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European Union leaders including European Council President Donald Tusk, left, and European Commission President Jean-Claude Juncker said Thursday they would allow Britain to delay its departure from the bloc until May 22, provided U.K. Parliament approves the withdrawal agreement in the next week. (AP)

EU Offers UK Limited Delay To Stave Off A No-Deal Brexit

European Union leaders said Thursday that Britain will be allowed to delay its departure from the bloc until May 22 on the condition that the government's withdrawal agreement gains parliamentary approval in the U.K. next week.

Top Stories

Record £28M Fine For UBS Puts Compliance Staff On Guard

This week’s record £27.6 million ($34.8 million) fine against UBS for misreporting 136 million transactions has underlined the need for banking compliance teams to focus on their trading desks if they hope to avoid falling foul of Europe’s formidable securities rules.

Top UK Court Rules On 'Bare-Knuckle' Fight Over Fraud Test

Britain’s top appeals court has ruled that an individual who seeks to set aside a judgment on the grounds that it was fraudulently obtained does not have to demonstrate that the fraud could not have been discovered with reasonable due diligence, resolving a "bare-knuckle" conflict between two legal principles.

Prepare Now For Hard Brexit, FCA Tells EU Finance Firms

Financial services companies in Europe must register with the Financial Conduct Authority before March 29 if they want to continue serving clients in the U.K., the watchdog said, as it warned that it cannot rule out "volatility and disruption" if there is a no-deal Brexit.

UK Watchdogs Ink No-Deal Brexit Cooperation Accord With EU

Britain’s financial watchdogs and Europe’s top banking authority have said they will seal an agreement to allow them to cooperate and share information in regulatory investigations if the U.K. crashes out of the EU without a deal.

Commerzbank-Rothschild Suit Over €30M Note Deal On Hold

Litigation launched by Commerzbank AG and Agate Assets SA, which issued €30 million in investment notes allegedly purchased by a Luxembourg investment fund with ties to an Italian pension scandal, has been stayed by a London court judge who also vacated a February 2020 trial date.

Retailers Hit Visa With Another UK Swipe Fees Suit

More than a dozen merchants, including Virgin's gym branches and cosmetics giant Avon, have sued Visa in London, joining a list of companies accusing the credit card company of charging excessive swipe fees in violation of U.K. and European Union competition law.

Indian Billionaire Remanded In UK Following $2B Fraud Claims

A fugitive billionaire wanted by the Indian authorities over an alleged $2 billion loan fraud at Punjab National Bank was remanded in custody at a London magistrates court on Wednesday, a spokeswoman for the Metropolitan Police confirmed.

Troubled Metro Bank Feels Heat Over £120M Grant Award

Scandal-hit lender Metro Bank PLC is facing renewed scrutiny after the head of a U.K. banking award questioned whether the lender had submitted misleading information in its application to secure a £120 million ($159 million) grant.

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