Financial Services UK

  • June 16, 2020

    Watchdog Warns Of 'New Normal' For Pension Deferrals

    The Pensions Regulator warned Tuesday it does not want a "new normal" to emerge in which employers hit by the pandemic can automatically defer deficit payments into company retirement pots on a three-month rolling basis.

  • June 16, 2020

    EU Markets Regulator Shifts Priority To COVID-19 Crisis

    Europe's markets watchdog has said it will concentrate on protecting the financial sector from the coronavirus pandemic in 2020, putting other mandates such as promoting sustainable finance and monitoring financial technology on the back-burner.

  • June 16, 2020

    FCA Warns Banks To Prepare For COVID-19 Debt Surge

    Lenders should brace themselves for a surge in businesses that cannot pay back loans rushed out under government programs to support the economy during the COVID-19 pandemic, the Financial Conduct Authority said Tuesday.

  • June 16, 2020

    FCA's Business Insurance Test Case Set For July Trial

    A judge gave the green light on Tuesday for the Financial Conduct Authority's test case against eight insurers to go to trial next month, promising a rapid decision on whether the industry is liable for business interruption cover during the COVID-19 pandemic.

  • June 16, 2020

    Fake Sustainable Energy Companies Wound Up At Court

    A judge has shut down three companies that sold investments in sustainable energy processing schemes after they cheated investors out of at least £525,000 ($664,000), a government agency said Tuesday.

  • June 16, 2020

    EU Moves To Protect Bank Customers From AML 'De-Risking'

    Europe's banking watchdog said Tuesday it wants to assess how frequently lenders are turning away potential customers or terminating relationships because of money-laundering concerns as they shore up their defenses after a string of scandals.

  • June 16, 2020

    SFO Shuts Corruption Probe Into British Banknote Maker

    The Serious Fraud Office said Tuesday that it has dropped its investigation into De La Rue after finding insufficient evidence of corruption in the British banknote and passport printer's business conduct in South Sudan.

  • June 16, 2020

    Apple Faces EU Antitrust Probes Over Payments, App Store

    Europe's antitrust watchdog opened investigations into Apple Inc. on Tuesday over concerns that the terms and conditions for its mobile payment technology and app store violate the bloc's ban on anti-competitive agreements and abuse its market dominance.

  • June 15, 2020

    Barclays Questions PE Chief's Memory In Crisis-Era Suit

    Barclays' lawyer argued at trial Monday that financier Amanda Staveley's own notes from the bank's 2008 funding scramble don't back up her claim that she was getting "the same deal" as Qatari investors.

  • June 15, 2020

    AXA Fights For £500M From Genworth In PPI Misselling Trial

    AXA argued at trial Monday that insurer Genworth Financial should have to pay £500 million ($629 million) to cover AXA's costs for reimbursing customers for missold payment protection insurance after acquiring two Genworth units.

  • June 15, 2020

    Chinese Shipper Urges Top UK Court To Revive $69M Suit

    A Chinese ship owner urged Britain's Supreme Court on Monday to reinstate its $68.6 million damages claim against the guarantor for a shipping company, telling the justices that a lower appeals court was wrong to overturn the original judgment in its favor. 

  • June 15, 2020

    Insurers Hit With $5.2M Claim Over Lost Grain Cargoes

    A Swiss agricultural commodities supplier has sued the French branch of XL Insurance and four other European insurers in London for $5.2 million under a marine cargo policy after its holdings of corn, wheat and barley were lost. 

  • June 15, 2020

    3 Cyprus Firms Pull CFD Derivative Products From UK Market

    The Financial Conduct Authority said Monday that three Cypriot companies have voluntarily rescinded their right to sell so-called contracts for difference to clients in the U.K. 

  • June 15, 2020

    EU Commission Moves Closer To Green Bond Standard

    The European Commission has said it will push ahead with its plan to create a bloc-wide standard for environmentally friendly bonds by consulting the sector on the new regime.

  • June 12, 2020

    Counsel Nabs $7.4M For $18.5M Deutsche Bank Deal

    A New York federal judge has awarded investors' attorneys $7.4 million for striking an $18.5 million deal with Deutsche Bank to end a certified class action that alleged the bank misled investors about the risks of preferred securities offerings in the run-up to the 2008 financial crisis.

  • June 12, 2020

    RBS Suit Over Client Insolvency Paused Due To Lockdown

    A suit against Royal Bank of Scotland over its alleged role in the insolvency of a television advertising company has been put on hold due to the claimant's difficulty accessing a remote hearing amid the coronavirus pandemic.

  • June 12, 2020

    Ex-Bank Exec Gets Expense Cut After £780M Fraud Judgment

    A London judge Friday slashed the monthly expense cap for a former Trust National Bank official who, alongside two other executives, defrauded the Russian bank of hundreds of millions of pounds, saying £17,000 ($21,000) per month was "way too much."

  • June 12, 2020

    Lloyd's Insurers Sued For £10M After Takeover Fraud Unveiled

    A private equity firm says it is owed £10 million ($12.5 million) by seven Lloyd's of London syndicates under an insurance policy after a company it purchased fraudulently misrepresented its earnings, artificially inflating its value.  

  • June 12, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Indian lenders reignite their bankruptcy dispute against a beer tycoon facing fraud charges overseas, a woman fight fraud findings made against her in a Financial Conduct Authority case, and Glencore target a Serbian oil company. Here, Law360 looks at those and other new claims in the U.K.

