UK Financial Services

  • September 16, 2016

    Central Banks To Review Security For Wholesale Payments

    A group of central bankers plans to review security procedures for wholesale payments involving financial institutions in light of growing concerns over cyber fraud, the Bank for International Settlements said Friday.

  • September 16, 2016

    May, EU Official To Meet As Brexit Talks Still On Hold

    British Prime Minister Theresa May is set to meet with the European Parliament's president on Thursday as both sides continue to spar over when formal talks over the terms of the United Kingdom's exit from the European Union will begin.

  • September 16, 2016

    Bank Of England To Restructure Payment Systems By 2020

    The Bank of England said Friday it will overhaul the foundations of its banking and trading systems to fit with radical new technologies such as blockchain and open it up to more businesses by 2020.

  • September 16, 2016

    Jones Day Nabs 5 Ex-White & Case Brussels Finance Attys

    International law firm Jones Day has hired a team of five Brussels-based lawyers specializing in banking and finance from White & Case LLP, bolstering its European financial sector offerings, the firm said Friday.

  • September 16, 2016

    UK Targets 'Revolving Door' Between Banks And Regulators

    The United Kingdom’s ethics watchdog on Thursday challenged financial authorities to curb conflicts of interest raised by “revolving door” hiring practices between banks and the agencies that regulate them.

  • September 16, 2016

    EU Weighs Cross-Border Financial Regulatory Sandbox

    The European Union could establish regulatory sandboxes spanning the bloc’s borders to test innovative financial instruments outside the confines of national rulebooks, a senior official said Friday.

  • September 15, 2016

    SFO Eyes More Deferred Prosecutions Through Incentives

    The U.K.’s Serious Fraud Office is willing to encourage more companies accused of wrongdoing to enter into deferred prosecution agreements by trying to ensure bigger discounts to financial penalties than the usual one-third awarded for guilty pleas, a top SFO official said Thursday.

  • September 15, 2016

    Bank Of England Poised To Usher In New Dawn For Payments

    The Bank of England will set out a plan Friday to overhaul its creaking settlement systems, with radical changes predicted as the central authority looks to service a new generation of finance with groundbreaking technology.

  • September 15, 2016

    UK Vows No 'Gold-Plating' For Money-Laundering Law

    The U.K. government asked banks, law firms and others Thursday to weigh in on how it plans to implement new European Union anti-money laundering rules, vowing not to "gold-plate" the bloc's measures without strong proof the legislation doesn't go far enough.

  • September 15, 2016

    Allen & Overy Bolsters China Capital Markets Team

    Allen & Overy LLP announced two new partners to bolster its capital markets operations in Hong Kong on Thursday, signaling the latest thrust by law firms into China’s burgeoning financial industry.

  • September 15, 2016

    Hogan Lovells Adds Top Fintech Partner For Global Practice

    Hogan Lovells said Thursday it has hired a leading London fintech partner for its global corporate practice who comes from Pinsent Masons LLP.

  • September 15, 2016

    No Red Flags Raised In £160M Fraud Against Barclays, KBC

    A former finance manager at a fiber optics cable group testified on Thursday that her chief financial officer never raised objections to questionable accounting reports at the center of a £160 million ($211 million) fraud allegedly committed against Barclays PLC and KBC NV.

  • September 15, 2016

    London Entices Fintechs With Nonregulatory Testing Ground

    London’s fintech scene is creating a new industry-led testing space for startups away from the glare of regulators, it announced Wednesday, as it seeks to recalibrate after the Brexit shock.

  • September 15, 2016

    EU Begins Assembling Candidates For Tax-Haven Blacklist

    The European Union said Thursday it has asked member states to help name non-EU jurisdictions that “refuse to play fair” on tax, launching a process could end in late 2017 with the EU’s first “blacklist” of offshore tax havens.

  • September 15, 2016

    EU Lawmakers Want To Up Prospectus Exemption For Crowdfunding

    European Union lawmakers pushed Thursday to simplify the prospectuses companies must issue with public offerings to help smaller businesses access capital but backed a broader exemption from the prospectus requirement than the European Commission had to give crowdfunding platforms flexibility.

  • September 14, 2016

    Deferred Prosecution Viable Tool To Fight Crime, SFO Says

    The general counsel of the U.K.'s Serious Fraud Office on Wednesday defended the regulatory body’s use of deferred prosecution agreements, assuring an audience of compliance professionals that the agreements aren’t for convenience’s sake or part of a “soft line” approach to handling offending companies.

  • September 14, 2016

    FCA Bans Ex-Barclays Exec From Sr. Management Role

    The Financial Conduct Authority on Wednesday moved to ban a former top executive at Barclays' wealth management unit from working as a senior manager, based on his efforts to suppress a 2012 report criticizing the bank's "revenue at all costs" culture.

  • September 14, 2016

    European Commission Names Deputy Brexit Negotiator

    The European Commission on Wednesday named a German trade expert as its Brexit negotiations deputy, joining former French Foreign Minister Michel Barnier on the team navigating Britain’s departure from the European Union.

  • September 14, 2016

    Brexit Could Harm EU Capital Markets Union, Banker Warns

    The European Union’s plans for a common capital market may be at risk if financial market activity shifts to the U.S. instead of elsewhere in Europe after the U.K. leaves the bloc, a top British banker warned Wednesday.  

  • September 14, 2016

    EU To Ramp Up Capital Markets Reforms To Offset Brexit

    European officials on Wednesday said they are accelerating an ambitious capital markets union project to increase access to financing for EU companies, pointing to the threat of curtailed access to Europe's financial capital of London after the U.K. leaves the EU.