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

  • April 30, 2019

    Lloyds Execs 'Blessed' Libor Rigging, UK Property Co. Says

    Senior executives at Lloyds Banking Group, including the former CEO, condoned its traders' attempts to rig interest rates for profit, a property firm alleges in a lawsuit accusing the bank of misselling financial products pegged to a key benchmark.

  • April 30, 2019

    Financial Planner Must Pay Redress Over Pension Advice

    A London court has ordered a financial planning company to pay compensation to a former client over advice it gave him about his pension arrangements, as it enforced a decision by the Financial Ombudsman Service from 2017.

  • April 30, 2019

    BoE Prioritizes Fintech Push But Mindful Of Risk, Official Says

    The Bank of England stands ready to adopt new emerging technology, a senior figure said Tuesday, while acknowledging the bank would have to keep a close eye on the fast-growing sector to ensure financial activity does not move into unregulated areas.

  • April 30, 2019

    PayPal's $2.2B Swedish Merger Passes UK Competition Test

    The U.K.’s antitrust enforcer announced provisional approval on Tuesday for PayPal’s $2.2 billion takeover of Swedish competitor iZettle AB, after it found that the merged company would still face significant competition from its rivals.

  • April 30, 2019

    BoE Should Factor Huge Fines Into Stress Tests, MPs Told

    The Bank of England should broaden the way it carries out stress tests on lenders to gauge the risks they face from multimillion-pound penalties for misconduct, a senior regulatory expert told the parliamentary Treasury Committee on Tuesday.

  • April 30, 2019

    Compensation Scheme Raises Levy On Financial Firms To £532M

    Britain’s bankruptcy compensation scheme said on Tuesday that the levy it charges financial services companies to fund its running costs for the next year will be £532 million ($691 million), a £16 million rise since its January forecast because it expects more claims against pension providers.

  • April 30, 2019

    KPMG Fined £6M Over Insurer's Botched Audit

    A U.K. watchdog fined KPMG fined £6 million ($7.8 million) and levied sanctions against a partner and an ex-partner on Tuesday over the auditing giant's botched reviews of a major motorcycle insurance underwriter that suffered a financial crash.

  • April 29, 2019

    Abraaj Exec Cleared To Leave NY Jail With $10M Bail Deal

    Abraaj Group managing partner Mustafa Abdel-Wadood is on track to exit a Manhattan federal detention center ahead of his trial on charges of lying to the buyout firm's backers, after a judge on Monday approved a $10 million bail package.

  • April 29, 2019

    Top UK Court Rebuffs Ukraine In Russian $3B Bond Suit

    The U.K. Supreme Court has refused to hear Ukraine's bid to revive expert evidence in its dispute with Russia over $3 billion in unpaid bonds, saying the country had not raised any arguable legal questions.

  • April 29, 2019

    FCA Raids On City Financial Firms Near-Doubled In 2018

    The number of raids carried out by the Financial Conduct Authority nearly doubled from 2017 to 2018, jumping from 13 to 25, according to data kept by the government watchdog.

  • April 29, 2019

    ECJ To Hear Spanish Bank Dispute Over Unfair Loan Terms

    A Spanish court has asked the European Court of Justice to clarify the extent to which the EU directive on unfair terms in consumer contracts applies to a dispute between Ibercaja Bank SA and two individuals.

  • April 29, 2019

    EBA Faces Calls For Revamp After Dropping Danske AML Case

    The European Union’s financial regulation chief has criticized the bloc's top banking watchdog for closing an investigation into a suspected €200 billion ($223 billion) money laundering scandal at Danske Bank, as he called on Monday for an overhaul at the regulator.

  • April 29, 2019

    Do Better On Resolution Plans, Watchdog Tells Smaller Banks

    Smaller banks around the globe must draw up more detailed plans for an orderly resolution if they suffer financial hardship, an international standards setter said on Monday after it scrutinized lenders in 16 countries.

  • April 29, 2019

    KPMG To Face Sanctions For Flawed Reports On BNY Mellon

    International auditing giant KPMG and one of its partners will face a disciplinary hearing from the U.K. Financial Reporting Council in May after they admitted misconduct when preparing reports about BNY Mellon, the accountancy watchdog said Monday.

  • April 29, 2019

    Canadian Lender Fined €1.25M For Ireland Rules Breach

    Ireland's central bank said Monday that it has fined a local branch of the Bank of Montreal €1.25 million ($1.4 million) for omitting to file mandatory risk assessment reports and failing to have procedures in place to detect the errors, as it  hands its second penalty to the lender. 

  • April 29, 2019

    Global Regulatory 'Sandbox' Accepts First 8 Firms

    A cross-border regulatory testing ground for companies experimenting with new financial projects has taken on its first eight firms, a senior figure at the Financial Conduct Authority said Monday, 12 months after the program was announced.

  • April 29, 2019

    Mastercard And Visa To Slash Swipe Fees After EU Pressure

    Mastercard and Visa have agreed to slash fees for European Union retailers that accept payments made through credit and debit cards issued outside the bloc by an average of 40 percent, the EU’s competition law enforcer said on Monday.

  • April 26, 2019

    HSBC Gets Another Shot At Deutsche Bank RMBS Suit

    A New York state appeals court on Thursday granted HSBC another opportunity to allege a division of Deutsche Bank failed to disclose risks associated with loans in two residential mortgage-backed securities trusts of which HSBC is the trustee.

  • April 26, 2019

    Abraaj Group Founder Denied Bail In US Extradition Battle

    A London judge on Friday denied bail to the founder of defunct Dubai private equity firm Abraaj Group, who was arrested on U.S. charges that he defrauded investors of hundreds of millions of dollars by inflating the value of the firm's investments.

  • April 26, 2019

    GE Hits Back At HMRC Suit Over Disclosure To Undo Tax Deal

    The U.K. tax authority’s legal action against several GE Group units to rescind a 2005 tax relief deal is “fundamentally wrong” and misplaced, the conglomerate and its financial subsidiaries said as they filed a counterclaim against the tax authority to keep two agreements propping up the deal in place.

Expert Analysis

  • Prosecutors Avoid 5th Amendment Showdown In Libor Case

    Author Photo

    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?

    Author Photo

    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.

  • Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

    Author Photo

    With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.

  • 5 Cyber Insurance Pitfalls To Avoid In The UK

    Author Photo

    Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

    Author Photo

    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • Tax Evasion Knows No Borders

    Author Photo

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • GDPR Compliance Questions For Blockchain Firms

    Author Photo

    The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Author Photo

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Uncertainty Concerning The UK's Proper Purpose Rule?

    Author Photo

    The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.

  • How Europe's AML Regime Is Tackling Virtual Currencies

    Author Photo

    The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.