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Financial Services UK
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April 17, 2024
Coinbase Loses EU Appeal To Bloc Rival TM
Coinbase lost part of its bid Wednesday to stop an Estonian company bearing the same name from registering a trademark, with a European court saying the cryptocurrency platform cannot block the trademark of the Baltic state business for news services, publishing or education.
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April 17, 2024
UK Savers Report £2B Lost From Pensions Since 2019
The compensation program for financial services said Wednesday that thousands of U.K. savers have reported losing almost £2 billion from pension schemes that went bankrupt since 2019.
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April 17, 2024
Standards Setter Proposes Steps To Boost Non-Bank Liquidity
A global standards setter proposed on Wednesday new measures to enable non-bank financial firms such as hedge funds or insurers to better support their derivatives or securities positions in stressed markets.
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April 16, 2024
Autonomy CEO Pressured JPMorgan Over Analyst, Jury Told
An ex-JPMorgan stock analyst testifying Tuesday in the criminal fraud trial of former Autonomy CEO Michael Lynch told jurors that the software company founder responded with hostility when his research reports questioned its growth, and that Lynch offered JPMorgan millions in business if he were taken off the Autonomy beat.
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April 16, 2024
Cigna Denies Insurer's Claim For PPI Complaints Indemnity
Cigna hit back at insurer PA (GI) Ltd.'s claim to recover its costs of dealing with missold payment protection insurance for healthcare cover, saying that it is not entitled to any compensation.
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April 16, 2024
Hill Dickinson Bolsters Disputes Team With New Partner
Hill Dickinson LLP has snapped up a partner from Teacher Stern LLP to join its commercial litigation team, bringing a wealth of dispute resolution and crisis management experience to the table.
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April 16, 2024
Pensions Industry Backlash Grows Over New Reporting Rules
The U.K.'s pension watchdog is facing mounting pressure from retirement industry trade bodies to back down from its new reporting obligations for schemes.
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April 16, 2024
UK Pension Transfer Numbers Continue To Decline
The number of savers transferring from defined benefit to defined contribution pension schemes dropped by 32% in the financial year that ended in March 2023, according to figures published Tuesday by the Financial Conduct Authority.
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April 16, 2024
Treasury Gains £12B Fiscal Headroom In New Tax Year
HM Treasury may have an extra £12 billion ($14.9 billion) to spend this financial year started April 6 thanks to the government's fiscal rule to cut national debt by 2029, the Institute for Fiscal Studies said in a report Tuesday.
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April 16, 2024
EU Watchdogs Ally With ECB To Help Firms' Data Reporting
European Union finance watchdogs said Tuesday they have set up an alliance with Europe's central bank to collaborate more efficiently on regulatory data transfers, reducing reporting costs for financial firms.
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April 16, 2024
UK Pension Withdrawals Hit Record High
The number of people making lump sum withdrawals from their U.K. pension savings reached a record high during the financial year that ended in March 2023, according to a new report by the country's financial watchdog published Tuesday.
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April 16, 2024
Global Body Mulls Better Bank Modeling For Climate Change
Banks may need to develop new models that integrate artificial intelligence to better assess the risks posed by climate change, a global standard setter said Tuesday.
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April 15, 2024
Ex-Autonomy Exec Testifies To Handshake Deals, Backdating
Autonomy's former U.S. head of sales testified for the prosecution Monday in the criminal fraud trial of founder Michael Lynch, saying he boosted sales figures via "quid pro quo" handshake deals with customers, created pretextual emails to cover his tracks and even backdated a deal to meet revenue targets.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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FCA Listing Reform Proposals Aim To Modernize UK Markets
The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.
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Takeaways From ICO's Action In NatWest Privacy Dispute
The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.
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How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
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How Russia Sanctions May Complicate Contract Obligations
Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.
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New Guidance Offers Clarity For Charities On ESG Investing
The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.
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US And EU Poised For Closer Ties In Tech Financial Market
The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.
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FCA Case Failures Highlight Value Of Robust Investigation
The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.
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UK Shares-Tax Proposals Offer Long-Awaited Modernization
The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.
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Directors Should Beware Reinvigorated UK Insolvency Service
The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.
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The New Accountability Landscape For Financial Regulators
The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.
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Director Responsibilities Amid Russian Asset Seizures
Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.
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Investors Should Prepare For Possible EU Energy Treaty Exit
Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.
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EU Raw Materials Initiative Vital For Sustainable Value Chains
The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.
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UK Top Court Ruling Spells Uncertainty For Litigation Funders
The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.
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Gender Diverse Boards May Reduce Corporate Fraud Risk
Following the recently proposed "failure to prevent fraud" offense, companies should focus on diversity in leadership as research shows that an increase in women's representation on boards is associated with a decreased probability of fraud, say Anoushka Warlow and Suzanne Gallagher at BCL Solicitors.