UK Financial Services

  • March 13, 2017

    Deutsche Bank Can Serve Order On Billionaire Vik In Monaco

    London's High Court gave Deutsche Bank the green light on Monday to serve an order on Monaco-based billionaire Alexander Vik compelling him to return to the U.K. for questioning over his assets or face prison, as the bank continues its hunt for $300 million owed by the entrepreneur.

  • March 10, 2017

    Dentons Boosts German Banking Practice With Multiple Hires

    Dentons LLP will add four experienced banking and finance lawyers from Clifford Chance LLP and Baker McKenzie LLP to its Frankfurt and Munich offices over the next two months, it announced Thursday.

  • March 10, 2017

    Otkritie Fraudster’s Wife 'Abused Process' In Damages Appeal

    The wife of convicted former Otkritie Group trader Georgy Urumov lost her appeal to value the couple’s "Millionaires' Row" house at the price at which Otkritie sold it, and deduct that from the amount she owes the bank, because she abused the court process, according to a judgment published Friday.

  • March 10, 2017

    Forsters Snags 14 Private Client City Attys From Gowling WLG

    Forsters LLP is acquiring Gowling WLG LLP's London team of 14 private client and taxation attorneys, the private wealth and real estate specialist firm said Thursday.

  • March 10, 2017

    Lloyds Bank Sets Aside Another £350M To Cover PPI Claims

    Lloyds Banking Group PLC said Friday it has set aside an extra £350 million ($425.5 million) to compensate customers who were missold loan insurance, after Britain’s banking watchdog set a deadline for consumers making new claims.

  • March 10, 2017

    UK Asset Management Fees Need Reform, FCA Official Warns

    U.K. fund managers must be more transparent about the fees charged to investors, a top official at the Financial Conduct Authority said Thursday, citing findings from a wide-ranging study that competition isn't working well in the country’s £7.1 trillion ($8.6 trillion) asset management industry.

  • March 10, 2017

    Banks Spending More On Cyber Defense Ahead Of New Regs

    Banks are spending up to three times as much on cybersecurity as nonfinancial institutions in anticipation of impending reforms that will heap mounting regulatory pressure on firms to avoid slip-ups, a report published Thursday found.

  • March 10, 2017

    FCA To Update Compensation Method For Bad Pension Advice

    The U.K.’s Financial Conduct Authority announced plans Friday to overhaul the way firms calculate redress for customers who received unsuitable advice when transferring from defined benefit pension schemes to personal pensions, amid concerns that the existing system hasn't kept up with the shifting pensions landscape.

  • March 10, 2017

    LSE Seeks Regulatory Approval For New Securities Market

    The London Stock Exchange Group PLC said Thursday it is seeking regulatory approval to launch a new market for the issuance of primary debt, weeks after Britain’s top finance regulator announced it is gauging the appetite for a new bond trading hub in London.

  • March 10, 2017

    EU Sets Stage For 5th Round Of Money Laundering Rules

    The ink is barely dry on new European anti-money laundering laws as lawmakers now prepare the next wave of regulations and amendments, promising even tighter rules for banks and financial services firms by June, Law360 learned Friday.

  • March 9, 2017

    Regulators' Fintech Bridges Welcome But More Detail Needed

    The latest overseas tie-up announced by the Financial Conduct Authority on Thursday to hand financial technology firms a route into foreign markets is a welcome fillip for London’s fledgling sector, but lawyers have questioned how far the promises go.

  • March 9, 2017

    RBS Shareholder Class Claimants Told To Reveal Funders

    The High Court ordered Thursday the remaining claimants in a rights issue class action against RBS to reveal their financial backers' names, but stopped short of forcing the claimants to disclose details on the insurance policies they took out in case they lose the litigation.

  • March 9, 2017

    Essar To Blame For $172M NY Ruling Against It, Creditor Says

    A lawyer for an investment firm pursuing a unit of multinational conglomerate Essar Group for $172 million in damages awarded in New York hit back on Thursday at the company’s complaints over the U.S. judgment against it, telling London’s High Court that Essar essentially authorized the ruling itself.

  • March 9, 2017

    EU Lawmakers Seek More Oversight Of UK Financial Services

    European Union lawmakers on Thursday said tougher oversight of U.K. supervision will be required if U.K.-based financial institutions and clearinghouses are to be granted regulatory equivalence to access the bloc’s vast financial markets after Brexit.

  • March 9, 2017

    Latham & Watkins Adds Financial Reg Partner From Linklaters

    Latham & Watkins LLP announced on Thursday that it has hired a financial regulatory partner from Linklaters LLP, the latest in a string of similar additions aimed at building up the law firm’s regulatory capabilities in London.

  • March 9, 2017

    A&O Boosts Paris Banking Team With New Partner Hire

    A former Bird & Bird LLP finance partner who specializes in infrastructure and energy deals has joined Allen & Overy LLP’s banking and finance team in Paris, the U.K. Magic Circle law firm announced Thursday.

