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Financial Services UK

  • September 21, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a London no dealing desk sue Merrill Lynch for breach of fiduciary duty, more competition claims against Visa and MasterCard and a German shipper bring a suit against Axa and other insurers.

  • September 21, 2018

    Major Fraud Prosecution Win May Foretell A Bolder FCA

    The Financial Conduct Authority’s recent success in securing lengthy prison sentences for six boiler room scammers signals a step for the regulator in the direction of a wider range of criminal prosecutions using more creative investigations.

  • September 21, 2018

    MPs Demand Answers From RBS, Barclays On Service Outages

    Parliament’s influential Treasury Committee demanded answers Friday from the chief executives of Barclays PLC and the Royal Bank of Scotland Group PLC on service failures that affected customers, following a string of meltdowns among other high street banks.

  • September 21, 2018

    Ex-Financial Adviser Banned Over Risky Pension Investments

    The Financial Conduct Authority has issued a final enforcement order banning a former director of financial advice firm TailorMade Independent from taking up senior positions in the sector and fining him £60,000 ($78,420) over his role giving unsuitable advice to pension clients.

  • September 21, 2018

    Ex-SFO Prosecutor Joins Cohen & Gresser’s London Office

    International law firm Cohen & Gresser LLP has enticed a former U.K. Serious Fraud Office prosecutor to join its white-collar defense group in its London offices.

  • September 21, 2018

    UK PM Warns Of Trade Impasse, Reviving 'Hard Brexit' Fears

    Prime Minister Theresa May indicated on Friday that Britain’s chance of leaving the European Union without a trade deal had escalated, leaving banks and insurers facing legal uncertainty and the possibility of a cliff-edge Brexit.

  • September 21, 2018

    Ex-Deutsche Bank Euribor Trader Held In Italy, SFO Says

    A former Deutsche Bank trader who was allegedly involved in manipulating a key European interest rate benchmark has been arrested in Italy and could be extradited to the U.K., the Serious Fraud Office revealed on Friday.

  • September 21, 2018

    NCA Probes British Firms' Ties To Danske Bank AML Woes

    Britain’s National Crime Agency said Friday it is investigating whether U.K.-registered companies that held accounts with Danske Bank’s Estonian branch were used in money laundering, days after the lender announced its subsidiary could have handled billions of dirty euros between 2007 and 2015.

  • September 21, 2018

    Clients Of Failed Finance Firms Get OK To Seek Money Back

    The U.K.’s deposit protection scheme has revealed that it declared six financial services firms in default during August, paving the way for customers who have lost money in their dealings with the businesses to claim it back.

  • September 20, 2018

    UK Competition Authority Probing PayPal's $2B iZettle Deal

    The U.K.’s competition watchdog said Wednesday it had opened an investigation into PayPal Holdings Inc.’s $2.2 billion purchase of Sweden’s iZettle, a payments platform that boasts nearly a half-million merchants across 11 international markets, and restricted some activity by the businesses in the U.K. market.

  • September 20, 2018

    Courts Can't Weigh Contract Claims That Clash With Law: ECJ

    The European Union’s highest court ruled Thursday that a dispute over a drastic change in exchange rates that increased two individuals’ monthly bank loan repayments can be reviewed by the Hungarian national courts, but only if the terms of the contract being assessed for unfairness are not subject to national laws.

  • September 20, 2018

    UK Adviser Fights Chinese Co.'s £185M Negligence Suit

    A U.K. investment adviser that worked on the share listing of a Chinese sportswear maker has hit back at a lawsuit claiming £185 million ($245 million) in damages after the company’s shares plummeted in value when its chief executive allegedly made off with the company seal and disposed of its assets.

  • September 20, 2018

    Danish Regulator Revives Danske Bank AML Probe

    The head of Denmark's Financial Supervision Authority said Thursday that the regulator is reopening its investigation into money laundering allegations against Danske Bank, a day after the bank released its own findings from an internal probe that found €200 billion in suspicious payments.

  • September 20, 2018

    FCA To Bring Claims Managers Under Accountability Rules

    The Financial Conduct Authority said Thursday that it has taken steps to bring claims management companies under tough accountability rules in order to protect consumers and strengthen the market by making senior individuals culpable for their conduct.

  • September 20, 2018

    KPMG Disputes Sanction For Misconduct In BNY Mellon Reports

    KPMG revealed on Thursday that it had not been able to reach agreement with the Financial Reporting Council on a sanction for misconduct in its reports into whether BNY Mellon had complied with the City watchdog's rules on protecting client assets.

  • September 20, 2018

    Court Backs UK Bank's Ship Sale To Recover Unpaid Loan

    The High Court in London has ruled that a bank did not sell a ship-owner’s vessel at below its market value to recover an outstanding €2.2 million ($2.6 million) loan, finding that the London-based lender is entitled to recoup the shortfall of the debt.

  • September 20, 2018

    UK Online Trading Company Says EU Clampdown Hits Profits

    A leading online financial trading platform revealed on Thursday that its profits have been hit by a regulatory clampdown in the European Union on speculative trading products, signalling that the rules may be harming the sector.

  • September 20, 2018

    Data Regulator Plans GDPR 'Sandbox' To Test Compliance

    The U.K.’s data regulator has announced plans to create a regulatory test site to help companies try out innovative business ideas without breaching Europe’s new information protection regime and risking tough penalties.

  • September 19, 2018

    UK Data Watchdog Fines Equifax For Cybersecurity Breach

    Britain's data watchdog fined credit reference agency Equifax Ltd. £500,000 ($656,000) on Thursday for failing to protect the personal information of up to 15 million U.K. citizens during a cyberattack in 2017.

  • September 19, 2018

    EU Banks Prepping For New Loss-Absorbing Rules, EBA Says

    The European banking sector is preparing for new funding requirements by increasing its reliance on market-based funding and client deposits, according to analysis published by the bloc’s banking watchdog Wednesday.

Expert Analysis

  • New UK And US Regimes May Deter Foreign Investment

    Robert Bell

    Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.

  • BVI Companies May See More 'Just And Equitable' Petitions

    Andrew Willins

    Courts in the British Virgin Islands have mostly resisted the temptation to appoint liquidators in soft wind-downs. However, a recent decision in Delco Participation v. Green Elite has opened the door to more "just and equitable" liquidation petitions, say Andrew Willins and Eliot Simpson of Appleby.

  • UK Employees May Soon Gain The 'Right To Disconnect'

    Sarah King

    Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.

  • Cayman Derivative Cases Brought Overseas Still Face Hurdles

    Peter McMaster

    Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • Structuring Investigations In Light Of UK Privilege Case

    Mark Beeley

    The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.

  • UK's Proposed Investment Scrutiny Powers Are Far-Reaching

    Douglas Lahnborg

    The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.

  • Relief For Cos. Conducting UK Internal Investigations

    Simon Airey

    After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • SEC Action Brings Lessons For Quantitative Fund Managers

    Brian Daly

    The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.

  • Breaking Down The UK's Revised Corporate Governance Code

    Joseph Ferraro

    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.