Financial Services UK

  • April 04, 2024

    Fladgate Sued For $26.5M Over Botched Debt Claim Advice

    Fladgate LLP lost an investment fund an estimated $26.5 million after negligently advising it on how to take action to recover money owed under bonds, according to a High Court claim.

  • April 04, 2024

    UK Joins Global Data Protection Enforcement Program

    Britain's data watchdog said Thursday it has signed a new agreement with the Global Cooperation Arrangement for Privacy Enforcement to cooperate on cross-border data protection with the U.S. and eight other Pacific Rim countries.

  • April 04, 2024

    Financial Ombudsman Braces For Bigger Caseload

    The U.K. Financial Ombudsman Service said Thursday that it had upped its estimate of how many complaints it expects to receive in the coming financial year to 210,000 from 181,000 due to increased everyday financial concerns.

  • April 04, 2024

    Standards Setter Warns Of Conflicts Of Interest In Exchanges

    A global standards setter for regulators warned Thursday of the risk of conflict of interests in stock exchanges, including in situations where exchanges also run data or technology services.

  • April 04, 2024

    Standard Life Bags Insurer's Pension Plan In £95M Deal

    Standard Life has completed a £95 million ($120 million) buy-in of a pension scheme sponsored by Brit Insurance in a deal guided by Burges Salmon LLP.

  • April 04, 2024

    Money Was Siphoned To Former Exec's Wife, Insurer Says

    A Liechtenstein insurer suing two of its former directors for allegedly funneling millions of pounds to accounts they had ties to has now accused one of the men's wives of also benefiting from unauthorized payments.

  • April 03, 2024

    OneCoin Atty Gets 4 Years For Role In $4B Crypto Fraud

    The former head of legal and compliance at OneCoin on Wednesday was sentenced to four years in prison for her role in the $4 billion cryptocurrency scheme that defrauded millions of investors around the world.

  • April 03, 2024

    UK Billionaire Lewis Agrees To $1.64M Insider Trading Penalty

    British billionaire Joseph Lewis has agreed to pay $1.64 million to settle the U.S. Securities and Exchange Commission's civil claims he fed confidential tips to his personal pilots and then-girlfriend after pleading guilty to related criminal charges earlier this year.

  • April 03, 2024

    Forex Broker Wins Deceit Claim Over TV Transactions

    A forex broker has won in his 7.9 billion Nigerian naira ($5.9 million) deceit claim over an English brokerage's alleged failure to pay out dollars for naira after a London judge ruled that the firm would not be able to defend against it.

  • April 03, 2024

    More Pension Schemes Considering Running On, LCP Says

    An increasing number of pensions schemes are considering running on their retirement savings plans as funding levels continue to strengthen in the U.K., a consultancy has said.

  • April 03, 2024

    UK Regulators Propose Special Regime For Digital Securities

    Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.

  • April 03, 2024

    Single Pensioner Income Inequality Found To Be Widening

    Government data shows income disparity between rich and poor single pensioners is widening in the U.K. due to low earnings growth and rising housing costs, according to research by consultancy Broadstone published Wednesday.

  • April 03, 2024

    Watchdog Bans 'Misleading' Advertisements By UK Lender

    The advertising watchdog said Wednesday that it has banned "misleading" promotions by Nationwide Building Society that boasted of its record of keeping branches open amid closures by competitors, pointing out that the lender has shut just over 150 branches in a decade.

  • April 03, 2024

    EU Watchdog To Set ESG Rules For Credit Rating Agencies

    The European Union's markets regulator has proposed rule changes to clarify how credit rating agencies should use environmental, social and governance factors in their ratings amid continued concerns that their approaches lack clarity.

  • April 03, 2024

    Fintech Alpha Pushes Plan To List On London's Main Market

    Alpha Group International PLC on Wednesday confirmed its plan to shift its shares to the London Stock Exchange's main market to boost its reputation and its business prospects.

  • April 03, 2024

    Kirkland-Led Goldman Sachs Unit Buys Stake In Credit Fund

    Goldman Sach's private equity unit has acquired Italian asset manager Azimut's 20% stake in private credit fund Kennedy Lewis for $225 million, the companies said Wednesday.

