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Financial Services UK

  • January 17, 2019

    Hard Brexit Will Threaten GDPR Data Swap, Regulator Warns

    British companies that share data across national borders should brace themselves for legal disruption if the country crashes out of the European Union without a trade deal on March 29, a senior official at the Information Commissioner’s Office warned on Thursday.

  • January 16, 2019

    Cafe Chain Uncovers More 'Extensive' Accounting Fraud

    The parent company of British cafe chain Patisserie Valerie announced Wednesday an accounting shortfall that nearly caused the company to collapse was larger than it initially feared, deepening a scandal that has toppled executives and triggered a criminal probe.

  • January 16, 2019

    Banks Accused Of Rigging Libor After Post-Scandal Overhaul

    A Connecticut bank on Tuesday accused the owner of the New York Stock Exchange of conspiring with some of the world's largest banks to artificially deflate a key financial benchmark after taking over responsibility for the rate setting following a previous price-fixing scandal.

  • January 16, 2019

    UK Nat'l Security Official To Lead New Financial Crime Agency

    A high-ranking U.K. national security official with a background in implementing controversial data collection efforts will take the reins of a new economic crime-fighting department, the National Crime Agency said Wednesday.

  • January 16, 2019

    ECB Toughens Conflict-Of-Interest Rules For Top Officials

    The European Central Bank revealed on Wednesday that it has extended its rules on good conduct to subject its supervisory board and policymakers to a common code, as it attempts to beef up its governance framework.

  • January 16, 2019

    Ex-Barclays Traders 'Tainted' Euribor Rates, Court Told

    Three former Barclays PLC traders were part of a conspiracy to cheat the financial system that “tainted” the integrity of a key interest rate benchmark used to price trillions of dollars of financial products, prosecutors told a London jury on Wednesday.

  • January 16, 2019

    Competition Watchdog Reveals Scope Of PayPal Merger Probe

    Britain’s antitrust watchdog has set out the questions it will consider as it decides whether PayPal’s $2.2 billion takeover of a Swedish competitor could weaken competition in the U.K., as it called for evidence on the merger from businesses in the sector.

  • January 16, 2019

    Markets Expect Brexit Will Be Delayed, BoE's Carney Says

    The governor of the Bank of England told a panel of lawmakers on Wednesday that sterling has risen following the landslide defeat for the government’s draft withdrawal agreement because financial markets believe the prospect of a no-deal Brexit “may have been diminished.”

  • January 16, 2019

    UK's May Survives No-Confidence Vote After Brexit Defeat

    British Prime Minister Theresa May narrowly survived a vote of no confidence brought by the opposition Labour Party on Wednesday, a day after lawmakers overwhelmingly rejected her proposed deal to leave the European Union.

  • January 15, 2019

    Singapore Bank Fights ING In Court Over $19M Lehman Charge

    ING Bank NV should have to pay Oversea-Chinese Banking Corp. Ltd. back for the $19 million it was told to hand over to liquidators of Lehman Brothers as part of a settlement of several derivatives transactions, lawyers for the Singapore lender told a court in London on Tuesday.

  • January 15, 2019

    Ex-Barclays Bankers On Trial Again In Euribor Rigging Plot

    Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them.

  • January 15, 2019

    UK Lawmakers Reject Gov't Brexit Deal In A Landslide

    The U.K. Parliament overwhelmingly rejected the government’s draft agreement for leaving the European Union on Tuesday, pitching the Brexit process deeper into disarray and raising questions about whether the March 29 departure date can still be met.

  • January 15, 2019

    HSBC, Lenders Get $35M After Transit Cos. Are No-Shows

    A London judge on Tuesday said four transport companies owe the Swedish Export Credit Corp., HSBC Bank PLC and a Brazilian lender at least $35.2 million for failing to repay loans secured to buy buses for a Brazilian city, saying they skipped court proceedings.

  • January 15, 2019

    Crowell & Moring Poaches Finance Expert From Squire Patton

    Crowell & Moring LLP said Tuesday that it has snagged an experienced financial litigator from Squire Patton Boggs LLP to oversee the expansion of its London office.

  • January 15, 2019

    London Lawyer 1st Fined Over Panama Papers Revelations

    A partner at London law firm Child & Child on Tuesday became the first English lawyer to be punished as a result of revelations from the Panama Papers scandal after he was fined £85,000 ($109,000) by a U.K. disciplinary tribunal for failing to carry out money laundering checks.

  • January 15, 2019

    Raiffeisen Bank Loses Disclosure Bid In Ashurst Escrow Suit

    A judge in London dismissed on Tuesday an application by Austrian lender Raiffeisen Bank that would have required Ashurst LLP to hand over all documents and instructions it received in connection with $85 million it held in escrow during negotiations for the sale of shares in an international coal mining group.

  • January 15, 2019

    Global Watchdogs Agree Bank Reserves Against Market Risks

    Global regulators have approved watered-down rules drafted to help avoid another financial crisis, which cut by almost half the amount of extra capital that banks will be required to hold from 2022 to buffer themselves against movements in the market price of their investments.

  • January 15, 2019

    Lender Bids To Revive £32M Suit Against Grant Thornton

    Manchester Building Society attempted on Tuesday to revive a U.K. lawsuit claiming that Grant Thornton is liable for £32.7 million ($42 million) losses suffered on interest rate swaps used by the lender to hedge its mortgage portfolio, claiming its “very future and existence” depends on the outcome of the appeal.

  • January 15, 2019

    FCA Defends Probe Of Credit Suisse Over $2B African Fraud

    The Financial Conduct Authority is considering taking action against Credit Suisse for possible failures of its internal controls over an alleged $2 billion loan scandal in Africa, as well as against individual bankers, the head of the regulator told lawmakers Tuesday.

  • January 14, 2019

    UBS Takes Aim At Feds' Fraud Suit Over Crisis-Era RMBS

    UBS AG told a New York federal judge on Friday that the U.S. Department of Justice's lawsuit accusing it of defrauding investors through the sale of residential mortgage-backed securities leading up to the financial crisis should be dismissed, saying the case is based on an overly broad and legally unsupported interpretation of a financial institutions reform act.

Expert Analysis

  • A Long Accountability Journey For Financial Cos. Post-GDPR

    James Drury-Smith

    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.

  • Société Générale: Sanctions Enforcement Is Alive And Well

    Ama Adams

    The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.

  • Why English Courts Are Prepared To Assist Cyber Victims

    Fiona Cain

    This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.

  • Illegality Defense Developments In UK And Cayman Islands

    James Elliott

    Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.

  • UK Privacy Rules That Can Catch You Off Guard

    Alexander Edwards

    The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

    Antonia Apps

    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • Time For Banks To Realign Legal, Risk And Compliance Teams

    Naomi Bowman

    After the collapse of Lehman Brothers and the crisis that followed, banks organized their legal, compliance and risk divisions into silos that addressed the needs of the moment. Ten years later, however, it's time to consider whether this is still the best framework for the future, says Naomi Bowman of Berkeley Research Group LLC.

  • UK And EU Crawl Toward Virtual Currency Regulation

    Jacqui Hatfield

    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.

  • Prosecutors Avoid 5th Amendment Showdown In Libor Case

    Justin Shur

    Former Deutsche Bank trader Gavin Black was recently convicted of wire fraud and conspiracy in connection with Libor manipulation. However, absent from the government’s case were Black's statements made during internal investigations, which leaves open an important Fifth Amendment question, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • Is Equifax Data Breach Penalty A Sign Of Fines To Come?

    James Castro-Edwards

    Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.