Complaints against financial services companies have hit a five-year high, the industry’s adjudicator reported on Wednesday, with a huge spike in criticism about so-called payday lenders being blamed for the rise.
German police searched 11 banks and the homes of eight individuals in a sweeping investigation into suspected tax evasion in response to the Panama Papers documents leak, the Frankfurt prosecutor’s office said Wednesday.
A judge in London has ordered a Greek shipping company to pay the investment banking branch of Royal Bank of Scotland Group more than $13.3 million after ruling for the lender in a mortgage dispute earlier this month, according to court documents.
A Second Circuit panel considering whether to allow a Lebanese salesman out on bail with tens of millions of dollars in bond and under private guard raised concerns on Tuesday about providing a privileged tier of the justice system for the rich.
More than 50 U.K. lawmakers accused the government on Tuesday of using Brexit as an “excuse” to not levy sanctions against individuals accused of violating human rights, despite Russian agents carrying out a nerve-agent poisoning attack on British soil.
The only employee at a Dutch housing organization who knew how exposed its investment portfolio had become was an executive Deutsche Bank allegedly bribed to secure derivatives deals that cost the property provider €840 million ($940 million), the group's former head testified in London on Tuesday.
A former Danske Bank senior executive has confirmed he has been accused of wrongdoing in connection with the money laundering case against the bank as it faces preliminary charges in Denmark.
A U.K. investment services firm being sued for breach of contract over the furnishing of two properties in London must submit its defense to the £1.6 million ($2 million) claim on Wednesday, after exhausting all available extensions, according to new High Court documents.
Banks and insurers must ensure they can continue providing services to their customers and the wider economy if they are infected with cyberattacks or plagued by IT outages, the Bank of England said Tuesday as it proposed revamping its approach to financial resilience.
More case law is needed to establish precedent before economic crime bodies can feel confident using new anti-corruption powers to force individuals to explain the source of their suspect wealth, the head of Britain’s crime-fighting agency said Tuesday.
Britain’s pensions regulator said on Tuesday that it has received a total of 38 applications from master trusts hoping to win authorization to provide multiemployer pension schemes in the U.K. under tough new standards aimed at protecting 14 million retirement savers.
The National Crime Agency is lobbying the British government to hand it an extra £2.7 billion ($3.5 billion) to fight serious organized crime, as it warned on Tuesday that the country will "feel the consequences" if it does not get the money.
Governments of European Union countries approved rules on Tuesday aimed at simplifying how smaller companies and pension funds trade derivatives products, in a move intended to reform how businesses secure funding and to improve banking supervision in the bloc.
A former executive at an Irish state-run "bad bank" testified at a multimillion-pound interest rate swaps trial in London on Monday that it was policy for the agency to reduce its exposure as the country's property market plummeted during the financial crisis.
A former Morgan Stanley banker's attorney told a London judge during opening statements Monday his client is due profits from a joint venture with a real estate investment firm, fighting the banker's former business partner's claim that he ducked out on the redevelopment projects.
The Norwegian government cleared both Euronext and Nasdaq to acquire the country’s main stock exchange on Monday, effectively handing Euronext a victory in a bitter five-month takeover battle.
A lottery winner who scored £2.5 million ($3.2 million), a practicing legal counsel and a property developer have been ordered to hand over millions of pounds worth of assets as part of an international money laundering probe, Britain’s National Crime Agency said Sunday.
The Financial Conduct Authority should be given the power to force banks and insurers to act in the interests of their customers if the watchdog cannot prevent misconduct, an influential parliamentary committee said Monday, as it seeks to clamp down on misselling of financial products.
Britain’s competition watchdog has banned three former directors of office fit-out businesses from running companies after it found they were involved in rigging the price of approximately £19 million ($25 million) in bids as part of a criminal cartel.
Trading broker IG Markets Ltd. asked a London court to rule that a contract it has with an Italian client is valid, binding and enforceable and governed by English law, according to a recently released High Court filing.
In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.
The sanctions enforcement action and major settlement with Standard Chartered highlights U.S. and U.K. regulators’ continued focus on compliance, and their specific attention to the lapses in internal controls that led to the alleged violations, say attorneys with Paul Hastings.
Two years after the European Union implemented its fourth directive on money laundering, an eerie silence surrounds the new rules. Jessica Sobey of Stokoe Partnership examines what might be contributing to the lack of prosecutions, and whether the financial services sector has embraced compliance.
The U.S. Chamber of Commerce is poised to neuter the European Commission's collective action proposal — intended to let EU consumers challenge corporate misconduct — with a series of debilitating amendments that the Council of the EU must fight back against, says Laura Antonini of the Consumer Education Foundation.
Last month, the U.K. House of Lords published a mostly positive review of the Bribery Act but justifiably criticized the slow pace of Serious Fraud Office investigations, says Christopher David of WilmerHale.
Because the United States scrapped the Joint Comprehensive Plan of Action, large EU companies with substantial U.S. exposure will likely suspend business with Iran, but the European Union's protective measures against U.S. sanctions should provide some comfort to smaller businesses, says Kartik Mittal of Zaiwalla & Co.
If a no-deal Brexit happens, cross-border trade in financial services between the U.K. and EU will be restricted unless the U.K. meets the EU's recently updated equivalence standards or successfully negotiates for "enhanced equivalence," says Kirsten Lapham of Ropes & Gray LLP.
Following recent remarks on Brexit by officials from the U.S. Securities and Exchange Commission and the U.K.'s Financial Conduct Authority, attorneys with Norton Rose Fulbright discuss the potential operational, financial and accounting risks posed by different Brexit scenarios that boards and audit committees should discuss in company disclosures.
Because the Libor rate for short-term loans will soon be gone, the U.S. Alternative Reference Rates Committee may seek to amend contracts wholesale through legislation. However, this solution would face serious political and legal obstacles, says Anne Beaumont of Friedman Kaplan Seiler & Adelman LLP.
Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.