Financial Services UK

  • June 21, 2021

    Ex-Deutsche Trader Gets 1 Year For Spoofing Metals Market

    A former Deutsche Bank commodities trader was sentenced to one year and one day in Illinois federal court on Monday after he was convicted of wire fraud for engaging in a scheme to spoof the precious metals market.

  • June 21, 2021

    Chinese Central Bank Says Banks Must Block Crypto Trades

    China's central bank on Monday told the country's leading financial institutions to cease all support for cryptocurrency transactions, citing the potential for digital currencies to facilitate money laundering and skirt regulations on asset transfers.

  • June 21, 2021

    KPMG Faces £15M Fine In PE Conflict Of Interest Case

    KPMG should be fined at least £15 million ($21 million) for ignoring the interests of a struggling mattress company it advised in favor of a private equity fund client it was nurturing, Britain's accounting watchdog told a disciplinary tribunal on Monday.

  • June 21, 2021

    ECU Threatened To Open Pandora's Box On HSBC FX Trades

    An HSBC client threatened to "open up a Pandora's box" over allegations that the bank's foreign exchange traders were front-running his firm's currency transactions to force it to reach a financial settlement, lawyers for the lender said at a trial on Monday.

  • June 21, 2021

    Gov't Looks To Further Boost Pension Scheme Consolidation

    The government said on Monday that it wants midsized pension schemes in Britain to consolidate into larger plans, as it seeks to provide greater financial security for long-term savers.

  • June 21, 2021

    Eurozone Pension Fund Assets Drop By Nearly €40B

    The European Central Bank on Monday reported a €39 billion ($46 billion) fall in total assets of eurozone pension funds in the first three months of this year.

  • June 21, 2021

    Credit Agricole Gets OK To Search Forgotten Deposit Boxes

    Credit Agricole can look through the contents of 115 unclaimed safety deposit boxes stored at its London branch, a judge ruled on Monday, as he said that the search will help to identify their owners or allow the bank to sell their contents.

  • June 18, 2021

    BBVA Rolls Out Bitcoin Service For Swiss Banking Clients

    Spanish bank BBVA said Friday it is opening its bitcoin trading service to all of its Swiss private banking clients, marking yet another financial institution to broaden its cryptocurrency services in recent months.

  • June 18, 2021

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

    The past week in London has seen a blockchain company sue Bryan Cave Leighton Paisner, one of the world's largest sugar producers file an insurance claim and drinks giant Pepsi lodge two intellectual property complaints. Here, Law360 looks at those and other new claims in the U.K.

  • June 18, 2021

    ECB Extends Bank Capital Relief To March 2022

    The eurozone's central bank said on Friday it will save banks approximately €70 billion ($83 billion) by extending a capital relief measure until the end of March 2022 to boost lending and help the economy recover from the coronavirus pandemic.

  • June 18, 2021

    Stanford Bank Asks UK Supreme Court To Hear HSBC Fight

    Stanford International Bank has asked the U.K.'s highest court to revive the bulk of its £118 million ($163 million) lawsuit against HSBC over a $7 billion, decades-long Ponzi scheme orchestrated by the Caribbean bank's former owner. 

  • June 18, 2021

    Insolvency Service Bans Pension Adviser On £23M Transfers

    A British financial adviser who urged clients to transfer £23 million ($32 million) of their pension savings into dodgy investment plans has been banned from acting as a company director for more than a decade, the Insolvency Service said on Friday.

  • June 18, 2021

    Danish Lender Rejects Cryptocurrencies Over AML Concerns

    Danske Bank said on Friday that it will not allow clients to trade cryptocurrencies on its platform despite their growing interest, saying the lack of transparency of digital assets means they are open to being used for financial crime.

  • June 18, 2021

    Lloyd's Adds £650M To Backstop Fund After Pandemic

    Lloyd's of London has secured £650 million ($900 million) in funding with the help of JPMorgan to add to its backstop fund to protect the market from catastrophes such as another pandemic.

  • June 18, 2021

    Top Court Puts Grant Thornton On Hook For Swap Break Fee

    The U.K. Supreme Court ruled on Friday that Grant Thornton owes its client Manchester Building Society for its losses from exiting interest rate swaps tied to a mortgage portfolio, concluding that the break costs are within an auditor's duty of care.

  • June 17, 2021

    State Street Dishes Docs In Euro Gov't Bond-Rigging Suit Deal

    Investors suing Bank of America and other banking giants for allegedly conspiring to fix European government bond prices are crediting State Street Corp. with giving them "critically important" ammunition in their case as part of a one-off settlement tentatively approved Wednesday in New York federal court.

  • June 17, 2021

    US Lawyer Reveals Rift With Dechert Over ENRC Graft Probe

    A U.S. lawyer who advised ENRC on sanctions issues during the Kazakh miner's internal probe into suspected corruption blasted the Dechert partner who led the investigation for his "unprofessional behavior" at a London trial on Thursday.

  • June 17, 2021

    Goldman Hit With FCA Complaint Over Winemaker Trades

    A Spanish winemaker has asked the U.K.'s financial regulator to look into foreign exchange trades it says were encouraged by Goldman Sachs in the latest chapter of a multimillion-dollar fight over lost investments. 