  • June 12, 2020

    UK Confirms It Will Not Seek Extension To Brexit Transition

    The U.K. formally confirmed on Friday that it will not seek an extension to the Brexit transition period with the European Union beyond December, giving the two sides just six months to reach agreement on their future trading relationship.

  • June 12, 2020

    Investor's $53M Forex Fraud Claim Falls Flat

    A judge on Thursday threw out an investor's lawsuit accusing a foreign exchange company and a financial broker of defrauding him out of tens of millions of dollars, saying it was "fanciful" to believe they had faked trades that caused him substantial losses.

  • June 12, 2020

    KPMG Sanctioned For Failings In Audits Of Investment Co.

    Britain's accounting watchdog said on Friday that it has imposed sanctions on KPMG, forcing the Big Four auditor to monitor compliance with procedures after failings emerged in its review of the financial statements of an investment company over three years.

  • June 12, 2020

    EU Watchdog Extends Tougher Short-Selling Reporting Rules

    Europe's financial markets regulator will extend tougher rules on short-selling that it introduced as the coronavirus crisis hit, in an effort to ensure financial stability in the bloc's markets as the pandemic begins to ease.

  • June 11, 2020

    PE Chief Defends Her Role In Barclays Deal At Fraud Trial

    British financier Amanda Staveley hit back Thursday at attempts by Barclays Bank PLC to play down her role in securing an Abu Dhabi investment in the bank at the height of the financial crisis, arguing at trial that she deserved more money.

  • June 11, 2020

    Watchdogs Want Tougher EU Environmental Reporting Rules

    The European Union's financial regulators urged lawmakers on Thursday to adopt tougher reporting requirements for companies on social, environmental and governance matters.

Expert Analysis

  • A Timely Review To Enhance UK’s Company Register

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    The U.K. government's review of its company and persons of significant control registers, which have struggled with information reliability issues, will provide a useful yardstick on the progress of fighting money laundering and other nefarious activities, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Brexit Outlook: The Future Of EU Cross-Border Disputes

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    Natasha Harrison of Boies Schiller discusses how key areas of cross-border commercial litigation will be affected when the U.K. withdraws from the EU, depending on how — if at all — Brexit happens.

  • Adapting English Law To Cryptoassets And Smart Contracts

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    The U.K. Jurisdiction Taskforce's recent public consultation seemingly attempts to reassure fintech stakeholders that English law is amenable to the development of cryptoassets and smart contracts, in contrast with other jurisdictions that have sought to legislate the space without first fully understanding it, say Guy Robson and Elliott Fellowes of Signature Litigation.

  • International Arbitration Can Help Africa's Energy Sector

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    As an emerging force in the energy industry, sub-Saharan Africa offers attractive investment opportunities but also presents elevated risk profiles for inbound foreign direct investments. International arbitration clauses, which African governments are gradually embracing, will boost investors' confidence, says Leigh Crestohl of Zaiwalla & Co.

  • Perspectives

    Addressing Modern Slavery Inside And Outside The UK

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    As the problem of modern slavery persists, U.K. companies must take a broad approach when rooting out slave labor in their supply chains, and should not ignore the risk posed by suppliers within the U.K., says Maria Theodoulou of Stokoe.

  • Why Data Breach Group Litigation Remains Rare In The UK

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    While the General Data Protection Regulation would seem to create a fertile area for group litigation, U.K. data breaches have not resulted in much litigation so far, say Oran Gelb and Sarah McAtominey of Bryan Cave.

  • What The Howey Test Misses About Crypto Assets

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    The U.S. Securities and Exchange Commission's recently released “Framework for ‘Investment Contract’ Analysis of Digital Assets” centers around the traditional Howey test, signaling that the SEC will continue to treat cryptocurrencies as securities. A new approach that recognizes the unique economic nature of crypto assets is needed, says Boris Richard of FTI Consulting.

  • New EU Public Prosecutor's Office Will Likely Struggle

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    The planned European Public Prosecutor's Office faces structural and jurisdictional issues that may complicate EU investigations and prosecutions, including those in the U.K., say Peter Binning and Alex Cummins of Corker Binning.

  • The Challenges Of Replacing Interbank Offered Rates

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    Interbank offered rates for financial products are set to be replaced soon with market-based rates. But any new benchmarks will undoubtedly be more volatile, and the sheer size of the existing asset pool they will be tied to ensures that the impact of the shift will be large, says Timothy McKenna of NERA Economic Consulting.

  • Opinion

    Danske AML Scandal Is A Wake-Up Call For Bank Regulators

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    While discussion of the Danske Bank scandal has focused on what went wrong and who was to blame, it is the financial regulators' failures that must be corrected in order to prevent such a massive money laundering scandal from happening again, says Neil Williams of Rahman Ravelli.

  • New UK Data-Gathering Powers May Be Stalled For Now

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    While the Crime Overseas Production Orders Act appears to significantly extend U.K. enforcement authorities' data-collection powers, overseas production orders are unlikely to be granted until a cooperation agreement is achieved with the U.S., say Peter Burrell and Francesca Sherwood of Willkie.

  • Norwich Pharmacal Orders Remain Vital In The Internet Age

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    Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.

  • What To Expect When You're Expecting The End Of Libor

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    The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.

  • New FCA Regime Will Emphasize Individual Accountability

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    The Financial Conduct Authority's Senior Managers and Certification Regime, which will take effect this December, seeks to increase personal accountability within regulated firms and will introduce changes relevant to all FCA-authorized financial services firms, say Rosemarie Paul and Kirsten Lapham of Ropes & Gray.

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