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Financial Services UK
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April 19, 2024
Fieldfisher Expands Pensions Practice With 4 PwC Hires
European law firm Fieldfisher LLP has announced it is bolstering its U.K. pensions practice by hiring a partner, two directors and an associate from PwC UK.
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April 04, 2024
UK Billionaire Lewis Avoids Prison For Insider Trading
A New York federal judge on Thursday sentenced British billionaire Joe Lewis to three years of probation for feeding his girlfriend and private-jet pilots nonpublic stock tips about his private equity firm's portfolio companies, saying a prison term would put the 87-year-old at "serious risk" of death.
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April 04, 2024
Mayer Brown Adds Former KPMG Tax Specialist In London
Mayer Brown has added a former KPMG tax professional to its London office to advise clients on asset management and fund matters in the U.S., Europe and the Middle East, the firm announced.
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April 04, 2024
Investors Hit Agent For £2.3M Over Failed Care Home Scheme
Care home investors have sued an investment agent for £2.3 million ($2.9 million) in a London court over claims they promoted a "fundamentally flawed" property development scheme as a safe and reliable investment.
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April 04, 2024
Law Firm Defeats Adviser's Unfair Redundancy Claim
A Scottish law firm didn't unfairly cull one of its financial advisers during a redundancy process because bosses scored candidates with a reasonable checklist, an employment tribunal has ruled.
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April 04, 2024
Insurer Wants Greater Flexibility On State Pension Age
The U.K. government should explore giving Britons more choice over when they can start claiming their state pension amid concerns over increases to the official retirement age, insurer Aegon said Thursday.
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April 04, 2024
Pillsbury's New UK White Collar Chief Eyes Success In London
Former Serious Fraud Office "powerhouse" Audrey Koh is in the building, and Pillsbury Winthrop Shaw Pittman says it now has the tools to launch its white-collar and corporate investigations practice in London. Here, Koh and managing partner Matthew Oresman survey the legal landscape.
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April 04, 2024
FCA To Claw Back £1.6M From Fund Manager For Investors
The Financial Conduct Authority said on Thursday that it has won court approval to take £1.6 million ($2 million) from fund manager Argento Wealth and its only director, who promoted two allegedly unlawful investment schemes.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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Protecting The Arbitral Process In Russia-Related Disputes
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.
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Audit Reform Takeaways After Record KPMG Fine
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.
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RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'
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.
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Putin Ruling May Have Unintended Sanctions Consequences
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.
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Navigating The New Framework On Nature-Related Reporting
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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FCA Engagement Signals New Direction In ESG Disclosures
The Financial Conduct Authority recently published a response to a consultation on sustainability-related standards, highlighting the regulator's priorities for the U.K.'s green transition, including an early indication that it may turn its attention to nature-based disclosures, say Ferdisha Snagg and Andreas Wildner at Cleary.
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New Policies Will Aid UK Cos. Accessing US Capital Markets
The U.K. government's recent adoption of regulations permitting the use of U.S. generally accepted accounting principles, and announcement of measures to remove a 1.5% tax on certain share issues and transfers, should help ensure that England remains an attractive holding company jurisdiction for companies seeking a listing on U.S. stock exchanges, say lawyers at Davis Polk.
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Key Takeaways From ICO Report On Workforce Monitoring
The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.
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Creating A Safe Workplace Goes Beyond DEI Compliance
The Financial Conduct Authority and Prudential Regulation Authority recently proposed a new diversity and inclusion regulatory framework to combat sexual harassment in the workplace, and companies should take this opportunity to holistically transform their culture to ensure zero tolerance for misconduct, says Vivek Dodd at Skillcast.
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Asset Managers Should Prepare For Nature-Related Reporting
Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.
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What Justices' Cert. Denial Of Terrorism Suit Means For Banks
The U.S. Supreme Court's denial of certiorari in Freeman v. HSBC Holdings lets stand the Second Circuit's decision on the narrow scope of conspiracy liability under the Justice Against Sponsors of Terrorism Act, providing protection for banks that otherwise could have faced liability for finance activities with limited connections to third parties' unlawful acts, say attorneys at Sidley.
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Firms Should Prepare For New DEI Reporting Requirements
While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.
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What The UK Digital Markets Bill Will Mean For Businesses
The new investigatory and enforcement powers conferred by the U.K. Digital Markets, Competition and Consumers Bill mean that although businesses may be aware of their market status due to existing EU law, they should ensure they are mindful of the changes to consumer law and the implications for digital markets, says Richard Hugo at Burges Salmon.
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5 Takeaways From ICO's Biometric Recognition Guidance
Recent guidance from the U.K. Information Commissioner’s Office is a helpful reminder of key data protection principles and obligations stemming from the U.K. General Data Protection Regulation that organizations should consider when implementing biometric recognition technology, say lawyers at Dechert.
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Shifting From Technical To Clear Insurance Contract Wordings
Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.