We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Financial Services UK

  • May 15, 2019

    Complaints Against Financial Services Hit Five-Year High

    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.

  • May 15, 2019

    Police Raid 11 German Banks In Tax Evasion Probe

    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.

  • May 15, 2019

    Shipper Told To Pay Natwest $13.3M After Mortgage Row

    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.

  • May 14, 2019

    2nd Circ. Mulls 'Wealth Factor' In Lebanese Man's Bail Bid

    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.

  • May 14, 2019

    UK Lawmakers Urge Gov't To Impose Russia Sanctions

    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.

  • May 14, 2019

    Bribed Housing Exec Hid Deutsche Deal Risk, Ex-Chief Says

    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.

  • May 14, 2019

    Ex-Danske Bank Exec Under Investigation In AML Scandal

    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.

  • May 14, 2019

    Design Co. Sues For £1.6M Over Soured Property Refurb Deal

    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.

  • May 14, 2019

    Financial Firms' Operations Must Be Outage-Proof, BoE Says

    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.

  • May 14, 2019

    'Dirty Money' Powers Need Case Law, UK Crime Agency Says

    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.

  • May 14, 2019

    Watchdog Receives 38 Applications From Multiemployer Trusts

    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.

  • May 14, 2019

    NCA Chief Calls For Extra £2.7B To Fight Organized Crime

    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.

  • May 14, 2019

    EU Agrees Rules To Simplify Trades, Ease Capital Demands

    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.

  • May 13, 2019

    Ex-Irish State Bank Exec Defends Swaps Deal At Trial

    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.

  • May 13, 2019

    Ex-Morgan Stanley Banker Tells Judge Venture Stiffed Him

    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.

  • May 13, 2019

    Norway Clears Euronext To Bid For Oslo Bors Takeover

    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.

  • May 13, 2019

    Lotto Winner Forfeits Assets In UK Money Laundering Probe

    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.

  • May 13, 2019

    MPs Mull Plan To Allow FCA To Make Banks Aid Customers

    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.

  • May 13, 2019

    UK Antitrust Watchdog Bans 3 Directors For Rigging Bids

    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.

  • May 10, 2019

    IG Markets Sues For English Court's Recognition Of Contract

    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.

Expert Analysis

  • Considering A More Cost-Effective Future For The SFO

    Author Photo

    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.

  • A Reminder To Address Sanctions Compliance Shortfalls

    Author Photo

    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.

  • Are The EU's 2017 Money Laundering Rules Effective?

    Author Photo

    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.

  • Opinion

    Amended EU Class Action Proposal Is A Loss For Consumers

    Author Photo

    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.

  • House Of Lords' Bribery Act Report Asks The Right Questions

    Author Photo

    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.

  • How EU Businesses Are Responding To US Sanctions On Iran

    Author Photo

    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.

  • EU Access To UK Financial Services May Tighten After Brexit

    Author Photo

    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.

  • Brexit Risk-Disclosure Considerations For US Reporting Cos.

    Author Photo

    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.

  • Legislative Fix For Post-Libor Issues Seems Improbable

    Author Photo

    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.

  • Collective Redress In The EU: Past, Present And Future

    Author Photo

    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.