  • June 17, 2021

    Pension Funding Shakeup Could Offer Breaks For Charities

    Charities could cut annual contributions to staff pension plans by more than half under new government regulations for scheme funding, a retirement industry consultancy said Thursday.

  • June 17, 2021

    Relax The Rule On Pensions Withdrawal Advice, Insurers Urge

    The insurance industry has called for a change in rules that limit the advice that pension providers can offer amid concern that many people are withdrawing from their retirement savings without guidance.

  • June 17, 2021

    FX Boss Denies Suspecting HSBC Traders Of Front-Running

    The owner of currency investment firm ECU Group testified on Thursday that he did not suspect HSBC foreign exchange traders were misusing confidential information to trade ahead of client orders at the time, as the bank pushes to escape the suit.

  • June 17, 2021

    Senior MP Insists Greensill Testify Despite Regulatory Probe

    The chairman of a parliamentary committee called Wednesday on Lex Greensill to testify as part of an inquiry into Sanjeev Gupta's steel business, saying that the Australian businessman's refusal to appear before Parliament because of an ongoing probe is "disrespectful."

  • June 17, 2021

    Archegos Failure Shows Need For Capital Rules, Swiss Say

    Multibillion-dollar losses reported by Credit Suisse and UBS from their exposure to Archegos Capital highlight the necessity of capital requirements for larger lenders, Switzerland's central bank said on Thursday.

  • June 17, 2021

    UK Extends Creditor Enforcement Protection For Companies

    The government has announced that it is extending by three months a COVID-19 relief measure that protects companies from enforcement action by creditors if they have fallen into debt because of the pandemic.

  • June 17, 2021

    FCA Warns On Cryptocurrency Risks As Ownership Rises

    Cryptocurrencies are rising in popularity among British investors, although their understanding of the digital assets is declining and consumers might not know what they are buying, the finance watchdog warned on Thursday.

Expert Analysis

  • An Underused Group Litigation Tool Could Help UK Claimants

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    Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.

  • How Global Markets Are Preparing For Potential SPAC Growth

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    As the rising popularity of special purpose acquisition companies extends beyond the U.S., attorneys at Morgan Lewis look at how governments in Asia and Europe are positioning themselves through regulatory shifts, and what market trends can be expected in the U.S.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • Warnings And Guideposts From EU Sanctions Blocking Case

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    An advocate general's recent opinion in Bank Melli Iran v. Telekom Deutschland, a European Union sanctions blocking case, highlights serious new international regulatory compliance risks but also presents helpful guidance for navigating conflicting EU and U.S. rules, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • Islamic Financing Faces A Post-Libor Test

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    Libor's impending demise and replacement by near risk-free reference rates throw up a set of unique challenges for Islamic financial transactions, which necessitate compliance with both Sharia pricing requirements and regulations of the relevant jurisdiction, say attorneys at King & Spalding.

  • Serco Exec Acquittals Are Fueling Criticism Of SFO

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    The recent collapse of the U.K. Serious Fraud Office's case against two former Serco Geografix Ltd. directors underscores the SFO's continued challenges in turning lucrative deferred prosecution agreements into the guilty verdicts it seeks, raising concerns about the agency's success rates, say Richard Sallybanks and Alex Swan at BCL Solicitors.

  • 2 UK Pension Cases Guide On 3rd-Party Due Diligence

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    The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.

  • How Fraudsters Have Abused UK's Pandemic Relief Efforts

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    The COVID-19 pandemic has provided many new opportunities for fraudsters to exploit resulting assistance measures or changes in victims' behavior, and the U.K. government's efforts to combat fraud and recover public funds may be insufficient, say Cameron Brown at Red Lion Chambers and Kabir Sondhi at 9 Bedford Row.

  • FCA's NatWest Scrutiny Suggests Enforcement Sea Change

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    The U.K. Financial Conduct Authority’s recent criminal proceedings against NatWest over Money Laundering Regulation compliance failures show how the regulator may be positioning itself to take on a more active role as a prosecutor, says Jemma Sherwood-Roberts at Constantine Law.

  • Asset Disclosure Can Help Claimants Enforce Judgments

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    Amid the economic turmoil of COVID-19, a proactive approach to asset disclosure should be central to a strong strategy for enforcing judgments, enabling civil fraud claimants to identify and freeze all manner of assets while applying pressure and gaining information, say Kate Gee and Olivier Swain at Signature Litigation.

  • UK's Backdoor Cum-Ex Strategy May Shape Int'l Enforcement

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    The U.K. Financial Conduct Authority's recent fine against Sapien Capital for money laundering failures related to the cum-ex trading scandal never actually touched upon the practice's legality, foreshadowing a roundabout strategy regulators outside the affected countries may employ to hold those responsible to account, says Syed Rahman at Rahman Ravelli.

  • Lifting US Sanctions On Iran Would Increase Financial Activity

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    If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.

  • Financial Sanctions Guidance Shows Subtle Policy Shift

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    Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.

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