Financial Services UK

  • April 03, 2020

    FCA Extends Senior Manager Approvals Amid Virus Turmoil

    The Financial Conduct Authority said Friday it is prepared to temporarily relax financial accountability rules by allowing firms to draft in replacements for senior managers without regulator approval for up to nine months during the coronavirus pandemic.

  • April 03, 2020

    Global Regulators Delay Finalizing New Derivatives Rules

    Global financial regulators said Friday they would push back deadlines for new rules on non-centrally cleared derivatives by one year to help the finance industry cope with the upheaval of the COVID-19 outbreak.

  • April 03, 2020

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

    The past week in London has seen Hilton lodge competition claims against Visa and Mastercard, a hedge fund slap a family-run investment company with a trademark case, and two oil explorers working in Africa square off in court. Here, Law360 looks at those and other new claims in the U.K.

  • April 03, 2020

    Fraud Rises 9% As UK Braces For Surge In COVID-19 Scams

    Britain’s top law enforcement agency reported a rise in fraud driven by cybercrime on Friday amid warnings of a spike in scams by criminals exploiting the coronavirus pandemic to target pension savers, investors, online consumers and remote workers.

  • April 03, 2020

    EU Clarifies Capital Rules For Banks During Loan Holidays

    Lenders granting repayment holidays to struggling businesses and individuals, as per national guidance, will not have to shore up additional capital, Europe’s banking watchdog has said, providing clarity to banks on their accounting obligations during the COVID-19 outbreak.

  • April 03, 2020

    Investor Drops Swaps Loss Claim Against Lloyds Unit

    A London judge has dismissed a legal dispute between a subsidiary of Lloyds Banking Group PLC and a property investor over the alleged misselling of crisis-era financial products that was set to head to trial this month.  

  • April 03, 2020

    EU Tells Insurers To Scrap Dividends, Buybacks In Crisis

    Europe’s insurance watchdog has urged the sector to suspend dividends and share buybacks during the coronavirus pandemic, putting a priority on preserving cash to protect policyholders and absorb cash losses.

  • April 03, 2020

    UK Revives Emergency Bank Lending For Businesses

    The government is expanding an emergency lending program to help keep businesses afloat during the coronavirus lockdown, the chancellor announced Friday, as he responded to complaints about lack of access to the money.

  • April 02, 2020

    2nd Circ. Refuses To End Ex-SocGen Exec's Fugitive Appeal

    The Second Circuit on Wednesday denied prosecutors' bid to dismiss an appeal from a former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate, finding that it has jurisdiction to decide whether or not she is a fugitive.

  • April 02, 2020

    Financial Watchdog Tells Firms To Maintain Critical Staff

    A global forum of central bankers on Thursday urged governments to recognize some financial services professionals as essential staff in order to keep markets operating smoothly during the COVID-19 outbreak.

  • April 02, 2020

    Ex-RBS Manager Fights Legal Fees Over Film Investment Row

    A former RBS manager continued his fight Thursday against the legal fees he owes Fieldfisher LLP for his now-settled £14 million ($17.3 million) lawsuit against a financial adviser over a film investment scheme that led to him losing his job and facing conspiracy charges.

  • April 02, 2020

    Serco Eyes Early Exit In Shareholder Suit Over Stock Dive

    Security outsourcing giant Serco may ask a London court to dismiss a shareholder suit alleging the company misled investors about government contracts that led to a fraud scandal, saying they have failed to prove any connection between statements to the market and financial losses.

  • April 02, 2020

    Record UK Sanctions Fine Ushers In More Aggressive Era

    Britain's fledgling sanctions watchdog took a big swing with its £20.5 million ($25.5 million) fine on Standard Chartered PLC over loans that violated Ukraine sanctions, its most aggressive move yet that could usher in a new era of U.S.-style enforcement in the U.K.

  • April 02, 2020

    2nd Circ. Backs Stock-Parking Penalty For Ex-Barclays Trader

    The Second Circuit published an opinion on Thursday affirming the U.S. Securities and Exchange Commission’s five-year ban of an ex-Barclays bond trader over an alleged stock-parking scheme.

  • April 02, 2020

    McDermott Snags Finance Partner In London

    Chicago-based law firm McDermott Will & Emery said Thursday it has brought on a new finance partner with expertise in social impact investing to join its London office.

  • April 02, 2020

    Icelandic Bank Loses Appeal Of Fashion Mogul's Bankruptcy

    An English appellate court on Thursday sunk an Icelandic lender’s hope of piling onto a High Street fashion mogul's bankruptcy, ruling that it jumped the gun by trying to recoup an unpaid loan before the time to challenge the debt had expired.

  • April 02, 2020

    KPMG Fined £484K For Failing To Challenge Client Audit

    Britain’s accounting watchdog said Thursday it has fined KPMG and a senior partner a total of £484,000 ($600,000) for falling to challenge a client during an audit over information provided about complicated payments by suppliers.

  • April 02, 2020

    French Movie Producer Gets OK For English Tax Fraud Suit

    A judge in London has allowed a French movie producer to proceed with a lawsuit against nearly a dozen financial advisers and former HSBC bankers implicated in a money laundering scandal over the alleged theft of €7.2 million ($7.8 million) from a tax-savings scheme.

  • April 02, 2020

    Sweden Allows 14-Month Suspension Of Mortgage Payments

    Sweden’s financial regulator told banks on Thursday they can exempt homeowners from mortgage payments until June 2021 if they have lost their jobs or fallen ill with the coronavirus, after other countries enacted similar measures.

