Financial Services UK

  • March 05, 2021

    7 Questions For Covington EU Privacy Chief Daniel Cooper

    Covington & Burling LLP's European data protection chief Daniel Cooper talks to Law360 about how data privacy practice has developed over the course of his career and discusses the latest litigation and enforcement trends.

  • March 05, 2021

    Gov't Freezes Pension Regulator's Budget As It Hikes Levy

    The British government said it would freeze for the next year the operating budget of the U.K.'s pension watchdog and complaints bodies, even as it plans to hike a levy on schemes by £60.8 million over the next three years.

  • March 05, 2021

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

    The past week in London has seen Scotland's ferry services sue its insurer, Britain's new high-speed rail service face another contract challenge and an ex-Qatari prime minister's company hit with a new suit. Here, Law360 looks at those and other new claims in the U.K.

  • March 05, 2021

    Indian Banks Get Boost In UK Bid To Bankrupt Beer Tycoon

    A consortium of Indian banks won permission Friday to appeal the adjournment of English bankruptcy proceedings seeking to recover £1.05 billion ($1.45 billion) from erstwhile Indian drinks tycoon Vijay Mallya, who is facing extradition to India on fraud charges.

  • March 05, 2021

    Watchdog Urged To Look Beyond Prices To Fight Climate Risk

    Europe's insurance regulator should take into consideration factors including the action that companies are taking to prevent climate change rather than focus solely on the pricing of cover in regulation on sustainability, according to the sector's trade body.

  • March 05, 2021

    Credit Suisse Winds Down $10B In Greensill Funds

    Credit Suisse said on Friday that it is winding down $10 billion in four supply-chain finance funds linked to struggling Greensill Capital because of uncertainty over their value and the reduced availability of insurance against risk.

  • March 05, 2021

    HMRC Extends Temporary COVID-19 Rules For Pensions

    Britain's tax authority has given pension schemes an extra three months to submit their paperwork and is allowing them to be more flexible with payment breaks for clients because of the coronavirus pandemic.

  • March 05, 2021

    UK Regulators Set Dec. 31 Date For Libor's 'Final Chapter'

    Britain's financial watchdogs set a termination date of Dec. 31 for Libor in most currencies on Friday, urging banks and asset managers to quit the benchmark interest rate that underpins trillions of dollars of contracts but has been rocked by scandal.

  • March 04, 2021

    UK Food Delivery Startup Deliveroo Eyes Dual-Class IPO

    Amazon-backed U.K. online food delivery company Deliveroo said Thursday it is eyeing a London Stock Exchange initial public offering that will include dual-class shares, following a U.K. proposal to ease rules on such voting arrangements in order to attract more technology companies.

  • March 04, 2021

    Justice Rose Tapped To Join UK Supreme Court

    The British government announced Thursday that Justice Vivien Rose will join the U.K. Supreme Court in April, after a winding career ranging from competition specialist to HM Treasury adviser.

  • March 04, 2021

    Cuba's €72M Debt Fair Game For Lawsuit, Fund Says

    Lawyers for an investment fund on Thursday defended its decision to sue Cuba for €72 million ($86 million) in unpaid sovereign debt at a hearing in London, arguing it's not a "vulture fund" aggressively pursuing the country over decades-old loans.

  • March 04, 2021

    Academics Slam Plans To Raise Pension Fund Contributions

    A universities trade group has attacked proposals by a retirement fund to raise the joint contributions institutions and staff pay as the pension group seeks to plug an estimated £18 billion ($25 billion) funding gap.

  • March 04, 2021

    EU Traders Told To Reduce Reliance On UK Clearinghouses

    The European Union has told traders to reduce their reliance on British central counterparties, which protect over-the-counter derivatives trades, as regulators could decide to take clearing inside the bloc by 2022 to prevent risks to the market.

  • March 04, 2021

    Germany Suspends Greensill Bank Over Financing Risks

    Germany's financial regulator has said that it ordered the closure of a subsidiary of Greensill Capital after it found the bank had incorrectly booked payments from a steel tycoon and was at "imminent risk" of holding too much debt.

  • March 04, 2021

    FCA Fines Ex-Stifel Nicolaus Trader For Misleading Market

    The Financial Conduct Authority said Thursday it has fined a former Stifel Nicolaus trader and banned him from regulated activities for executing 129 so-called wash trades that misled the market about demand for his client's shares.

  • March 04, 2021

    Gambling Watchdog Warns Caesars Execs After AML Risks

    Britain's Gambling Commission has issued warnings to seven executives at Caesars Entertainment UK Ltd. following a probe into their conduct after the casino business landed into trouble over its poor checks against the risk of money laundering and on social responsibility.

  • March 04, 2021

    Willis Towers Teams With Fintech Before FCA Pricing Reform

    Willis Towers Watson said on Thursday that it is working with an insurance technology company to boost its analytics software, ahead of regulatory changes this year that are likely to prompt a major shake-up in the way insurers price risks for customers.

  • March 03, 2021

    UK Corp. Tax To Rise To 25% From 19%, Chancellor Says

    The United Kingdom will increase its top rate of corporation tax from 19% to 25% by 2023, Chancellor of the Exchequer Rishi Sunak announced Wednesday in presenting a budget that included a raft of new tax measures.

  • March 03, 2021

    Credit Suisse Denies Conspiracy In $2B Mozambican Scandal

    Credit Suisse has denied knowing about a $2 billion fraud and bribery scam tied to loans the bank made to Mozambique, rejecting hedge funds' claims that it's liable for the actions of three former employees.

  • March 03, 2021

    Retailers Accuse Mastercard Of Downplaying Swipe Fee Costs

    Major retailers pursuing Mastercard for damages for setting unlawfully high fees told the Competition Appeal Tribunal on Wednesday that the credit card giant cannot lessen the alleged harm to avoid a payout.

