Financial Services UK

  • April 02, 2024

    Small UK Cos. 'Freed' From VAT Payments By Threshold Rise

    Some 28,000 businesses have been "freed" from paying value-added tax as the registration threshold rose from £85,000 ($106,000) to £90,000 in revenue, HM Treasury has said.

  • April 02, 2024

    Insurers Say Pension Models Could Undercut Auto-Enrollment

    Government plans to introduce new pension pot models risk undermining the success of automatic enrollment and could have a negative impact on retirement saver outcomes, the Association of British Insurers has warned.

  • April 02, 2024

    UBS To Launch $2B Buyback After Credit Suisse Deal Closes

    UBS said Tuesday that it will launch a share buyback program to return up to $2 billion to shareholders as the Swiss lender prepares to kickstart its capital returns after its takeover of Credit Suisse AG is finalized in June.

  • April 01, 2024

    Autonomy Paid Whistleblower $750K Over Firing, Jury Told

    Autonomy's former U.S. chief financial officer testified Monday in the California criminal fraud trial of ex-CEO Michael Lynch that he was fired after blowing the whistle to British regulators about accounting irregularities, and revealed that Autonomy later paid him $750,000 to resolve his wrongful termination claims.

  • March 28, 2024

    Feds Say Ex-OneCoin Atty Should Serve 'Substantial' Time

    Manhattan federal prosecutors have requested a "substantial" amount of prison time for a Bulgarian woman who worked on the legal team at the fraudulent OneCoin cryptocurrency exchange, but said the sentence should fall below the guidelines range of 10 years.

  • March 28, 2024

    Ex-Plastics Co. Manager Found Guilty Of Insider Dealing

    A former manager at a plastics company was found guilty of insider dealing on Thursday by a London jury, but his friend was acquitted of similar charges in connection with the £261 million ($329 million) purchase of a rival company.

  • March 28, 2024

    Insurers Must Face £13B Russia-Stranded Planes Suits In UK

    Major insurers including Allianz, AXA and Liberty Mutual will have to face £13 billion ($16.4 billion) worth of claims over planes stranded in Russia after the invasion of Ukraine as a London judge on Thursday ruled against attempts to move the claims to Moscow.

  • March 28, 2024

    Developer Says Law Firm Flubbed FOS Appeal

    A property developer is suing its former lawyers for just over £700,000 ($883,500) for negligence after the firm allegedly failed to file a complaint against a now-infamous turnaround unit of the Royal Bank of Scotland when its investments turned sour in the wake of the 2008 financial crisis.

  • March 28, 2024

    Traders' Loss Raises High Bar For Bankers To Clear Names

    The failure of two former traders to overturn their rate-rigging convictions could mark the end of the road for others convicted in connection with the scandal because of the reluctance of the English courts to topple precedent, lawyers say.

  • March 28, 2024

    EU Watchdogs To Relax On OTC Derivative Clearing Breaches

    The European Union's securities regulator has said it expects national regulators not to prioritize supervisory action against banks or insurers that fail to clear some over-the-counter derivatives with foreign pension schemes, ahead of legal exemption.

  • March 28, 2024

    NCA Logs 5% Decline In Suspicious Activity Reports Last Year

    The National Crime Agency reported Thursday a 5% decline in reports about potential criminal activities such as suspected money laundering and terrorist financing to its intelligence unit received during the financial year that ended March 2023.

  • March 28, 2024

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

    This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.

  • March 28, 2024

    UK Signs Accounting Standards Deal With Australia

    Britain's audit watchdog said Thursday it has secured a deal on accounting standards with Australian authorities to make it easier for auditors to work between both countries.

  • March 28, 2024

    Investors Told To Show Standing For £1.4B StanChart Claim

    A London judge on Thursday ordered part of a group of investors suing Standard Chartered PLC for £1.4 billion ($1.7 billion) — for allegedly downplaying how much it had breached U.S. sanctions — to prove they are entitled to bring the claim. 

  • March 28, 2024

    Crowe Denies £5M Negligence Claim Over Audits Of Wine Co.

    A London-based accounting firm has hit back against a £5 million ($6.3 million) negligence claim by the liquidators of a failed wine investment company, saying it acted with the "care and skill" of a "reasonably competent" auditor.