  • April 02, 2020

    UK Backs Delay To Stricter Global Bank Capital Rules

    The government gave its backing on Thursday for a delay to a package of global capital rules, saying that pushing back the onerous requirements for a year will allow banks to focus on keeping the financial system stable during the COVID-19 crisis.

  • April 02, 2020

    Banks Asked To Freeze Loan Payments As Crisis Deepens

    British lenders should freeze loan and credit card payments for borrowers struggling with the “financial shock” caused by the coronavirus outbreak, the Financial Conduct Authority said Thursday, as it set out a proposed three-month relief package for consumers.

  • April 01, 2020

    2nd Circ. Revives Yen Libor-Rigging Suit Against Big Banks

    The Second Circuit reversed the tossing of a 2015 suit accusing Barclays, Lloyds, Bank of America and more than a dozen other international banks of benchmark interest rate-rigging, ruling Wednesday that the investor plaintiffs convincingly linked their financial losses to the banks' alleged market manipulation.

  • April 01, 2020

    Burford Wants LSE Ordered To Disclose Alleged Spoofer IDs

    Litigation funder Burford Capital told a London court on Wednesday that the London Stock Exchange is "fighting tooth and nail" to avoid disclosing the identities of traders it alleges manipulated the firm's stock in a short-selling attack that caused Burford's share price to plunge.

  • April 01, 2020

    Investors Urged To Buy More Shares During Pandemic

    Existing investors should buy a bigger proportion of shares in listed companies during rights issues in order to help businesses pull in cash to weather the economic fallout from the coronavirus, a standards setter said Wednesday.

  • April 01, 2020

    Scotland Ices Plan To Halt Criminal Jury Trials

    The Scottish government on Wednesday backed off plans to hold criminal trials without juries under emergency legislation designed to combat the spread of the novel coronavirus, a day after lawyers and lawmakers denounced the plan as shortsighted. 

Expert Analysis

  • COVID-19 Unlikely To Excuse UK Financial Reg Violations

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    Despite the significant disruption that COVID-19 is causing in the U.K., the Financial Conduct Authority and Prudential Regulation Authority still expect that financial services firms appropriately protect their increasingly vulnerable consumers, say Tracey Dovaston and Matt Getz at Boies Schiller.

  • Leveling Tax Playing Field For Non-UK Resident Landlords

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    Starting Monday, non-U.K. resident landlords are subject to broadly the same U.K. tax treatment as residents with respect to income derived from U.K. property, and landlords and lenders should be considering the impact on transaction cashflows and covenant compliance, say James Spencer and Sherry Scrivens at Alston & Bird.

  • Latest UK Sanctions Breach Fine May Signal New Era

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    The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.

  • COVID-19 Considerations For UK Asset-Based Lenders

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    Amid the coronavirus crisis, U.K. asset-based lenders are well-placed to provide increased financial support to valued clients, but their desire to help must be balanced by careful risk management and realized by efficient service delivery, say attorneys at Crowell & Moring.

  • A Few Unexplained Wealth Orders Don't Solve Fraud Issues

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    While the National Crime Agency has paraded a few high-profile unexplained wealth orders, like those the U.K. Court of Appeal recently upheld against Zamira Hajiyeva, the hype still fails to match their limited usefulness in combating illicit money thus far, says Bambos Tsiattalou at Stokoe.

  • Regulating Cryptoassets May Be Harder Than FCA Expects

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    The Financial Conduct Authority's director of retail and regulatory investigations recently painted a hopeful picture of plans to regulate cryptoassets, but obstacles such as weak links in the global regulatory chain and resistance to compliance may be more challenging than anticipated, says Anna Gaudoin of WilmerHale.

  • Opinion

    SFO Must Radically Overhaul Prosecution Approach

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    The Serious Fraud Office's recent failure to convict three Barclays executives for fraud is the latest evidence that the agency's real issue is its tendency to seek prosecution without a realistic chance of conviction, says Bambos Tsiattalou at Stokoe.

  • Collective Redress Schemes Can Manage Data Breach Suits

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    Recent court decisions in the U.K. and abroad have increased firms' potential exposure to group litigation related to data security events, and in this environment a voluntary collective redress scheme may be a very attractive option, say attorneys at Bryan Cave.

  • Legacy Contracts Complicate Libor Transition

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    As firms prepare for Libor cessation by the end of next year, one of the more difficult challenges may be dealing with legacy contracts, which could cause significant market disruption and litigation if not successfully renegotiated, say Abdulali Jiwaji and Johnny Shearman at Signature Litigation.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • UK 'Free Ports' May Heighten Risk Of Economic Crime

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    It may be sensible for the U.K. to introduce free ports — government-designated areas of little or no tax — to boost trade with other countries, but they could also create opportunities for major financial crime, says Stephen Baker of Baker & Partners.

  • UK Account Freezing Orders Have Quietly Made An Impact

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    Account freezing orders, one of the enforcement powers introduced by the U.K.'s Criminal Finances Act, are not as well-known as unexplained wealth orders but have arguably been a more effective weapon against economic crime and will be increasingly deployed by enforcement agencies in the future, says Ross Dixon of Hickman & Rose.

  • Why SFO Closed Its Libor Manipulation Investigation

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    Despite ongoing civil claims, the Serious Fraud Office has most likely closed its investigation into Libor rate manipulation due to the comparative difficulty of securing criminal convictions, and is unlikely to bring further charges unless significant new evidence comes to light, says Anthony Hanratty of BDB Pitmans.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

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