Financial Services UK

  • November 24, 2020

    NY Judge 'Surprised' By Fee Application In Libor Rigging Case

    A New York federal judge wasn't happy with the amount of hours or law firms on the attorney fee bill she received in the wake of a $187 million deal with JPMorgan and other major financial institutions over claims of interbank rate rigging, but on Tuesday she granted $45 million in fees anyway.

  • November 24, 2020

    Barclays Unit Sued Over Missold Timeshare Loans

    Barclays' consumer credit arm is being sued at the High Court by 16 holidaymakers seeking to block the bank from collecting on timeshare loans that were allegedly improperly sold to vulnerable customers in high-pressure sales pitches that misrepresented the value of their investments.

  • November 24, 2020

    Film Distributor Gets OK To Add Monex Execs To £18M Suit

    Film distributor Entertainment One won permission Tuesday to add allegations to its £18 million ($24 million) suit against Monex claiming that the foreign exchange firm's top bosses knew of bribes being paid to secure foreign exchange trading business.

  • November 24, 2020

    Fraud Suspect Can't Get Funds To Pay Off BMW, New Kitchen

    Appellate judges in London on Tuesday barred an investment adviser accused of scamming investors as part of a £15.25 million ($20 million) Ponzi scheme from using frozen funds to pay off his BMW or refurbish a Spanish holiday home as he awaits trial.

  • November 24, 2020

    EU Seeks Feedback On Planned Cryptoasset Disclosure Rules

    The European Commission is seeking feedback from industry stakeholders on rules it plans to unveil in the second half of next year that it hopes will make it harder to use cryptoassets to evade taxes.  

  • November 24, 2020

    Thai Bank Can't Trim Ex-Wind Exec's $700M Fraud Claim

    A judge refused on Tuesday to pare down accusations that a Thai lender conspired to seize control of a $700 million major wind energy company from its owner, saying the bank will have to argue at trial that it has no presence in England.

  • November 24, 2020

    KPMG Partner Accuses FRC Of Running 'Witch Hunt' At Trial

    A KPMG partner accused of misconduct while arranging the sale of a British bed manufacturer to U.S. buyout firm HIG Capital in 2011 told a tribunal on Tuesday that he is the victim of a "witch hunt" by the audit watchdog.

  • November 24, 2020

    EU Watchdogs To Ease Post-Brexit Derivatives Trading Rules

    The European Supervisory Authorities published proposals Monday that will allow U.K. counterparties to a derivatives transaction to be replaced with others based in the European Union without triggering margin and clearing requirements after the end of the Brexit transition period.

  • November 24, 2020

    FCA Warns Insurance Bosses Over COVID-19 Claims

    The Financial Conduct Authority said it will hold senior bosses of Lloyd's of London insurers directly to account if it finds evidence that customers with claims from the pandemic have been treated unfairly. 

  • November 24, 2020

    UK Sets Up Diversity Taskforce For Financial Services

    A government-backed taskforce set up to help people from diverse backgrounds get top jobs in the financial services sector was launched on Tuesday, in a move to encourage companies to widen the mix of people at senior levels.

  • November 24, 2020

    EU Insurers Protest At New VAT For Financial Services

    European insurers hit back at the European Commission on Tuesday over proposed changes to the value-added tax regime in the bloc, saying the system is outdated and threatens the EU's capital markets union.

  • November 24, 2020

    FCA Forges Ahead On Sustainable Investment Disclosures

    The finance watchdog has said it is planning new initiatives to clarify rules governing sustainable finance as consumers grow more concerned about environmental investments.

  • November 24, 2020

    German DAX Index Gets Refit After Wirecard Collapse

    Companies planning to list shares on Germany's DAX index will face tougher criteria, the exchange's operator said on Tuesday, with an overhaul that comes after the blue-chip index dropped payments company Wirecard when it collapsed with a €1.9 billion ($2.2 billion) hole in its books.

  • November 23, 2020

    Forex Rigger Katz On Track For $400-Per-Hour Consult Gig

    A Manhattan federal judge showed little inclination Monday to stop convicted forex rigger Jason Katz from earning $400 per hour as consultant for investors seeking to hold 16 big banks liable for price-fixing, but the judge suggested capping the former government cooperator's pay.

  • November 23, 2020

    BofA Exec Sues For 'Intolerable Workload' After Breakdown

    A senior Bank of America executive is suing the financial giant for "psychiatric injury," saying he endured an "intolerable workload" for years until he suffered a breakdown.

  • November 23, 2020

    KPMG Partner Testifies 'Burning' Debt Bankrupted Client

    British bed manufacturer Silentnight faced a "burning platform" of debt and pension liabilities in the year before it entered administration, a KPMG partner accused of helping a U.S. private equity firm force the company into insolvency told a London tribunal Monday.

  • November 23, 2020

    RBS Beats Ex-Client's Suit Blaming Bank For Insolvency

    A London judge dismissed a suit Monday accusing Royal Bank of Scotland of issuing checks worth thousands of pounds without proper authorization, putting a television advertising company on the road to insolvency.   

  • November 23, 2020

    ​​​​​​​FCA Fines UK Forex Broker £3.4M Over Bogus Trades

    The Financial Conduct Authority said on Monday that is has imposed a fine of £3.44 million ($4.58 million) on TFS-ICAP for market misconduct after the electronic trading platform was found to be making up trades.