  • March 03, 2021

    UK Guarantor Loans Shoot Up Financial Complaints List

    The Financial Ombudsman Service has said that it handled more complaints about loans that people could not afford to repay than about any other financial product in the fourth quarter of 2020, as the COVID-19 pandemic continued to play havoc with household finances.

  • March 03, 2021

    Pension Standards Body Urges Action On Retirement 'Portals'

    A standards body for the pensions industry has called on retirement schemes to start preparing their members' data in a format that can be used by a government online portal designed to help millions of savers track their investments.

  • March 03, 2021

    Ireland Fines Stockbroker €4M For Conflict Of Interest Breach

    Ireland's financial watchdog said on Wednesday that it has fined the country's largest stockbroker €4 million ($4.8 million) for breaching Europe's market transparency rules by failing to prevent conflicts of interest when its employees profited from a personal transaction with a client.

  • March 03, 2021

    EU Eyes Reinforced Transparency Rules After Wirecard Case

    The European Union's markets regulator warned national regulators on Wednesday that they must strengthen the policing of the bloc's financial transparency regime after a giant hole in the accounts of a German payments firm highlighted failings by the country's watchdog.

  • March 03, 2021

    Gov't Freezes Lifetime Allowance For Pensions

    The U.K. government on Wednesday froze a threshold above which long-term savers can be taxed on their retirement pots, a measure that pension industry professionals say could discourage people from saving.

Expert Analysis

  • Remote Working Tips For Lawyer Trainees And Their Firms

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    The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.

  • High Court Ruling Checks Growth Of Bank Protection Duty

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    A number of recent claimant-friendly decisions have considered and broadened a bank's common law duty to refrain from making payments where fraud is suspected, but the High Court's recent judgement in Philipp v. Barclays Bank suggests a turn in the tide, say Paul Brehony and Kate Gee at Signature Litigation.

  • A Road Map For US Involvement In Europe's Cum-Ex Probe

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    The dividend arbitrage trading strategy known as cum-ex continues to face regulatory scrutiny in Europe, and stateside regulators may soon follow suit with the U.S. Securities and Exchange Commission’s recent American depositary receipt probe as a guide for enforcement, says Joshua Ray at Rahman Ravelli.

  • 4 Lessons From Record Money Services Biz Fine

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    HM Revenue & Customs recently imposed a record fine on MT Global over anti-money laundering law violations, highlighting several AML enforcement and supervision considerations for money services businesses and their advisers, says Jessica Parker at Corker Binning.

  • UK Approach To AML Remains Robust Despite Brexit

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    Despite the seismic shifts that Brexit has brought to many other issues, the U.K. will likely continue to maintain and potentially heighten its regulatory oversight of anti-money laundering practices and procedures, says Nicola Sharp at Rahman Ravelli.

  • Finance Firms May See Increased FCA Enforcement This Year

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    Financial firms will likely see increased investigation and enforcement actions from the U.K. Financial Conduct Authority following Brexit and the COVID-19 pandemic, including in the areas of financial crime, customer protection, operational resilience and conduct, says Tracey Dovaston at Boies Schiller.

  • SEC Settlement With Hedge Fund Offers Corporate AI Lessons

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    The U.S. Securities and Exchange Commission's recent settlement with BlueCrest, over alleged failures to disclose its use of an algorithmic trading tool, highlights key governance, supervision, conflicts and enforcement considerations for companies using artificial intelligence and algorithmic-based applications, say attorneys at Debevoise.

  • Evaluating Ethical And Legal Risk In Ransomware Payments

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    Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.

  • Top Court MasterCard Ruling Lowers Bar For UK Class Suits

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    Although the U.K. Supreme Court's recent decision in MasterCard v. Merricks removes some certification barriers for collective actions, aspects of the court's opinion may provide comfort for defendants, say Louise Freeman and Harry Denlegh-Maxwell at Covington.

  • UK Biz Relief Extensions Back Debtor-Friendly Restructuring

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    New extensions of the Corporate Insolvency and Governance Act's temporary protections for struggling businesses, allowing delays to creditor enforcement actions, indicate that the U.K.'s restructuring process is increasingly prioritizing the survival of businesses amid the ongoing pandemic, say attorneys at Haynes and Boone.

  • ECJ Ruling Could Extend Double Jeopardy Protections In EU

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    If the European Court of Justice decides to extend the principle of double jeopardy throughout the EU's free travel zone in WS v. Bundesrepublik Deutschland, it would allow individuals who have received a final judgment on criminal charges from any member state to travel freely within the bloc without fear of arrest or extradition for the same offense, says Edward Grange at Corker Binning.

  • How Climate, Finance And Trade Will Intersect In 2021

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    In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.

  • What UK Art Market Participants Must Know About AML Law

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    Jonah Anderson and Lucy Rogers at White & Case discuss how and why U.K. anti-money laundering regulation has evolved to include the art market, what the regulation means for participants, and the extent to which the U.K.'s increased separation from the EU is likely to affect the requirements.

  • UK Whistleblowing Laws May Be Ripe For Reform

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    COVID-19 has reignited calls to expand U.K. whistleblowing laws, with many advocating for enhanced reporting protections and independent oversight of cases, says Pia Sanchez at CM Murray.

  • 5 GDPR Compliance Tips From UK Ticketmaster Fraud Fine

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    The U.K. Information Commissioner's Office's £1.25 million fine against Ticketmaster over cybersecurity failings that exposed customer payment card data offers several technical and organizational compliance lessons for companies subject to the EU's General Data Protection Regulation, say attorneys at Debevoise.

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