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Financial Services UK

  • December 20, 2018

    FCA Bans Debt Firm Boss For Misusing £7M In Client Funds

    The Financial Conduct Authority confirmed Thursday it has banned the former boss of a collapsed debt management company from working in the financial services sector over his role in misappropriating client cash that resulted in over 4,000 customers losing more than £7 million ($8.9 million).

  • December 20, 2018

    ESMA Extends Crackdown On Spread Betting Products

    Europe’s securities watchdog has extended tough restrictions on sales of “contract for difference” products to retail clients for a further three months in a fresh blow to online trading companies.

  • December 20, 2018

    EU Watchdog Accuses 4 Banks Of Sovereign Bond Cartel

    The European Commission has tentatively accused major lenders including Deutsche Bank and Credit Suisse of breaching its antitrust laws by rigging prices for sovereign bonds and related debt, echoing civil claims brought in U.S. against a number of banking giants.

  • December 20, 2018

    UK Judges Block Extradition Of Russian Tax Fraud Suspect

    A London court has refused to extradite a Russian businessman accused of tax fraud, ruling that he faces a "very strong probability" of inhuman treatment, in a case that could make it harder for Moscow to repatriate criminal suspects from the U.K.

  • December 20, 2018

    UK Gov't 'Stands Ready' To Regulate Cryptocurrencies

    The U.K. government said Thursday it “stands ready” to give the Financial Conduct Authority more powers to oversee cryptocurrencies after a parliamentary committee warned that the rapidly growing market was the “wild west.”

  • December 19, 2018

    Claims That UBS Misused Bloomberg's Data To Proceed In NY

    A New York federal judge said Wednesday that Bloomberg Finance LP's lawsuit, which accuses UBS AG of unlawfully redistributing its proprietary data, would not fare better in the United Kingdom just because evidence and witnesses reside there, finding that her court was just as convenient for the company and the bank.

  • December 19, 2018

    Court Compels Handover Of Docs In RBS Rights Issue Fight

    RBOS Shareholders Action Group Ltd., the company that initially represented Royal Bank of Scotland shareholders in a £200 million settlement over its 2008 rights issue, must provide disclosure, including its costs and liabilities, as part of steps to make sure investors can receive their share of the pact, a London court ruled Wednesday.

  • December 19, 2018

    EU Slashes Cross-Border Euro Transaction Fees

    Consumers in the European Union paying for goods or withdrawing money in euros will now pay the same transaction fees, regardless of whether they reside outside the eurozone, thanks to new rules passed Wednesday by lawmakers.  

  • December 19, 2018

    Energy Supplier Faces FCA Probe Over Financial Disclosures

    The Financial Conduct Authority on Wednesday said it will investigate the accuracy of gas and energy supplier Yu Group PLC's filings of financial statements and whether the announcements accurately reflected the company's financial health.

  • December 19, 2018

    Deutsche, Firm Get More Time To Settle £8M Lease Dispute

    A London judge has again stayed Deutsche Bank AG’s £8.3 million professional negligence claim against law firm Blake Morgan LLP so they can keep trying to settle their argument about a lease agreement outside of court.

  • December 19, 2018

    RBS Can't Shake Allegation It Misled Court In Loan Suit

    A U.K. property firm has won permission from a London court to plead in its lawsuit against Royal Bank of Scotland PLC that the bank knowingly put forward a “false and misleading” case in separate legal proceedings with its director.

  • December 19, 2018

    Antitrust Enforcer Threatens Action Over Loyalty Penalties

    Regulators and the government should take firmer enforcement action in financial services markets over the next year to stop companies from overcharging long-standing customers, including instituting price caps and naming and shaming businesses that didn't shape up, the Competition and Markets Authority said Wednesday.

  • December 19, 2018

    Top EU Court Can Force Bank Sale By Italy's Ex-Prime Minister

    Former Italian Prime Minister and media tycoon Silvio Berlusconi may be forced to sell bank shares after the European Union’s highest court Wednesday claimed the sole right to determine whether a tax fraud conviction made him unfit to own them.

  • December 19, 2018

    Those Paid In Bitcoin Will Owe Income Tax, UK Confirms

    U.K. authorities Wednesday described how they intend to tax individuals’ use of virtual currencies such as bitcoin, noting that income tax and national insurance are due for anyone paid in the virtual currency. 

  • December 19, 2018

    EU Agrees To Hand Greater AML Supervisory Power To EBA

    European Union ambassadors said on Wednesday that they have agreed to proposals that will strengthen the European Banking Authority's oversight of money laundering risks in the bloc's banks, in light of a string of European scandals.

  • December 19, 2018

    FCA Warns Bankers To Take Discrimination Seriously

    The U.K.'s City watchdog warned senior managers at financial services firms on Wednesday that their jobs could be at risk if they do not take diversity seriously, following a surge of whistleblowing complaints about "nonfinancial behavior."

  • December 19, 2018

    EU Acts To Protect Derivatives Trade From Brexit Upheaval

    The European Commission adopted new laws on Wednesday to enable Europe’s banks to continue using London’s clearinghouses for 12 months if Britain crashes out of the bloc, in a major step toward protecting the multitrillion-dollar market in over-the-counter derivatives.

  • December 19, 2018

    10 Held In Estonia In Danske AML Scandal, Prosecutor Says

    Ten former employees of the Estonian branch of Danske Bank, which has been embroiled in a money laundering scandal, have been detained by the country's central criminal police force, Estonia's state prosecutor said Wednesday.

  • December 19, 2018

    Santander Fined £33M For Failing To Pass On Inheritances

    Santander UK PLC has been slapped with a £32.8 million ($41.5 million) fine for failing to pass the money of customers who have died to their families, the Financial Conduct Authority said on Wednesday.

  • December 18, 2018

    Apple Settles Swiss Antitrust Case Over Payment App

    Switzerland’s competition authority has closed an investigation into the launch of Apple Pay in the country after the tech giant agreed to take steps to make sure its rollout of the program doesn’t interfere with a similar app used by Swiss banks at cash registers.

Expert Analysis

  • Why US Investment Into The UK Is On The Rise

    Simon Rous

    While political uncertainty is pushing U.K. corporations toward defensive consolidation, inward mergers and acquisitions investment into the U.K. remains strong, with American acquirers leading the way. Factors contributing to this trend include Brexit, U.S. tax changes and saturation of the U.S. target market, say Simon Rous of Ashfords LLP and Laurie Sanders of Osborn McDerby LLP.

  • ENRC Appeal Is Coming, But Don't Expect Fireworks

    David McCluskey

    Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.

  • 5MLD Is A Step Forward In EU's Fight Against Financial Crime

    Keily Blair

    The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.

  • Unique Considerations In Cryptocurrency Estate Planning

    Michael Kearney

    Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.

  • How Fair Is Fair Market Value In The UK?

    Abdulali Jiwaji

    The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • FCA Enforcement Strategy May Influence Litigation Privilege

    Abdulali Jiwaji

    The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.

  • GDPR Is Here — What If You Didn't Prepare?

    Joseph Facciponti

    Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.

  • Opinion

    OFAC Digital Currency Plan Will Hurt Business, Not Terrorists

    Clif Burns

    The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.

  • GDPR — Coming Soon To A Merger Near You

    Emma Flett

    Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.