UK Financial Services

  • March 3, 2017

    No EU Bank Licenses For 'Shell Companies,' ECB Warns

    Banks that set up “empty shell” entities in the European Union to retain market access after Britain leaves the bloc are not likely to receive an  EU banking license, a senior European Central Bank official warned late Thursday.

  • March 3, 2017

    LSE Still Working Hard For Deutsche Börse Merger Approval

    The London Stock Exchange Group PLC is still pursuing approval for its planned £24 billion ($30.1 billion) merger with Deutsche Börse AG, with European regulators to decide on suggested revisions by April 3, LSE chief executive Xavier Rolet said Friday.

  • March 2, 2017

    Credit Card Swipe Fee Battles Destined For Appeal Showdown

    The endgame for the waves of antitrust swipe fee damages claims filed against MasterCard Inc. and Visa Inc. in the U.K. could well be in sight, with two recent conflicting first-instance judgments seemingly destined for the Court of Appeal to deliver a definitive answer on whether the fees breached competition law or not.

  • March 2, 2017

    Whistleblower Defends £128M Damages Suit Against RBS

    The former head of a software company who is accusing the Royal Bank of Scotland PLC of conspiring to force his business into administration and unfairly benefit from its sale pushed a London court Thursday not to throw the case out prematurely.

  • March 2, 2017

    City Firms Told To Brace For Wave Of Disclosure Orders

    London's banks, financial services firms and accountants should expect a sharp increase in court orders served on them to release information on clients, experts have warned, as looming new laws grant extended powers for enforcers to investigate and reclaim illicit wealth.

  • March 2, 2017

    Sharpen Up UK Bank And Business Audits, Watchdog Urges

    Britain’s accounting regulator said Thursday firms that vet the accounts of banks and business must improve their quality control procedures, after a review discovered problems in a big swathe of large company audits.

  • March 2, 2017

    Accounting Reforms Will Challenge Stress Tests, EBA Says

    New global accounting rules for impaired assets will pose a major challenge to banking stress tests across the European Union next year, the chairman of the European Banking Authority said Wednesday.

  • March 2, 2017

    EBA Floats Tighter Proportional Bank Recovery Regs

    Banks with individual branches deemed important to the wider group are to be subjected to enhanced levels of disclosure when preparing recovery plans in the event of financial distress, under plans outlined Thursday by the European Banking Authority.

  • March 2, 2017

    Ex-Clifford Chance Litigation Partner Joins Dechert In London

    A former Clifford Chance LLP disputes veteran with more than two decades' experience at the Magic Circle firm has joined Dechert LLP’s London team as a litigation partner, Dechert announced Wednesday.

  • March 2, 2017

    Regulators Closing In On Basel IV Deal, Officials Say

    Global banking regulators are closer to agreeing a new round of Basel III capital reforms but have still not revealed a final deadline, officials said during a two-day meeting ending Thursday.

  • March 2, 2017

    EIOPA Strengthens Supervision of Cross-Border Insurers

    Insurance regulators outside the European Economic Area need greater access to confidential information from their European counterparts to help supervise the bloc’s huge market in indemnities, a leading insurance watchdog said in a report published Wednesday.

  • March 2, 2017

    FCA Sets Deadline For Debt Insurance Misselling Claims

    Britain’s financial watchdog said Thursday it had introduced a deadline for customers seeking compensation for the misselling of debt repayment insurance by financial institutions, ending the prospect that banks could face ballooning claims.

  • March 2, 2017

    UK Gov't Sticks To Brexit Timetable Despite Setback

    The U.K. government is sticking to its timetable to initiate formal talks to leave the European Union by the end of March, despite the defeat of its Brexit bill in the upper house of parliament, a spokesman for Prime Minister Theresa May said Thursday. 

  • March 1, 2017

    2nd Circ. Chief May Lean Toward Keeping HSBC Report Secret

    Second Circuit Chief Judge Robert A. Katzmann said Wednesday that the judge who ordered publication of a secret report on HSBC Holdings PLC's efforts to fight money laundering did so despite a record that suggests the British megabank's deferred prosecution agreement with U.S. prosecutors is proceeding in good faith.

  • March 1, 2017

    AMT Futures Loses UK Jurisdiction Fight In Supreme Court

    Derivatives broker AMT Futures Ltd. lost its bid in the U.K.’s Supreme Court on Wednesday to bring a claim in England against a German law firm for allegedly inducing former AMTF clients to sue the broker in German courts over deals that lost them money.

  • March 1, 2017

    UK Watchdog Warns Of Crowdfunding Regulation Breaches

    Crowdfunding platforms in the U.K. may be in breach of regulatory requirements when they engage in wholesale lending and could face sanctions if they don’t take action, the Financial Conduct Authority warned Tuesday.

  • March 1, 2017

    Global Financial Watchdogs Eye Shadow Banking Reforms

    Top global regulators on Tuesday said that they are zeroing in on the risk posed by shadow banking and weighing whether reforms since 2008 go far enough to contain the threat.

  • March 1, 2017

    Ex-Barclays Trader No 'Mere Puppet' In Libor Fixing, SFO Says

    A former Barclays PLC trader’s attempts to persuade ex-colleagues to make Libor submissions helpful to his trading book even after he left the bank illustrated his motivation for trying to rig the benchmark interest rate for his own gain, the Serious Fraud Office told a London criminal court Wednesday.

  • March 1, 2017

    Investment Firm Challenges UK Green Bank Sale

    Investment firm Sustainable Development Capital LLP said Wednesday it has launched a last-ditch legal challenge to prevent the British government’s planned sale of its stake in its environmental specialist bank to preferred bidder Macquarie.

  • March 1, 2017

    Regulatory Wrangles Throttle EU's Bold Securitization Vision

    European Union policymakers are struggling to revive stalled plans to boost markets-based financing for businesses, but lawyers say regulatory obstacles, monetary policy largesse and lingering stigmas have stacked the deck against them.