  • April 03, 2024

    Insurer Lands Battery Brand Pension Scheme In £44M Deal

    Insurer Just Group said Wednesday it has completed a £44 million ($55.3 million) buy-in of a pension scheme sponsored by battery and lighting brand Energizer Group Ltd.

  • April 03, 2024

    Alleged Water Investment Fraudsters Appear In Court

    Three men who allegedly defrauded investors out of £3.9 million ($4.9 million) through an unregulated water investment scheme appeared at a London criminal court Wednesday.

  • April 02, 2024

    Ex-Autonomy Exec Denies He Blew Whistle To Deflect Scandal

    Autonomy's former U.S. chief financial officer denied under cross-examination Tuesday in the California criminal fraud trial of ex-CEO Michael Lynch that he brought whistleblower concerns about alleged accounting irregularities to the software company's Deloitte auditors to "cover" himself after a payroll scandal emerged in his department.

  • April 02, 2024

    Feds Seek Leniency For UK Billionaire Lewis In Trading Case

    Prosecutors have told a Manhattan federal judge that 87-year-old British billionaire Joe Lewis should serve less than 18 months in prison after he pled guilty to insider trading, citing his age and health and arguing he "has otherwise lived a law-abiding life."

  • April 02, 2024

    UK Reaches Landmark AI Risk Testing Agreement With US

    The U.K. government said Tuesday it had reached a landmark agreement with the U.S. to share the testing of advanced models for artificial intelligence, after highlighting in a report its increasing use by cybercriminals to attack financial institutions and business.

  • April 02, 2024

    Accountant Fined And Banned For Triple Loan Fraud

    The former director of a management consultancy has been banned from running a company for 12 years and agreed to pay back £75,000 ($94,000) after having claimed five times the amount his firm was entitled to under a government-backed COVID-19 loan program, the U.K. Insolvency Service said Tuesday.

  • April 02, 2024

    Luxembourg's Deduction Rules Flout EU Law, Bloc Tells Court

    The European Commission asked the European Union's Court of Justice to rule that Luxembourg is breaking EU law by including securitized entities among financial undertakings that are allowed deductibility of interest payments, the EU's Official Journal said Tuesday.

  • April 02, 2024

    Cost Of COVID Fraud Crackdown Leaves Authorities In A Bind

    As British authorities dial back their worst fears about the scale of fraud linked to COVID-19 relief loans, legal experts say the initial crackdown to prosecute rogue directors has faltered as the costs start to outweigh the benefits.

  • April 02, 2024

    UK Makes 2027 Commitment To 1-Day Securities Settlement

    HM Treasury has said that Britain will start a one-day cycle for securities trade settlement by December 2027, bringing the country into harmony with other markets to reduce the risk that those involved will fail to meet their obligations.

Expert Analysis

  • Cos. Must Monitor Sanctions Regime As Law Remains Unclear

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    While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.

  • Unpacking The UK's Proposals To Regulate Crypto-Assets

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    Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.

  • The Top 7 Global ESG Litigation Trends In 2023

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    To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.

  • UK Takeover Code Changes: Key Points For Bidders, Targets

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    Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

  • Russia Ruling Shows UK's Robust Jurisdiction Approach

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    An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.

  • How New Loan Origination Regime Will Affect Fund Managers

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    Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.

  • How EU Sustainability Directive Will Improve Co. Reporting

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    The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.

  • PPI Ruling Spells Trouble For Financial Services Firms

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    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • What Lawyers Can Learn From FDI Screening Report Findings

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    The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

  • UK Review May Lead To Lower Investment Screening Burden

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    The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

  • Economic Crime Act Exposure: What Companies Can Expect

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    The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.

  • FCA Promotions Review Sends A Strong Message To Firms

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    The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.

  • When Can Bonuses Be Clawed Back?

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    The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.

  • The State Of UK Litigation Funding After Therium Ruling

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    The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.

  • UK Shareholding Report A Missed Opportunity For New Tech

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    The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.

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