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Financial Services UK

  • December 18, 2018

    NY Fines Barclays $15M Over CEO's Whistleblower Hunt

    New York’s top banking regulator has hit Barclays with a $15 million fine as part of a settlement announced Tuesday resolving claims stemming from the agency’s investigation into a push by the bank’s CEO to smoke out the source of two 2016 whistleblower letters that raised concerns about a recently hired executive.

  • December 18, 2018

    MP Says Lloyds Bank Must Explain Role In HBOS Fraud

    A Conservative Party lawmaker has called on Parliament to investigate how executives at Lloyds Banking Group PLC established a compensation scheme for victims of a massive fraud at HBOS PLC, claiming the scheme is a scam to prevent small businesses from being paid out. 

  • December 18, 2018

    PrivatBank’s Bid To Widen $2.6B Asset Freeze Dismissed

    A London appellate court on Tuesday dismissed a set of claims by Ukrainian PrivatBank and its former owners that a lower court judge was wrong when he ruled on whether several transactions were exempt from a $2.6 billion worldwide freezing order or not.

  • December 18, 2018

    Trust Denies Owing £1M Over Failed Caribbean Resort

    A Guernsey-based trust manager on Tuesday denied owing more than £1 million ($1.26 million) after investors lost money in a failed Caribbean resort, telling a London court that it held no duty of care to the savers.

  • December 18, 2018

    Court Of Appeals Won't Stay Russian Bank's $20M Loan Suit

    An appeals court in London on Tuesday refused to halt a Russian bank's $20 million lawsuit accusing International Bank of Azerbaijan of failing to repay a loan after the Azeri lender restructured amid financial woes, saying the bank can't permanently stop English creditors from pursuing their claims.

  • December 18, 2018

    FCA Clamps Down On Exorbitant Bank Overdraft Fees

    U.K. banks could be banned from charging higher fees to customers with unarranged overdrafts, the Financial Conduct Authority said Tuesday, in what the regulator called the biggest market shake-up “for a generation.”

  • December 18, 2018

    BoE Tells Banks To Publish Resolution Plans By 2021

    The Bank of England told the U.K.’s major banks on Tuesday that they must publicly disclose their plans for winding down without a taxpayer handout if they go bust, as it plans to avoid a repeat of the financial crisis.

  • December 18, 2018

    UK Gov't Report Calls For Audit Watchdog To Be Scrapped

    The accounting watchdog is a “hangover from a different era” and should be replaced with a new and more powerful independent statutory regulator, a U.K. government report published Tuesday recommends.

  • December 18, 2018

    EU Agrees On Plan To Cut Back On 'Bad' Bank Loans

    The European Council and Parliament said on Tuesday they have agreed on a proposed regulation that will force banks to set aside more funds to prevent new loans from turning bad, in a move aimed at reducing the banking sector’s near-$1 trillion mountain of debt.

  • December 18, 2018

    Big Four Face Major Audit Shake-Up In Watchdog's Reforms

    The U.K.’s antitrust enforcer proposed radical new laws on Tuesday to break auditing services away from consultancy work at the Big Four global accounting companies, in a drive to tackle "deep-seated problems" and concerns about conflicts of interest.

  • December 17, 2018

    Ex-SocGen Exec In Libor-Rigging Row Disputes Fugitive Label

    Attorneys for a former Société Générale SA executive accused of falsifying the Paris bank's submissions to the London Interbank Offered Rate argued Monday that living in France doesn't make their client a fugitive and urged a New York judge to consider the case's constitutionality.

  • December 17, 2018

    Bank Exec Seeks Time Served After FATCA Conviction

    The former CEO of the offshore Loyal Bank Ltd. asked a Brooklyn federal judge on Monday to let him avoid prison after he admitted helping a purported fraudster hide income from United States authorities in the first conviction under the Foreign Account Tax Compliance Act of 2010.