  • November 23, 2020

    ECB Weighs Fallback Clauses For Benchmark Rates

    The European Central Bank asked the finance sector on Monday for responses to proposed rules that would force lenders to include so-called fallback clauses in cash products and derivatives transactions that rely on the market interest-rate benchmarks Euribor and the new €STR rate.

  • November 23, 2020

    EBA To Focus On Supervisors' Use Of Digital Finance Tools

    The European Banking Authority is planning to keep a closer watch on the way supervisors use digital finance regulatory tools in their work as it seeks to ensure that frameworks are fit for the digital age.

  • November 23, 2020

    Regulators Want Data To Halt Climate Risks In Finance

    A global forum of central bankers said Monday that banks and insurers should collect more data on the exposure of their clients to climate-related risks to help reduce the threat of natural disasters, such as floods and hurricanes, damaging the sector.

  • November 23, 2020

    Asset Freeze Won't Bar Ex-Bank Owners' Fees In $1.9B Suit

    A worldwide freezing order imposed on the former owners of PrivatBank, a Ukrainian lender, does not prevent them from paying their lawyers in a $1.9 billion fraud lawsuit, a judge has said at a court in London.

  • November 23, 2020

    EU Banks Gave €870B In Loan Payment Relief Amid COVID-19

    Europe's banking watchdog has said that €870 billion ($1 trillion) in loan repayment holidays had been granted to customers struggling to deal with the COVID-19 pandemic by the end of June, adding that it will watch the market for a surge in bad loans.

  • November 23, 2020

    EU Formulating 'World First' Green Language For Investors

    The European Commission is seeking responses from the financial sector on proposals for defining which economic activities can be classed as "environmentally sustainable" as the European Union attempts to draft a common language for investors on climate change.

  • November 20, 2020

    FCA Says Undisclosed Info Won't Upend Insider Dealing Case

    A British prosecutor told an appeals court Friday that undisclosed information linking associates of a man convicted of insider dealing to an inside source at Citibank doesn't surmount evidence that he got confidential deal information from a friend who was a UBS compliance officer.

Expert Analysis

  • What UK Corporate Criminal Liability Reform Might Look Like

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    The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.

  • Increasing Investment Scams Can Implicate Lawyers, Too

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    With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.

  • UK's Sanctions Regime Requires Unique Compliance Efforts

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    When the U.K.'s transition out of the European Union ends on Dec. 21, its own sanctions regime will come into effect, and though it will initially be similar to the European Union's, important differences and potential future divergences mean that the U.K. rules should be considered separately, say attorneys at Linklaters.

  • Contractual Takeaways From Payment Providers Ruling

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    The U.K. High Court's recent decision in Travelport v. WEX, dissecting a material adverse effect clause in the context of the pandemic's impact on the payments industry, highlights contractual ambiguity and provides practical drafting pointers for mergers and acquisitions lawyers in the U.K. and U.S., say attorneys at King & Spalding.

  • Divergent Paths To Open Banking In UK And US

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    As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.

  • Opinion

    BVI Ruling Clarifies Jurisdiction's Stance On Legal Finance

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    The Eastern Caribbean Supreme Court's recent Crumpler v. Exential Investments decision, officially allowing legal financing in the British Virgin Islands, represents a continuation of litigation funding's acceptance across key jurisdictions for insolvency litigation during a time when these types of cases are set to spike, says Robin Ganguly at Burford Capital.

  • Cross-Border Discovery Trends 1 Year After 2nd Circ. Ruling

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    While cross-border discovery applications have markedly increased in the year since the Second Circuit’s ruling in del Valle Ruiz, post-decision concerns that U.S. companies would become conduits for extraterritorial document discovery have not been realized, say attorneys at Murphy & McGonigle.

  • Compliance Hurdles For UK Cannabis Investors

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    Nicola Finnerty and Tom Surr at Kingsley Napley discuss the legal barriers U.K. investors face in reaping the rewards of cannabis legalization in Canada and the U.S., and what recent developments may mean for the future of U.K. cannabis enforcement.

  • Perspectives

    Finding A Path Forward To Regulate The Legal Industry

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    Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.

  • Emerging ESG Compliance Obligations For Private Funds

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    In the absence of U.S. regulation of environmental, social and governance investments, private funds should be aware of two new EU regulations that will apply to all sponsors managing or marketing funds in Europe, says Debbie Klis at Rimon Law.

  • Perspectives

    Law Commission's New Idea For Confiscation Orders Is Unfair

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    The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.

  • UK Pandemic Recovery Offers Opportunities For Green Cos.

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    The U.K. government's plans to use regulations and funding to accelerate the transition to a green economy after the COVID-19 pandemic promise significant opportunities for companies and investors focused on clean technologies, says Samantha Deacon at Goodwin.

  • 2 High Court Cases Highlight Comity Principles

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    High Court decisions in National Bank of Kazakhstan v. Bank of New York Mellon and Riverrock Securities v. Bank of St. Petersburg serve as a useful reminder that the principle of comity may require English courts to exercise judicial restraint, even where their assistance has been sought by foreign courts, say Egishe Dzhazoyan and Kabir Bhalla at King & Spalding.

  • Enforcement Numbers Offer Insight Into FCA Priorities

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    Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.

  • Why Cum-Ex Tax Fraud Probes Are On The Rise

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    ​​​​​​​Neil Williams at Rahman Ravelli outlines why European regulatory investigations into cum-ex — a 1990s-era dividend arbitrage trading practice involving tax rebate claims worth tens of billions of euros — are gaining momentum years after the activities that sparked them, and who should be concerned.

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