UK Financial Services

  • March 21, 2017

    BOE Directors Launch Review After Top Official Resigns

    The directors of the Bank of England, a top U.K. financial regulator, have launched a sweeping review after its deputy governor resigned for failing to reveal a potential conflict of interest for almost four years, the bank’s governor said Tuesday.

  • March 20, 2017

    'Alarmist' EU Fintech Rules A Cause For Concern

    The breakneck pace of financial technology development could quickly hit the buffers if wary European lawmakers meeting Tuesday advance plans to directly regulate the industry, a move lawyers say is "alarmist" for a sector poised to revolutionize global finance.

  • March 20, 2017

    EU Mulls Blocwide Bad Bank Ahead Of SRB Chair Meeting

    European Union lawmakers are set to weigh the potential for a blocwide "bad bank" to free up banks from the burden of nonperforming loans, according to a briefing paper published on Monday, ahead of a meeting later this week with the head of the EU’s bank resolution authority.

  • March 20, 2017

    Failed Iceland Bank Loses €73M Securities Valuation Fight

    Failed Icelandic bank Landsbanki Islands hf on Monday lost its challenge in London’s High Court over the valuation of securities held as collateral by units of Austrian Raiffeisen Zentralbank Österreich AG in trades that were still open shortly before LBI collapsed in 2008.

  • March 20, 2017

    Lloyds Appoints Reviewer For Victims Of £245M Fraud

    Lloyds Banking Group PLC said Monday it has appointed Professor Russel Griggs to independently review the cases of business customers who fell victim to a £245 million ($303 million) loan scam involving former employees at its subsidiary HBOS PLC.

  • March 20, 2017

    ESMA Sets CCPs Regs Sharing With Japan, UAE And Others

    Europe’s top securities watchdog announced Monday it has established cooperation agreements with authorities in Brazil, Japan, India, and the United Arab Emirates to share regulatory information on central counterparties that have applied for EU recognition.

  • March 20, 2017

    Insurance Neglected In Capital Markets Union, Lobby Warns

    The European Commission is slashing capital buffers for just 2 percent of insurers' asset portfolios and neglecting the overwhelming majority as the commission plans for the flagship Capital Markets Union, a major lobby group said Monday. 

  • March 20, 2017

    Russian Ex-Olympic Wrestler Accused In Bank Cyber Fraud

    Two Russian men, one of whom is a former Olympic wrestler, were accused in a London magistrates' court on Monday of stealing more than £2 million ($2.47 million) through cyber attacks on banks then laundering some of their gains.

  • March 20, 2017

    ECB Outlines Plan To Cut Banks' €921B Of Problem Loans

    Eurozone banks with high levels of problem loans must draw up plans to reduce the scale of the issue, the European Central Bank said Monday, as it published guidance on tackling the banking industry's €921 billion ($990 billion) of nonperforming loans.

  • March 20, 2017

    DWF Continues European Expansion With New Berlin Office

    U.K.-headquartered law firm DWF LLP announced Monday it will open a new office in Berlin, as part of the firm’s recent push to expand its European footprint.

  • March 20, 2017

    PRA May Ease Burden On Insurers As It Rethinks Supervision

    The U.K.’s Prudential Regulation Authority signaled a sweeping rethink of insurance supervision on Monday and suggested it could further strip back firms’ unpopular reporting requirements.

  • March 20, 2017

    UK Sets Brexit Start For March 29, Amid Fears Of Legal Void

    The U.K. government on Monday set March 29 as the day it will formally begin the process of leaving the European Union, as lawmakers warned that Britain's people and businesses face an uncertain legal future.

  • March 17, 2017

    Confusion Reigns Over Seismic EU Money Laundering Reform

    Onerous new European Union anti-money laundering laws entering force in June are set to undergo almost immediate revision, which lawyers say is prompting significant challenges and questions for financial services firms.

  • March 17, 2017

    No Tweaking £700M Claim RBS Wrecked Biz, Court Says

    London’s High Court refused Friday, despite new evidence emerging in the disclosure process, to let the owner of a now-defunct property company include more-detailed allegations in his £700 million ($867 million) claim that Royal Bank of Scotland PLC intentionally wrecked his firm for profit.

