The sum of all fears: the changing bonus culture in financial services

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Latest Briefings

Longer term tenancies? Potential implications for lenders

Walker Morris’ Housing and Banking Litigation experts Karl Anders, Justin Coley and Sandip Singh explain the UK government’s consultation on introducing longer-term tenancies in the private rented sector, with a particular focus on potential impacts for lenders…

Assessing creditworthiness in consumer credit: FCA publishes final rules and guidance

The results of a large-scale survey by the Financial Conduct Authority (FCA) in 2017 indicated, among other things, that: 75% of UK adults had one or more consumer credit products or loans in the previous 12 months; 4.1 million people were “in difficulty” because they had already failed to pay domestic bills or meet credit […]

Open Banking, fintech and the Brexit hokey cokey

By Miles Trower London is, arguably, the most important global hub for financial services. As a result, the consequences of the Brexit vote, the ensuing uncertainty and the eventual transitional and regulatory framework applying to UK financial services and how it will continue to access overseas markets has been subject to huge speculation. Much of […]

FCA consultation on a Global Financial Innovation Network

By Russell Kelsall On 7 August 2018, the Financial Conduct Authority (FCA) published a consultation on the creation of a Global Financial Innovation consultation. With innovation in the global financial services market rapidly increasing, it is important for firms to consider the options for building, implementing and sharing experiences of digital solutions.

Austria: The DPA’s strict view on retention periods

At the end of July, the Austrian Data Protection Authority (‘DPA’) published its first decision on retention periods applying the General Data Protection Regulation (‘GDPR’; DSB-D216.471/0001-DSB/2018). The decision is final. The DPA had to decide for which period a provider of telecommunications services (hereinafter: the ‘controller’) may (respectively must) retain so-called master data, required for […]

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Weil called in to restructure UK food giant’s £1.7bn debt

The London office of Weil Gotshal & Manges has picked up the lead role on the restructuring of Premier Foods’ £1.7bn debt burden. Weil corporate partner Ian Hamilton is understood to have been drafted in by Premier Foods, which ­produces Hovis bread and Mr Kipling cakes. Premier’s debt was built up in part by the […]

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Mishcon joins ‘Pink Law’ advice initiative

Mishcon de Reya has signed up alongside Field Fisher Waterhouse (FFW) and Reed Smith to work pro bono for a new advice ­service at Queen Mary, ­University of London. The Pink Law Legal Advice Centre, which launched last Friday (14 November), will give free legal advice to the lesbian, gay, bisexual and transgender (LGBT) community. […]

Covington enters Middle East alliance

US firm Covington & Burling has signed a strategic alliance with Qatar-based firm Institution Quraysh for Law & Policy. The move is part of Covington’s international expansion plan. In July the firm launched an office in Beijing, but has yet to open in the Middle East. Institution Quraysh has offices in Qatar, Saudi ­Arabia and […]

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Middle man: Paul Bentall, Financial Ombudsman Service

Financial Ombudsman Service general counsel Paul Bentall’s sense of fair play has helped make his organisation respected the world over. Sitting ;among ;the ­towering ;financial ­houses of Canary Wharf, the Financial Ombudsman Service (FOS) occupies ;a ;unique ­position in the world of commerce. Preferring not to be called a ­regulator, watchdog or trade body, the […]

Orrick axes 40 lawyers; London gets off lightly

Orrick Herrington & ­Sutcliffe is the latest US firm to announce layoffs, with 40 associates across its real estate, structured finance and corporate practices set to leave the firm. Two associate jobs and one support staff post are at risk in the firm’s London office. Across the network 35 business services jobs are also expected […]

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