Financial Services UK

  • July 27, 2017

    Gaps In Client Asset Protection Still Exist, IOSCO Finds

    Europe and North America have made the most progress implementing global principles for safeguarding client assets, particularly for regulatory oversight, but a number of countries need to do more to protect clients’ rights, according to a report published Thursday by an international group of securities authorities.

  • July 27, 2017

    EBA Sets Out Incident Reporting Rules For Payment Services

    Payment service providers will have to report major security incidents to market watchdogs within four hours of them taking place under reporting rules published by the European Banking Authority on Thursday, which come ahead of sweeping European Union payment systems regulations that kick in next year.

  • July 27, 2017

    Central Bank Names New COO, Deputy Gov. To Replace Hogg

    The Bank of England announced on Thursday that it has appointed a new chief operating officer to replace Charlotte Hogg, who resigned in March after being grilled by MPs over her failure to formally declare a potential conflict of interest.

  • July 27, 2017

    Barclays Liable If Doctor Sex Attacks Proved, UK Judge Rules

    Barclays Bank PLC would be "vicariously liable" if it is proved that a doctor sexually assaulted prospective employees while carrying out medical examinations on behalf of the British lender, a judge ruled on Wednesday at London’s High Court.

  • July 27, 2017

    Lloyds To Compensate Mischarged Mortgage Customers

    Lloyds Banking Group PLC has agreed to set up a redress scheme for customers who were inappropriately charged when they fell behind with their mortgage payments between 2009 and 2016, the U.K.’s Financial Conduct Authority announced on Thursday.

  • July 27, 2017

    Lloyds Bank Sets Aside £700M To Cover Misselling Charges

    Lloyds Banking Group PLC has been forced to commit a further £700 million ($920 million) in the second quarter to cover the cost of missold loan insurance because of a rise in compensation claims, the British lender said on Thursday as it posted a slight increase in first-half profits.

  • July 27, 2017

    Troubled Libor Underpinnings Lead FCA To Drop Rate For 2021

    The Libor benchmark rate, which is used to price $350 trillion in financial products around the world, will be abandoned in 2021 as British regulators look for a more suitable substitute, the head of the U.K.’s Financial Conduct Authority said Thursday.

  • July 26, 2017

    MasterCard Win Cools Funders' Fever For UK Class Actions

    MasterCard's recent win in a £14 billion antitrust case in the U.K.'s new class action forum is a loss for litigation funders eager for a slice of massive potential recoveries in antitrust actions in the country, raising questions about whether similar cases can gain traction there and trigger payouts for investors, experts said.

  • July 26, 2017

    EU Agrees To UK Gov’t £835M State Aid Plan For RBS

    The European Union and the U.K. government have agreed on plans in principle for state-owned Royal Bank of Scotland PLC that avoid forcing the bank to sell off a subsidiary, a divestment that was originally a condition of its financial-crisis era bailout, the EU said Wednesday.

  • July 26, 2017

    No Escaping Accountability For City Chiefs As UK Widens Net

    The weight of individual accountability will soon cover the entire British financial landscape after authorities revealed plans Wednesday to expand the management conduct regime to all 56,000 firms under their watch, prompting attorneys to warn of a new era of enhanced compliance.

  • July 26, 2017

    McGuireWoods Adds Debt Finance Partner In London

    McGuireWoods LLP has expanded its London office with the addition of a highly regarded partner from King & Wood Mallesons, tying into its strategy to meet growing demand for U.S.-style leveraged financings in the U.K.

  • July 26, 2017

    Central Bank Floats Plan To Boost Pension Fund Transparency

    The European Central Bank published a draft regulation on Wednesday on statistical reporting requirements for pension funds in a bid to increase transparency and improve data comparability.

  • July 26, 2017

    Russia Loses Bid For $325M Security In Ukraine Bond Suit

    A U.K. judge on Wednesday tossed Russian Federation demands that Ukraine should hand over $325 million as security in exchange for not attempting to enforce its London High Court win in a dispute over $3 billion in unpaid Ukrainian bonds.

  • July 26, 2017

    ECB Pushes Forex Traders To Sign Onto Global Conduct Code

    The European Central Bank put pressure on foreign exchange trading banks and other institutions on Wednesday to publicly commit to a global code of conduct introduced to help restore faith in the $5 trillion-a-day market, which has been hit with several enforcement probes.

