of 2017, with payment protection insurance topping the list for the seventh year in a row.

  • October 20, 2017

    Deutsche Bank Trader Scores Hearing On DOJ Case Taint

    The government will have to prove that its indictment for one of two former Deutsche Bank traders in a Libor-rigging suit wasn't based on testimony compelled by U.K. authorities, according to a New York federal judge's finding that a lawyer may have tainted the case.

  • October 20, 2017

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

    The last week has seen a dispute between the last standing shareholder group in the RBS rights issue case and one of its funding claimants, a Law Society suit over financial transactions, and more competition claims against Visa and MasterCard. Here, Law360 looks at those and other new claims in the U.K.

  • October 20, 2017

    VR Global Can Reverse $10M Steelmaker Debt Deal

    A distressed-asset manager did all it could to meet its obligations under an agreement to purchase $10 million of a Ukrainian steel manufacturer's debt and was within its rights to reverse the deal, a U.K. High Court judge said Friday.

  • October 20, 2017

    UK Court Of Appeal Nixes Challenge To FCA's PPI Deadline

    A U.K. claims management firm has exhausted its attempts to bring a judicial review challenging the Financial Conduct Authority’s decision to impose a 2019 deadline on customers bringing new claims for missold payment protection insurance, the regulator said on Friday.

  • October 20, 2017

    FCA Reveals Success In 'Regulatory Sandbox' Project

    About 90 percent of the firms accepted into Britain’s pioneering regulatory testing program have successfully made it to a market launch phase, the Financial Conduct Authority said on Friday.

  • October 20, 2017

    Watchdog Updates Guidance After EU Moves To Cut Red Tape

    Europe’s securities regulator announced on Friday that it has updated its guidance on the EU’s prospectus rules, bringing it in line with recent revisions that cut the red tape financial institutions face when they issue debt and equity securities to investors.

  • October 20, 2017

    City Losing Patience With Brexit Stalemate, Lobby Warns

    London's financial community warned on Friday that businesses will accelerate their contingency plans unless a Brexit transition deal is reached soon, as a lobby group called stalled talks between the bloc and the U.K. "damaging" and disappointing.

  • October 20, 2017

    Treasury Committee To Examine Economic Effects Of Brexit

    An influential government panel is to probe the potential economic impact of the U.K. crashing out of the European Union with no deal in place and how it would affect financial services and other sectors, it was announced Friday.

  • October 20, 2017

    QBE Not Liable For Client's Bad Investment Tips

    The European arm of Australian insurer QBE cannot be held liable for around £200,000 ($263,700) two pension scheme trustees said it owed them under a professional indemnity insurance policy QBE had provided to a collapsed financial adviser who gave the trustees bad investment advice, a High Court judge ruled Thursday.

  • October 20, 2017

    UK Watchdog Attempts To Ease Fears Over Enforcement

    The Financial Conduct Authority said on Friday it is committed to improving the way it communicates with the firms it targets during and after regulatory investigations.

  • October 19, 2017

    Ex-HSBC Exec's Trial Over $3.5B Forex Deal In Jury's Hands

    Jury deliberations began Thursday in the trial of ex-HSBC foreign exchange executive Mark Johnson over claims he defrauded Scottish oil and gas developer Cairn Energy PLC via a $3.5 billion forex deal, with questions about Johnson's and a cooperating witness' testimony coming up late in the day.

Expert Analysis

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • UK Acknowledges Partial EU High Court Jurisdiction

    Mathew Rea

    A recent U.K. white paper indicates a sensible retreat from the government's previous redline of taking back control from the Court of Justice of the European Union. The government has recognized that in order to ensure legal certainty and equal treatment for businesses and individuals, the CJEU must continue to play a considerable, if indirect, role in the U.K., says Mathew Rea of Bryan Cave LLP.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • UK Prime Minister's Speech Fails To Provide Clarity

    David Mundy

    U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.

  • A Close Look At Deferred Prosecution Agreements: US Vs. UK

    Amaee, Robert Cropped HiRes.jpg

    Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.

  • The UK Criminal Finances Act From A D&O Perspective

    Carey Lynn

    Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.

  • Technology Assisted Review Can Work For Small Cases


    For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.

  • New Sedona Principles Stress Information Governance

    Saffa Sleet

    The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.

  • Preparing For UK Litigation As A US Lawyer

    Richard Reice

    Counsel fees, issue fees, risk of loss and the “additional” cost of a barrister mark significant differences between the U.K. and U.S. legal processes. The good news is that the bond between the U.K. and the U.S. arising out of our common history and law renders retaining and working with U.K. counsel seamless and rewarding, says Richard Reice of Hoguet Newman Regal & Kenney LLP.