  • March 17, 2017

    EU Needs Common 'Fit And Proper' Banker Law: ECB Official

    Europe’s banking landscape needs laws setting down uniform qualifications for senior bankers to ensure good governance and risk mitigation, a senior European Central Bank official said Friday.

  • March 17, 2017

    UK Faces Insurance Fire Sale To Meet EU Rules, KPMG Says

    More insurance firms will be put up for sale in the U.K. this year than in any other country as companies struggle to remain viable under the European Union’s tough new capital rulebook, KPMG International predicted on Friday.

  • March 17, 2017

    BOE Launches Fintech Forum To Boost Innovation

    The Bank of England said Friday it has launched a community forum comprising financial technology firms, trade bodies and regulators as part of a program to better understand and support the innovations of the fintech sector.

  • March 17, 2017

    UK Enforces NY Court's $172M Damages Award Against Essar

    London’s High Court on Friday ordered multinational conglomerate Essar Group to pay up the $172 million damages awarded in the U.S. last year to an investment firm after deciding the U.S. judgment could be enforced in the U.K.

  • March 17, 2017

    Driverless Cars Challenge Insurer Stress Tests, BOE Warned

    Driverless cars will put the brakes on the U.K. motor insurance market and challenge the way firms develop capital models and internal regulatory stress tests, according to a Bank of England paper published Friday.

  • March 17, 2017

    EU Pushed To Speed Review Of Capital Markets Regs

    A major financial trade body called Friday on the European Union’s executive arm to speed up a review into how market conduct and capital requirements regulations are affecting wholesale markets as it seeks to boost access to financing in the region.

Expert Analysis

  • Extending SMCR To All UK Financial Services Firms

    Karolos Seeger

    Although we do not yet know precisely what the U.K.'s extended Senior Managers and Certification Regime will look like, it will be broadly similar to the SMCR for banks, so there are a number of steps that firms should start taking to prepare, say Karolos Seeger and Andrew Lee of Debevoise & Plimpton LLP

  • UK Financial Sector Shares Top Regulatory Concerns For 2017

    Sara Evans

    What do you expect your top regulatory challenge to be this year? Berwin Leighton Paisner LLP's recent survey of over 250 legal, risk and compliance professionals at U.K.-based banks, insurers and asset management firms highlighted three chief concerns for the sector.

  • What To Look For In Trump And May's 1st Meeting

    James K. Kearney

    Among the goals of Prime Minister Theresa May and President Donald Trump in Friday's meeting at the White House will be setting a course for a future U.K.-U.S. trade deal. The policies of both leaders will be on the line, say Jim Kearney of Womble Carlyle Sandridge & Rice LLP and Peter Snaith of Bond Dickinson LLP.

  • Attracting And Retaining The Millennial Lawyer

    Christopher Imperiale

    Instead of trying to change the new workforce to follow a law firm's existing processes and procedures, perhaps it's time for firms to start changing their processes and procedures to better accommodate the mentality of this next generation of lawyers, says Christopher Imperiale, a law firm adviser with Berdon LLP.

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.

  • The Privacy Shield 5 Months Later

    Kim Roberts

    As companies ring in 2017, the challenges of navigating the new rules on transatlantic data transfers under the EU-U.S. Privacy Shield are now starting to emerge, says Kim Roberts of King & Spalding LLP.

  • 7 Legal Industry Predictions For 2017

    Haley Altman

    Since 2008, the legal relationship dynamic has consistently evolved, leading clients to demand more "value" for services received. In 2017, investment in and adoption of new technology and prioritizing cybersecurity will lead to an increase in billable hours and shifts in realization rates, says Haley Altman of Doxly.

  • Appealing An Arbitrator's Application Of Law: England Vs. US

    Odean Volker

    The policy considerations reflected in the English Arbitration Act of 1996 and the U.S. Federal Arbitration Act demonstrate a shared view favoring arbitration. However, on the question of judicial review of an arbitrator’s conclusions of law, the two jurisdictions have significantly different approaches, say Odean Volker and Helen Conybeare Williams of Haynes and Boone LLP.