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Financial Services UK

  • May 8, 2019

    Delos Prez Leaves Dechert To Focus On London Efforts

    The president and co-founder of Delos Dispute Resolution has left his post at Dechert (Paris) LLP to work at the independent arbitration institution full time as it gears up to open its first hearing center in London, he told Law360 on Wednesday.

  • May 8, 2019

    €840M Bribery Suit Against Deutsche Bank Kicks Off In UK

    A Dutch housing association accused Deutsche Bank of supporting the bribery of its former treasury manager to secure dozens of interest rate swaps, during opening arguments Wednesday in the organization’s €840 million ($940 million) case.

  • May 8, 2019

    Disclosure Grows In Co.'s Swaps Suit Against Lloyds Bank

    A property investment firm suing Lloyds Bank PLC for breach of contract could head back to a London court next month to hash out disclosure arrangements in the suit, which claims the bank sold it four unsuitable swaps tied to Libor.

  • May 8, 2019

    Visa Seals £247M Deal As UK Antitrust Agency Ends Probe

    Visa said Wednesday that it has taken control of London-based Earthport in a £247 million ($322 million) deal after Britain’s antitrust watchdog dropped its investigation into whether the acquisition would hinder competition in the U.K.’s cross-border payments sector.

  • May 8, 2019

    FCA Turns To Tech To Ease Reporting, Compliance Burdens

    The Financial Conduct Authority said on Wednesday that it is turning to technology to help it review the 500,000 regulatory reports that financial services companies file each year and to ensure the sector consistently complies with its rulebook.

  • May 8, 2019

    UK Gov't Reject Plans For Central 'Dirty Money' Register

    A parliamentary committee criticized the government on Wednesday for failing to create a register of individuals linked to corruption to help reduce the amount of dirty money flowing through Britain's financial system.

  • May 8, 2019

    Investor Settles £5.6M Dispute With Law Firm Over Land Deal

    A bankrupt asset investor has settled its £5.6 million ($7.3 million) dispute with a U.K. law firm that it had accused of dishonestly allowing it to buy allegedly overvalued land in Scotland, according to an order from the High Court in London.

  • May 8, 2019

    UBS Faces €83M Fine In German Tax Evasion Probe

    The German subsidiary of Swiss investment giant UBS Group AG faces a fine of €83 million ($93 million) for allegedly helping clients to evade taxes, prosecutors in Germany have said.

  • May 8, 2019

    Regulator Fines KPMG £4M Over Flawed Co-op Audit

    Britain's accounting watchdog said Wednesday it has fined KPMG £4 million ($5.2 million) for misconduct over its audit of The Co-operative Bank PLC after the lender's doomed merger with one of the U.K.'s largest building societies.

  • May 7, 2019

    Ex-Autonomy Exec 'Worth Suing,' UK Court Told

    An ex-Autonomy Corp. executive who cut a deal with the U.S. government to testify against his former boss decided to give evidence to save his own skin, lawyers representing Autonomy founder Mike Lynch said Tuesday at the biggest fraud trial in UK history.

  • May 7, 2019

    Compliance Pro Overstepped In Database Use, UBS Exec Says

    A senior UBS executive told a London jury Tuesday that a former compliance officer accused of passing confidential information to a trader friend should not have been using the bank’s internal database to look at client deals she wasn’t involved with.

  • May 7, 2019

    VTB Bank Unit Fights Share Sale Conspiracy Suit In London

    The London subsidiary of Russian lender VTB Bank on Tuesday asked a London court not to allow a claim brought against it and several other companies over a disputed sale of shares in a telecoms company, saying the action was not authorized and is an abuse of jurisdictional rights.

  • May 7, 2019

    Libyan Businessman Says Bribery Suit Is Abuse Of Process

    A Libyan businessman with supposed ties to the Moammar Gadhafi regime that was toppled in 2011 tried to toss a bribery and corruption suit brought against him and JPMorgan by the country’s sovereign wealth fund on Tuesday, claiming the suit is an abuse of process and should be struck out.

  • May 7, 2019

    UK Law Firms Face Punishment Over AML Failings

    The Solicitors Regulation Authority has referred 26 U.K. law firms for disciplinary action after finding they are not doing enough to prevent money laundering, the watchdog said on Tuesday as it warned that some are falling “seriously short” of required standards.

  • May 7, 2019

    ICO Fines PPI Claims Co. £120K For 3.5M Nuisance Texts

    The U.K.’s Information Commissioner’s Office on Tuesday hit a company that manages consumers' claims over missold payment protection insurance with a £120,000 ($156,700) fine for sending 3.5 million text messages advertising its services without permission. 

  • May 7, 2019

    Waste Co. Can't Fight BNP Paribas Swaps Suit In Italy

    An Italian garbage processor lost another chance to challenge BNP Paribas in Italy over how much interest it pays after a U.K. appeals court ruled Tuesday that the dispute belongs in London. 

  • May 7, 2019

    FCA Outlines Plans For Mortgage Advice Rules Shake-Up

    Mortgage advisers could be forced to explain why they have recommended certain deals to consumers under new proposals put forward by the Financial Conduct Authority on Tuesday, amid concerns that customers are needlessly paying for expensive services.

  • May 7, 2019

    Watchdog Halts Action Against Ex-Software Co. Finance VP

    Britain's accounting watchdog said Tuesday that it has put proceedings against the former vice president of a scandal-hit software company on hold as it awaits the outcome of criminal charges against him in California, including 15 counts of fraud.

  • May 7, 2019

    HSBC Says Fraud Claims 'Hopeless' In Movie Tax-Relief Row

    The private banking arm of HSBC has rejected claims that it misled investors about a scheme to claim tax relief on film investments, describing the allegations as “unfocused” and “hopeless” in a defense filed at a London court.

  • May 6, 2019

    Banks Can Redact Only Some Docs In Gold Price-Fixing Suit

    Though a New York federal judge is letting two of the four banks on the line in a gold price-fixing suit redact customer data from discovery production, the ruling applies only to certain documents and shoots down a sweeping bid for mass redaction.

Expert Analysis

  • What 2019 Has In Store For UK Data Protection

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    Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.

  • Why Is The UK's Criminal Law Disclosure Process Failing?

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    A decade of funding cuts to the U.K.'s police, prosecution and defense has severely strained the criminal justice system, and the failing disclosure system is just one symptom of a deeper malaise that must be remedied by adequate investment in training and staffing, says Marlon Grossman of Stokoe Partnership Solicitors.

  • Opinion

    Brexit International Arbitration Clause Is Misunderstood

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    Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.

  • The Lawyer's Daily

    How To Requalify As A Lawyer In Canada

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    Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.

  • Legal Technology Is Likely To Flourish In The UK

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    The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.

  • Opinion

    Legal Operations Teams Are Gaining Popularity In EU

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    As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.

  • Why Proper Document Redaction May Be An Ethical Duty

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    Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.

  • English Law Remains Sensible For Commercial Contracts

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    With Brexit looming, many people have wondered whether they should look to other governing laws or seats for their contracts. There is no reason to take such steps, because Brexit will have no effect on the English laws that govern commercial contracts, says Melanie Willems of Haynes & Boone LLP.

  • Why The Flood Of GDPR Litigation Has Been Delayed

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    Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.

  • Opinion

    Law Schools Should Be More Like Medical Centers

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    Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.