  • December 17, 2018

    May Schedules New Vote On Brexit Deal For January

    U.K. Prime Minister Theresa May said Monday she will ask Parliament to vote on her Brexit plan early next month, just days after European negotiators said they won't rework the withdrawal agreement amid widespread opposition from British lawmakers. 

  • December 17, 2018

    UBS Fined $15M For Weak Money Laundering Detection

    Three U.S. regulatory bodies hit two American units of Swiss banking giant UBS Group AG with $15 million in fines Monday for not investing in resources necessary to combat money laundering since at least 2004, the agencies said in coordinated announcements.

  • December 17, 2018

    TP ICAP Sues Former Deal Partner Over Disclosure Failures

    Interdealer broker giant TP ICAP has sued Nex Group Ltd. in London, claiming the trading company failed to disclose risks of litigation linked to its employee income insurance plan when negotiating the £1.3 billion ($1.6 billion) deal for Nex's voice broker group. 

  • December 17, 2018

    Threats Prompt Deutsche Bank To Take Swaps Fight To UK

    Deutsche Bank AG has hit back against legal demands in Italy over two interest rate swaps it set up for a municipal office in the lead-up to the financial crisis by suing the state-run body in the English courts instead.

  • December 17, 2018

    FCA Floats New No-Deal Brexit Rules For Firms

    The Financial Conduct Authority ratcheted up preparations for a no-deal Brexit on Monday by releasing proposed rules for European Union financial services firms whose temporary work wraps up after March so they might see out their contracts "in an orderly fashion." 

  • December 17, 2018

    EBA Criticizes Banks For Failing To Explain Brexit Risks

    The European Banking Authority warned lenders on Monday to explain the risks of Brexit to customers as quickly as possible, as the U.K. Parliament geared up for a key vote on leaving the European Union as soon as Jan. 14.

  • December 17, 2018

    EU Plans To Continue Swiss Trading Under MiFID II

    The European Commission detailed plans on Monday to continue to allow EU investors to trade in shares listed in Switzerland under MiFID II until June 2019, while the country is embroiled in negotiations that will allow it future legal access to the bloc’s market.

  • December 17, 2018

    FCA Sets Out New Rules For Claims Management Cos.

    Claims management companies will have to meet tough new rules to obtain authorization by the Financial Conduct Authority from April 2019, which they will require if they are to operate within the law, the City regulator said Monday.

Expert Analysis

  • Innovation Theories Of Harm Are Crucial In Merger Control

    Can Celiktemur

    While the broad theoretical considerations that are relevant to an economic assessment of whether a merger is likely to reduce innovation are undisputed, the European Commission's interpretation of the relevant economic literature in recent mergers is contentious, say economists at Cornerstone Research.

  • UK Public Beneficial Owner Register Will Be 1st Of Its Kind

    Simon Airey

    Earlier this year, U.K. Business Secretary Greg Clark announced that a public register containing details about owners of overseas companies that buy or own property in the U.K. will be made available by early 2021. While the true impact of the new register is difficult to predict, it is clear that the days of anonymous property ownership are over, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • 4 Questions About Whistleblowing In The UK And Beyond

    Chris Warren-Smith - high res.jpeg

    Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.

  • Obtaining DPAs In The UK Will Not Be Easy

    Azizur Rahman

    In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.

  • Cryptocurrency Brings Rising International Risks

    Ryan Rohlfsen

    As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.

  • Raising Issues In UK Preliminary Hearings Can Be Risky

    Galina Usorova

    The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.

  • 3rd-Party Litigation Finance In UK: To Brexit And Beyond

    Daniel Spendlove

    Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.

  • Can D&O Policies Enhance Presumption Of Innocence In UK?

    Francis Kean

    The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.

  • Reining In Abusive Alien Tort Statute Cases

    Perlette Jura

    The most obvious takeaway from the U.S. Supreme Court's decision in Jesner v. Arab Bank is that non-U.S. corporations no longer need to fear Alien Tort Statute liability. But tucked within the decision’s holding and its various concurring opinions are other key points, say attorneys with Gibson Dunn & Crutcher LLP.