Financial Services UK

  • November 13, 2019

    FCA To Apply Levy On Proxy Advisers For Shareholders

    The Financial Conduct Authority announced plans Wednesday to force proxy advisers to fork over £5,000 ($6,400) to fund the cost of policing revised European Union investor transparency rules.

  • November 13, 2019

    ECB Urges Banks To Prepare For New Rate Benchmark

    The European Central Bank has told lenders to ensure they have contingency plans in place to safeguard financial contracts underpinned by a new interest rate benchmark, to protect them if this is disrupted or dropped.

  • November 13, 2019

    Clearinghouses Call For Longer Buffer After Brexit

    Fourteen trade associations have called on the European Commission to extend rules that will allow U.K.-based clearinghouses to temporarily continue serving the bloc’s financial companies if Britain leaves the European Union without a trade deal at the end of January.

  • November 12, 2019

    Banker Faces Trial For Aiding €100M Dutch Shipping Fraud

    A Liechtenstein banker dishonestly provided information from the bank to a U.K. law firm as part of a €100 million ($111 million) fraud against a Dutch shipping company, prosecutors told a jury on the opening day of a trial in London.

  • November 12, 2019

    HSBC Hong Kong Seeks Exit From 'Retread' Of Ponzi Suit

    HSBC's Hong Kong affiliate has asked a New York federal judge to dismiss claims that it aided a $37 million Ponzi scheme, saying the action was merely a "forum-shopping retread" of a case investors already lost in California.

  • November 12, 2019

    Trio Convicted In Metro Bank Money Laundering Trial

    Three men have been convicted of laundering hundreds of thousands of pounds stolen from Metro Bank PLC by a former employee, and are scheduled to be sentenced Dec. 2.

  • November 12, 2019

    FCA Rules On 'Buy Now, Pay Later' Go Live

    U.K. regulation on the “buy now, pay later” credit sector came into force Tuesday, with the Financial Conduct Authority expecting the new rules to save consumers up to £60 million ($77 million) a year.

  • November 12, 2019

    ECB Warns Against Watering Down Bank Capital Rules

    European legislators must stand strong in the face of ferocious industry lobbying in favor of watering down incoming global rules aimed at making the financial sector more resilient to market shocks, a banking regulator said Tuesday.

  • November 12, 2019

    Irish Regulator Rebukes Banks For Failing Customers

    Retail banks in Ireland have “repeatedly resisted doing the right thing,” the deputy governor of the country’s central bank said Tuesday, in the strongest-worded rebuke to lenders since the sector was embroiled in a mortgage lending scandal.

  • November 11, 2019

    Asset Manager, Investors Settle Share Dispute On Eve Of Trial

    London-based asset manager FCFM Group has settled a lawsuit brought against it by a pair of investors over a sale contract for shares in an oil and gas producer, just as a trial in the case was set to kick off Monday.

  • November 11, 2019

    Mozambique Wants Credit Suisse To Repay $2B Debt Deal

    Mozambique has sued Swiss lender Credit Suisse, a United Arab Emirates shipbuilder and a handful of bankers in London over their alleged role in a $2 billion fraud scheme, saying they are each responsible for repaying hundreds of millions of dollars in government debt and maritime projects for arranging or taking bribes. 

  • November 11, 2019

    Reed Smith Hits Back At Hedge Funds' Suit Over $15M Deal

    A subsidiary of Reed Smith LLP has denied allegations by three hedge funds that it deliberately concealed an agreement on contingency fees while handling a settlement in a separate dispute with Société Générale SA.

  • November 11, 2019

    EU Sustainable Finance Rules Get Green Light

    Financial services companies will be required to disclose how they factor in climate concerns with their investments under rules that have been approved by the Council of the European Union.

  • November 11, 2019

    UBS Fined $51M In Hong Kong For Overcharging Clients

    Hong Kong’s securities regulator said Monday that it has handed Swiss banking giant UBS AG a fine of HK$400 million ($51 million) for overcharging its customers in “opaque” trades over 10 years.

  • November 11, 2019

    Broker Settles Loan-Fee Court Battle With Close Brothers

    An insurance broker has reached a settlement with a subsidiary of financial services group Close Brothers Group PLC, ending its High Court claim against the lender over allegedly outstanding payments from a premium financing deal.