  • March 9, 2017

    EBA Urges EU Arm To Hand Over Rule-Making Powers

    The European Banking Authority wants to wrest control of rules for banks’ data reporting from the European Commission because “systematic” procedural delays are disrupting both firms and regulators, the watchdog said Wednesday.

  • March 9, 2017

    Watchdog Predicts Record Year For New Payment Providers

    Attempts to widen access to Britain’s £75 trillion ($91.4 trillion) payment systems industry are proving successful, the country’s payments watchdog said Thursday, as it predicted a record number of new entrants will gain direct access to the market in 2017.

  • March 9, 2017

    British, Japanese Regulators Seal Fintech Cooperation Pact

    Financial technology firms in the U.K. and Japan will find it easier to operate in each other’s jurisdictions under an agreement announced Thursday between Britain’s Financial Conduct Authority and the Financial Services Agency of Japan.

  • March 9, 2017

    Co-Op Bank Risks Regulatory Shutdown Without New Capital

    The U.K.’s loss-making Co-operative Bank PLC could face closure as it hangs on the Prudential Regulation Authority's continued acceptance of the institution's failure to meet European Union capital requirements, the bank said Thursday.

Expert Analysis

  • What Is The Future For Regulation Of Crowdfunding?

    Lucy Frew

    Regulators worldwide may be under pressure to compete to provide attractive regimes for crowdfunding. Indeed, many overseas operators have sought to set up in the U.K., following the introduction of a new bespoke regime in 2014, which was campaigned for the crowdfunding industry, says Lucy Frew of Walkers Global.

  • Limited Guidance For UK Financial Services In The Cloud

    Yvonne Dunn

    Financial services companies operating in the UK can make use of cloud-based services without falling foul of regulatory obligations, the Financial Conduct Authority has said. However, firms may be disappointed that some of the guidance the regulator has issued is not more specific or prescriptive, say Yvonne Dunn and Luke Scanlon of Pinsent Masons LLP.

  • Coming Soon: The 3-D (And 4-D) Brief

    Martin Bienstock

    From e-discovery to attorney profitability, the technologies of the 21st century have had a major impact on legal practice. Yet the tech revolution has had surprisingly little impact on the form and content of legal briefs — the very bread-and-butter of many legal practices. This is about to change, according to Martin Bienstock of Weisbrod Matteis & Copley PLLC.

  • What Licci Means For US And Foreign Bank Relationships

    Owen Pell

    Licci v. Lebanese Canadian Bank is significant because the Second Circuit found that the bank’s alleged use of its New York correspondent account could be sufficient at the pleading stage to allege that the bank intended to aid and abet Hezbollah’s terrorist activities, say attorneys with White & Case LLP.

  • Selection Of English Governing Law, Jurisdiction Post-Brexit

    Stuart Pickford

    Among the multitude of issues arising from the United Kingdom's likely departure from the EU, for those drafting and negotiating international commercial contracts a key concern will be the potential implications of Brexit on the selection of governing law and jurisdiction, say Stuart Pickford and Daniel Hart of Mayer Brown LLP.

  • Curbing Bribery And Corruption In International Arbitration

    Mathew Rea

    There are concerns that parties to contracts procured through corruption may choose arbitration because the process is confidential and consensual, and because arbitrators have been traditionally reluctant to investigate corruption on their own initiative. If true, that creates a very real risk, says Mathew Rea, co-head of Bryan Cave’s global international arbitration team.

  • How Brexit Can Change Britain’s Relationship With Africa

    Tina Blazquez-Lopez

    The uncertainty surrounding Brexit is indeed worrying, but it also presents some unique possibilities for Africa. A post-Brexit Britain may afford the latitude and flexibility needed to meaningfully engage with the continent, says Tina Blazquez-Lopez of Pillsbury Winthrop Shaw Pittman LLP.

  • Could Gold-Plating Be The Key To Post-Brexit Stability?

    Jonathan New

    Although many fear that Brexit may be disruptive and create great uncertainty for many businesses in the United Kingdom, paradoxically, the U.K.’s occasionally controversial practice of gold-plating financial and corporate governance regulations may provide a measure of stability and continuity, say Jonathan New and Elizabeth McCurrach of BakerHostetler LLP.

  • Will You Be Caught In The 'Wrong' Law Or Courts Post-Brexit?

    Gemma Anderson

    The reality is that, until we know what model the U.K. will adopt, the Brexit process is likely to take a long time and it is difficult to predict the impact on any area, including contracting and disputes. That said, there are practical steps that parties revisiting existing contracts or negotiating new ones can take now to better insulate themselves, says Gemma Anderson of Morrison & Foerster LLP.

  • Voluntary Self-Identification Of Virtual Currency Users?

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    Our view is that a system of voluntary self-identification of virtual currency users could be a ground-breaking development in the world of virtual currency. Is it something that is coming further down the line or maybe a significant opportunity is being missed here? ask members of Locke Lord LLP.