  • March 28, 2024

    Struggling Lender Amigo Raises Cash, Eyes Reverse Takeover

    Amigo Holdings PLC said on Thursday that it has raised cash and is looking for a reverse takeover target so that it can continue operating as a listed company, amid the planned liquidation of its troubled subprime lending arm.

  • March 28, 2024

    Abrdn Property Plans Wind-Down After Merger Rejected

    Abrdn Property Income Trust Ltd. has said it is planning a managed wind-down after its shareholders voted against an all-share merger with Custodian Property Income REIT PLC that valued it at £237 million ($299 million).

  • March 28, 2024

    UK To Nullify NDAs That Stop People Reporting Crimes

    Non-disclosure agreements that prevent victims from reporting potential crimes are to become unenforceable, the government said Thursday as it announced plans to "clarify" the law governing the controversial contracts.

  • March 27, 2024

    No New Trial For Hedge Fund Boss In Forex Rigging Case

    A New York federal judge on Friday refused to acquit or call for a new trial for a U.K.-based hedge fund chief convicted of illegally manipulating a currency exchange rate, rejecting his argument that his alleged conduct lacked sufficient ties to the United States.

  • March 27, 2024

    Evidence On Ex-Mozambique Official Stays In $2B Fraud Suit

    A former Mozambique finance minister can't keep evidence from his phone out of a case alleging his involvement in a $2 billion scheme to siphon government-backed project funds from that country after a federal judge in Brooklyn on Wednesday backed the phone's seizure and search.

  • March 27, 2024

    Wedlake Bell Can't Get Early Exit From Trust Negligence Case

    A London court dismissed a law firm's attempt to escape a damages claim for its admitted negligent management of a trust, finding Wednesday that the law is "in a state of development" about the scope of a solicitor's duty in that situation.

  • March 27, 2024

    StanChart Urges Court To Toss Part Of £1.4B Sanctions Suit

    Standard Chartered PLC urged a London judge Wednesday to block part of a group of investors' £1.4 billion ($1.77 billion) claim against it alleging that the bank had downplayed how much it breached U.S. sanctions against Iran by hundreds of billions of dollars, alleging some of the investors had not shown they had standing.

  • March 27, 2024

    BoE Finds Increasing Fear Of Financial Risk From AI

    The Bank of England said on Wednesday the proportion of banks, insurers and other firms that find artificial intelligence one of the greatest risks to the finance system has doubled in six months.

  • March 27, 2024

    Finance Pros Avoid Prison For £3M Mortgage Fraud

    A banned independent financial adviser and an accountant were handed suspended sentences on Wednesday for forging documents to help their clients make fraudulent mortgage applications worth £3 million ($3.8 million).

  • March 27, 2024

    BoE Says Action On LDI Has Boosted Financial Stability

    The U.K.'s financial stability watchdog said Wednesday that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.

Expert Analysis

  • Tools M&A Deal Makers Can Use To Bridge Valuation Gaps

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    As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.

  • Navigating The Novel Challenges Facing The Legal Profession

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    The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

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    In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

  • Economic Crime Act Brings Changes For Limited Partnerships

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    The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.

  • ESMA Report Offers A Glimpse At EU's Securitization Future

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    The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.

  • What The Auto-Enrollment Law Means For UK Workforce

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    In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.

  • UAE Bank Case Offers Lessons On Enforcing Foreign Rulings

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    The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.

  • Revised OECD Guidelines Key In Shaping Business Standards

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    The OECD’s recent revised guidelines on responsible business conduct, supported by a domestic government agencies’ grievance referral mechanism, have already influenced EU due diligence standards, and enterprises engaging in the unique procedure will benefit from case-specific nuances, parallel proceedings and the availability of confidentiality protections, say lawyers at Debevoise.

  • Libor Fallback To Prime May Increase Corporate Loan Costs

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    Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.

  • Report Can Aid With Sustainable Finance Disclosure Filings

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    The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • Audit Reform Takeaways After Record KPMG Fine

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    The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Putin Ruling May Have Unintended Sanctions Consequences

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    By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.

  • Navigating The New Framework On Nature-Related Reporting

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    The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.

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