  • November 11, 2019

    Forex Transactions Raised AML Concerns, Co. Says

    The owner of a company that helps process foreign exchange transactions has hit back against a lawsuit by a trading broker over a suspended account, telling a London judge that the funds were frozen before an investigation into possible compliance violations. 

  • November 11, 2019

    Global Regulators Tell National Watchdogs To Share AML Data

    A group of banking regulators from across the world has urged national supervisors to strengthen cross-border ties when they tackle money laundering and terrorist financing, to help them avoid duplicating work or missing details when investigating international banking groups.

  • November 08, 2019

    Fund Lost Millions In Mozambique Loan Fraud, Jury Told

    A former portfolio manager at AllianceBernstein on Friday testified of how the hedge fund lost millions of dollars from its stake in a Mozambican government-backed loan, which prosecutors say was tainted by a bribery scheme led by Privinvest executive Jean Boustani.

  • November 08, 2019

    IRS Has Started Cryptocurrency Criminal Probes, Official Says

    The Internal Revenue Service has initiated investigations into tax evasion and other crimes tied to cryptocurrency following a weeklong event that involved data sharing among the U.S. and four other countries, an agency official said Friday.

  • November 08, 2019

    EU Creating Central Database Of VAT Payments To Fight Fraud

    The European Union will create a central database of value-added tax payment information to help battle VAT fraud, with the adoption Friday of a proposal by the bloc's rotating presidency, currently held by Finland.

  • November 08, 2019

    Rosen To Helm Manipulation Suit Against Litigation Funder

    A New York federal court appointed The Rosen Law Firm PA as lead counsel in a proposed class action alleging litigation finance firm Burford Capital Ltd. has been manipulating its metrics to mislead investors and obscure serious financial problems.

  • November 08, 2019

    RBS Said To Strong-Arm Developer To Restructure £75M Loan

    Internal documents from the Royal Bank of Scotland show that the bank called for the revaluation of a property developer’s portfolio solely to gain leverage and restructure his £75 million ($96 million) loan at terms more favorable to the bank, a London court heard Friday.

  • November 08, 2019

    2nd Circ. Rejects Deutsche Bank Whistleblowers' Award Bid

    The Second Circuit declined Friday to overturn the U.S. Securities and Exchange Commission’s denials of several whistleblower claims for portions of a $55 million fine paid by Deutsche Bank, ruling in part that the agency can cut out a whistleblower who submits useful information first but packages it in an impenetrable format.

  • November 08, 2019

    Bloc's Progress On €636B 'Bad Loans' Inconsistent, EU Finds

    Some European Union countries are struggling to offload their share of the bloc's €636 billion ($701 billion) stockpile of bad loans because of inefficient legal frameworks and poor secondary markets for selling off the debt, Europe’s banking watchdog said Friday.

  • November 08, 2019

    Crime Agency Burdened As Suspicious Money Reports Rise

    The National Crime Agency has strengthened its staffing to cope with the rising number of suspicious transactions in Britain, but lawyers say the body still urgently needs government help.

Expert Analysis

  • Last-Minute Brexit Preparations For EU Financial Firms

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    As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.

  • UK Financial Services Industry Faces 'Cliff Edge' Scenario

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    Though the United Kingdom has reached an agreement with the European Union regarding its withdrawal, the U.K. Parliament is unlikely to approve it. Much of the U.K.'s financial industry is still preparing for a "no deal" outcome, says Chris Bryant of Bryan Cave Leighton Paisner LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

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    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

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    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Closer Look At New Calif. Pension Fund Climate Law

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    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

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    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.

  • Société Générale: Sanctions Enforcement Is Alive And Well

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    The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.

  • Why English Courts Are Prepared To Assist Cyber Victims

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    This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.

  • Illegality Defense Developments In UK And Cayman Islands

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    Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.

  • UK Privacy Rules That Can Catch You Off Guard

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    The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

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    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • Time For Banks To Realign Legal, Risk And Compliance Teams

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    After the collapse of Lehman Brothers and the crisis that followed, banks organized their legal, compliance and risk divisions into silos that addressed the needs of the moment. Ten years later, however, it's time to consider whether this is still the best framework for the future, says Naomi Bowman of Berkeley Research Group LLC.

  • UK And EU Crawl Toward Virtual Currency Regulation

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    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.

  • Prosecutors Avoid 5th Amendment Showdown In Libor Case

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    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?

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    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.

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