Articles in ‘Financial Services’ Category

Punjab National Bank (International) Ltd v MBL Highway Development Company Ltd: Success in US $17 million cross border banking claim

As 1 January 2021 is fast approaching, we look at how this may impact on the flow of personal data between the UK and the EU, and what Banks can do to prepare.

Following their boom in 2017 and subsequent dip in popularity, the widespread use (and perception, to some extent) of digital currencies has stabilised in recent years. They are now expected to play an increasingly important role within mainstream financial services in the years to come.

With the UK-EU Trade and Cooperation Agreement now having been signed, what does this mean for the financial services industry, a sector which contributes 7% to the UK economy.

Whilst 2020 and the Covid-19 pandemic has forced lenders to embrace new practices, the financial services sector has tried to remain resilient during the turbulence at the same time as providing support to their customers who need it. At the end of 2020, the British Business Bank reported that the Coronavirus loan schemes had supported a total of over 1.5m facilities to businesses, providing over £68 billion of finance.

From the deliberate poaching of staff, through to people leaving to set up a competitor – for many Financial Service firms leavers present the biggest security risk.

Energy Minister Anne-Marie Trevelyan this week announced the Government’s plan to set up a Centre for Greening Finance and Investment (CGFI), supported by £10 million of funding from UK Research & Innovation. The intention is for this organisation to have a joint physical presence “research hubs” in London and Leeds.

Restrictive covenants are an essential tool for retaining goodwill and value in any business that you are looking to acquire. This is particularly so where the seller is intrinsically linked to the business or has the skillset to immediately compete with the target business, and could therefore quickly diminish its value.

The long awaited, government-backed review into the UK’s fintech industry has warned that the UK risks falling behind in the global fintech race if its recommendations aren’t swiftly implemented.

Banking and financial services businesses have for many years monitored the work patterns and behaviours their staff. Since the coronavirus pandemic and the subsequent seismic shift in working patterns, we are now seeing an increasing number of employers monitoring their staff in their own homes.

As we approach the end of the first six months after the signing of the UK-EU Trade and Cooperation Agreement, uncertainty continues for UK firms offering financial services within the EU market.

As has been widely reported in the news, much of Afghanistan is currently under Taliban rule. Many UK banks are therefore seeking advice regarding the evolving Afghan situation, and what to do as regards their customers, and wider business, in the region.