Financial Services UK

  • April 15, 2024

    UK Trading Platform Marex Eyes US Markets For $300M IPO

    Private equity-backed U.K. trading platform Marex Group PLC launched plans Monday for an estimated $300 million initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Kirkland & Ellis LLP, becoming the latest U.K.-area firm to seek capital from U.S. markets.

  • April 15, 2024

    Real Estate Plans Were £50M Ponzi Scheme, Investors Say

    Over 400 real estate investors said two British men ran a U.K.-wide fraud akin to a Ponzi scheme at a London trial of their £50 million ($62.3 million) claim Monday, arguing the men had made false promises about the returns the investments would generate.

  • April 15, 2024

    AML Exec Loses Bid For Interim Pay In Whistleblowing Case

    The co-founder of a London-based payments platform provider has lost his bid to be paid his £190,000 ($237,000) salary while he pursues a whistleblowing and unfair dismissal claim against the company.

  • April 15, 2024

    Freshfields-Led CVC Plans €1.25B IPO In Amsterdam

    Private equity giant CVC said Monday that it is planning to list its shares in Amsterdam and raise at least €1.25 billion ($1.3 billion) in a widely anticipated initial public offering guided by Freshfields Bruckhaus Deringer LLP.

  • April 15, 2024

    Skat Kicks Off £1.4B London Trial Against British Trader

    A British trader was accused Monday of being the "mastermind" behind a fraudulent trading scheme that cost the Danish tax authority £1.4 billion ($1.7 billion) at the start of a year-long High Court trial.

  • April 15, 2024

    European Banks Tell FCA To Prioritize Bond Data Rule Reform

    A body representing large European banks has "strongly recommended" that the Financial Conduct Authority make any reforms to underlying rules causing high costs of data in bond markets without delay.

  • April 15, 2024

    Home Insurers Paid Record £573M In Weather-Linked Claims

    Devastating storms that swept through the U.K. in 2023 drove up weather-related insurance claims by more than a third, hitting a record of almost £573 million ($715 million), the trade body for the sector said on Monday.

  • April 15, 2024

    BNP Paribas Buys 9% Stake In Insurer Ageas For €730M

    French banking giant BNP Paribas said Monday that its insurance subsidiary has agreed to acquire a 9% stake in Belgian multinational insurer Ageas for approximately €730 million ($777 million) from Chinese conglomerate Fosun Group.

  • April 15, 2024

    WTW Plans £450M Private Equity Long-Term Asset Fund

    Insurance firm WTW said on Monday it plans to launch a new long-term asset fund with £450 million ($560 million) to focus on private equity investments.

  • April 15, 2024

    Pension Protection Fund Has 'Crucial' Future Role, LCP Says

    The Pension Protection Fund could play a crucial role in the "endgame" for defined benefit pension schemes as a state-backed consolidator of smaller retirement plans, a consultancy has said.

  • April 15, 2024

    Avoiding Legal Pitfalls In M&A Deferred Pricing Deals

    One of the worst markets for M&A dealmaking in a decade has spawned innovative pricing models such as deferred consideration arrangements for buyers and sellers to come to terms, but lawyers warn that these agreements have to be watertight to protect against future litigation.

  • April 12, 2024

    Credit Suisse, Lloyds, Others Ink $3.5M Libor Deal

    Plaintiffs in the yearslong suit alleging various big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $3.45 million settlement with Credit Suisse AG, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.

  • April 12, 2024

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

    This past week in London has seen footwear brand Dr. Martens hit online retailer Temu with a passing off claim, Welsh soccer club Swansea sue its former head coach Russell Martin, Russian diamond tycoon Dmitry Tsvetkov file a claim against his former business Equix Group Ltd., and U.S. bank Omega Financial Corporation hit African oil and gas company Tende Energy with a claim. Here, Law360 looks at these and other new claims in the U.K.

  • April 12, 2024

    Denmark's £1.4B Tax Fraud Trial Heads For 'Uncharted Waters'

    Denmark will open its £1.4 billion ($1.7 billion) dividend fraud case in London on Monday, beginning a yearlong trial that will have wide implications for other disputes arising out of the cum-ex trading scandal that has swept Europe.

  • April 12, 2024

    Over 800 Directors Banned For COVID Loan Fraud In 1 Yr

    A total of 831 company directors were banned in the last 12 months for defrauding the COVID loan support scheme for businesses following investigations by the Insolvency Service, the government agency said Friday.

  • April 12, 2024

    FCA Warns Motor Financing Firms To Hold Enough Capital

    Britain's financial watchdog warned lenders Friday to keep enough cash at all times for their motor financing business as the regulator continues to look into a recent increase in customer complaints.

  • April 12, 2024

    Pension Body Warns Of 'Burdensome' New Reporting Rules

    A U.K. pension industry body has called for new reporting regulations on the sector to be toned down, warning that the additional red tape could deter smaller schemes from taking steps to improve their investment strategies.

  • April 12, 2024

    SocGen To Sell Moroccan Units To Investment Firm For €745M

    Societe Generale SA said on Friday that it has agreed to sell its Moroccan banking and insurance businesses to private investor Saham Group SA for €745 million ($794 million) as part of its long-term ambition to streamline the company.

  • April 12, 2024

    Clyde & Co. Must Face Ex-Client's Pared-Back Negligence Suit

    Clyde & Co. LLP must face part of a construction magnate's negligence claim over a failed legal case concerning a soured investment, after a London judge tossed part of the case on Friday but ruled that one aspect of it had a real prospect of success.

  • April 11, 2024

    Autonomy Became Less Transparent Before Sale, Jury Told

    An ex-market analyst testifying Thursday in a California criminal trial over claims that former Autonomy CEO Michael Lynch duped HP into buying the British company for $11.7 billion told jurors that the company became less forthcoming about some of its accounting a couple of years before the sale.

  • April 11, 2024

    BlackRock Can't Deduct Interest On $4B, London Court Finds

    Financial services firm BlackRock cannot deduct interest on $4 billion in loans it used for the 2009 purchase of Barclays Global Investors because avoiding taxes was the main reason for the way it structured the transaction, a London appeals court ruled Thursday.

  • April 11, 2024

    Ex-Sidley Partner Says CPS Did Not Disclose Prosecution Info

    A former Sidley Austin LLP partner, a former senior KPMG LLP official and a banking adviser have hit back at the Crown Prosecution Service in the men's £66 million ($82.8 million) claim over a failed tax fraud prosecution, arguing that their prosecutor hid important information from them.

  • April 11, 2024

    Squire Patton Advises Broadstone Buy Of Credit Risk Co.

    Broadstone said on Thursday it had acquired credit risk company Vestigo Partners Ltd., in a deal steered by Squire Patton Boggs and Harrison Clark Rickerbys.

  • April 11, 2024

    Sanctions Targets Eye EU-UK Split As Appeals Stack Up

    A court ruling on Wednesday, which upended the first round of European Union sanctions imposed on two Russian tycoons, contrasts with the approach taken by the English courts, where legal challenges to the restrictive measures have been repeatedly rebuffed.

  • April 11, 2024

    Pension Schemes Moving Toward Net Zero, Watchdog Says

    Britain's pensions watchdog said in a review published Thursday that retirement savings schemes have moved closer to achieving net-zero emissions standards in their portfolios by updating investment strategies and boosting allocations to low-carbon funds.

Expert Analysis

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • What New Digital Sandbox Regs Hold In Store For UK Markets

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    The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.

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