Try our Advanced Search for more refined results
Financial Services UK
-
May 01, 2024
FCA's Investigation Regime May Tarnish Unnamed Individuals
Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.
-
May 01, 2024
Pension Body Warns On Gov't Equity Investment Plan
U.K. government plans to impose public disclosures on pension funds would increase the burden on the industry and harm savers by encouraging investment in low-return businesses, according to an industry paper published Wednesday.
-
April 30, 2024
Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors
A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."
-
April 30, 2024
German Banker Gets 3 Years For €93M Cum-Ex Tax Evasion
A German court on Tuesday sentenced a former bank board member to three years and two months in prison for his part in a €93.4 million ($100 million) so-called cum-ex dividend tax fraud.
-
May 07, 2024
Kingsley Napley Hires M&A Pro From Deloitte
Kingsley Napley LLP has hired a partner from Deloitte LLP as it seeks to expand its corporate practice and its focus on mergers and acquisitions despite the slowdown in the U.K. deals market.
-
April 30, 2024
Garrigues-Led BBVA Eyes Deal For Rival Spanish Bank
Spanish banking giant BBVA confirmed Tuesday it is eyeing a merger with Banco de Sabadell SA for an undisclosed amount.
-
April 30, 2024
EU Banking Watchdog Warns Of New Payment Scams
The European Union's banking watchdog has warned of the emergence of new forms of payment scams facing consumers and proposed new measures to "future proof" the bloc's anti-fraud rules in an opinion published Tuesday.
-
April 30, 2024
Insurers Warn Of 'Irreparable Damage' From FCA's New Rules
An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.
-
April 30, 2024
Payment Co. Hits Back Over Failed Domain Name Deal
Several payments companies and their bosses have hit back at claims by a Nuvei Group subsidiary, denying that they broke a promise to use the company's payments technology as part of a deal to use a website domain.
-
April 30, 2024
Vanquis Bank Seeks £4.5M For Law Firm's Complaints Deluge
Vanquis Bank Ltd. is seeking an estimated £4.5 million ($5.6 million) from a law firm it says has sent it thousands of meritless complaints, accusing it of irresponsible lending in a "reckless and indiscriminate" approach to earn commission if a claim happens to succeed.
-
April 30, 2024
Banks Urged To Improve Global Risk Management
The global standards setter for banking published on Tuesday a consultation on new guidelines to update rules on how regulators manage counterparty credit risk.
-
April 30, 2024
HSBC To Return Another $3B To Shareholders After Strong Q1
British banking giant HSBC said Tuesday that it plans to initiate a buyback program of up to $3 billion to reward its shareholders after having a profitable first quarter, following the $2 billion buyback it completed earlier in the year.
-
April 30, 2024
Insured Disaster Losses Already At $17B In 2024, Broker Says
Losses from natural disasters covered by insurance reached $17 billion in the first three months of 2024, reinsurance broker Aon has reported, with devastating storms in the U.S. and Europe driving up the costs for the sector.
-
April 29, 2024
'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty
The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."
-
April 29, 2024
UK Car Insurance Cost Up 33% Over Year, ABI Says
The average cost of car insurance was around 33% higher in the first three months of 2024 than the same period a year ago, figures published by the Association of British Insurers on Monday show.
-
April 29, 2024
Fugitive Money Launderer Forfeits Auerbach Painting, Gold
A painting estimated to be worth £1.6 million ($2 million) and gold bars have been taken from a convicted money launderer after the National Crime Agency succeeded in a bid to have them forfeited at a London court Monday.
-
April 29, 2024
Trade Bodies Want Gov't Action Over 'Damaging' FCA Rules
A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority proposals to name companies under investigation, saying the plans could have "damaging consequences" for the U.K.
-
April 30, 2024
CORRECTED: Marketing Boss Said LC&F Was A Legitimate Biz, Not A 'Rinse'
The head of a marketing company who referred to London Capital & Finance as a "not a rinse" insisted he was not aware of an alleged Ponzi scheme as he gave evidence on Monday at the trial over the £237 million ($296 million) investment scandal. Correction: An earlier version of the story misstated the content of Careless' 2015 email exchange. The error has been corrected.
-
April 29, 2024
FCA To Get Extra Data To Police Consumer Credit Lending
The City watchdog set out on Monday final rules that will require consumer credit lenders to give it more detailed data, enabling it to act against problem companies.
-
April 29, 2024
Hipgnosis Backs Blackstone's New $1.6B Offer In Bidding War
Blackstone said on Monday that the directors of music rights company Hipgnosis Songs will back a new $1.6 billion offer by the private equity giant after they said they would withdraw their backing for an earlier $1.5 billion bid from a U.S. competitor, Concord Chorus.
-
April 29, 2024
Simmons-Led REIT Buys Carrefour Stores For €75M
Supermarket Income REIT PLC said on Monday that it has bought a portfolio of Carrefour supermarkets for €75.3 million ($80.6 million) in a sale and leaseback transaction, as the property investor eyes entry into the French real estate market.
-
April 26, 2024
ECJ OKs Later Limits For Borrowers Stuck With Unfair Contracts
Consumers should not be time-barred from seeking repayment of costs stemming from unfair contract terms because they were unaware of the unfairness, but the clock should start ticking in the event of a court decision to that effect, the European Court of Justice ruled Thursday.
-
April 26, 2024
Freshfields Guides PE Giant CVC Capital's Upsized $2.1B IPO
European private equity giant CVC Capital Partners PLC rose in debut trading Friday after the firm priced an upsized €2 billion ($2.1 billion) initial public offering, marking the latest high-profile listing in Europe, represented by Freshfields Bruckhaus Deringer LLP.
-
April 26, 2024
UK Gov't Rejects Lawmakers' Criticism Of Edinburgh Reforms
The U.K. government has rejected criticisms from the Treasury Committee that the post-Brexit financial services reform program is moving too slowly, claiming the changes are on track in a letter published Friday.
-
April 26, 2024
FCA Defends Naming Firms Under Investigation
The Financial Conduct Authority on Friday defended its proposed naming of companies under investigation in a letter to a House of Lords committee.
Expert Analysis
-
Technology And AI: 2024's Legal And Regulatory Landscape
Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.
-
US And UK Law Firms Continue Trend Of EU Expansion
A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.
-
A Look At 2023's Landmark Insolvency Developments
The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.
-
Pension Industry Should Monitor Evolving ESG Issues In 2024
ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.
-
What 2024 Has In Store For White Collar Crime Enforcement
Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.
-
Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
-
Regulating Digital Platforms: What's Changing In EU And UK
Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.
-
How Boards Can Mitigate Privacy, Cybersecurity And AI Risks
In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.
-
The Outlook For UK Restructuring Plans At Home And Abroad
The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.
-
Foreign Assets Ruling Suggests New Tax Avoidance Approach
The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.
-
Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
-
An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
-
Cos. Must Monitor Sanctions Regime As Law Remains Unclear
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
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
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.