  • July 26, 2017

    Legal Adviser Denies Being 'Lackey' To Wanted Fraudster

    The legal adviser to a firm that ran a series of unlawful pooled investment schemes told a court on Wednesday that she was not responsible for managing the scheme that lost investors millions of pounds and that she was not "a little lackey" to the British businessman alleged to have run the operation.

  • July 26, 2017

    UK Financial Watchdogs Expand Senior Manager Rules

    British financial regulators set out plans on Wednesday to broaden rules holding senior managers at banks and insurers accountable for misconduct inside their firms to encompass other financial services, including asset managers and brokers.

  • July 25, 2017

    UK MasterCard Ruling Won't Doom Young Class Regime

    The first two suits brought under the U.K.'s young antitrust class action regime have fallen short, but attorneys say the competition court's recent rejection of a £14 billion consumer suit over MasterCard's swipe fees doesn't portend failure for the nascent system.

  • July 25, 2017

    Orrick Lures Fintech Regulation Pro From Reed Smith

    Orrick Herrington & Sutcliffe LLP revealed Monday that the head of Reed Smith LLP’s noncontentious financial regulatory team will join Orrick in September as a partner in its London-based technology companies group.

  • July 25, 2017

    British TV Celebrity Wants £300M For Lloyds HBOS Unit Fraud

    British television celebrity Noel Edmonds has more than quadrupled his compensation claim against Lloyds Banking Group PLC to £300 million ($392 million) for losses he suffered over a fraud scam carried out by former employees at the bank's HBOS unit.

  • July 25, 2017

    EBA Drafts Central Register For Payment Services Directive

    The European Banking Authority announced details of its proposed EU-wide public register of authorized payment services firms on Monday, as the watchdog continues to work through the list of technical standards it is required to develop before massive reforms enter into law in January 2018.

Expert Analysis

  • FinCEN Goes Global In Bitcoin Enforcement

    Harry Dixon

    The U.S. indictment against bitcoin processor BTC-e unsealed Wednesday is the Financial Crimes Enforcement Network’s first action against a money service business based outside the U.S. Don’t be surprised if FinCEN and the U.S. Department of Justice continue to work with international law enforcement to pursue civil and criminal actions against foreign businesses, says Harry Dixon of Taylor English Duma LLP.

  • Having A Chief Privacy Officer Reassures Your Firm's Clients

    Rita Heimes

    The benefits of appointing a chief privacy officer at your law firm are twofold — not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but you are also demonstrating to clients how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.

  • A Look At Protection Options For Board Members In The UK

    Francis Kean

    Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.

  • 2nd Circ. Libor Ruling Won’t Slow Cross-Border Enforcement

    Jason Linder

    Many commentators predict the Second Circuit's Allen decision last week will substantially chill the government's cross-border law enforcement efforts, but the truth is that the government won't have to make major changes to its increasingly robust coordination with foreign law enforcement to avoid similar problems in the future, say Jason Linder and John Long of Irell & Manella LLP.

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Assessing The Path Forward For The Serious Fraud Office

    Collingwood Thompson

    The debate over the possible merger between the United Kingdom's National Crime Agency and Serious Fraud Office has underlined the chronic underfunding of law enforcement. Increasing the budgets of the police and Crown Prosecution Service would be more helpful than an unnecessary merger, says Collingwood Thompson QC of 7 Bedford Row.

  • 2nd Circ. Libor Ruling Helps Subjects In Int'l Investigations

    Gregory O’Connell

    The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.

  • The BVI's Recent Beneficial-Ownership Efforts

    Omonike Robinson-Pickering

    With increasing international focus on matters of beneficial-ownership information, the British Virgin Islands has taken steps aimed at making such information readily available without compromising the privacy of those who, for perfectly legal and acceptable reasons, choose the BVI as the domicile of an entity, say members of Walkers and BDO.

  • Corporate Criminal Liability Continues To Expand In The UK

    Robert Amaee

    With the recent charges brought against Barclays PLC, the U.K. Serious Fraud Office and Financial Conduct Authority have made clear their intention to expand the law on corporate criminal liability beyond the current identification doctrine and punish those who fail to keep up new legal standards, say Robert Amaee and James McSweeney of Quinn Emanuel Urquhart & Sullivan LLP.