Financial Services UK

  • September 30, 2022

    Montenegrin Finance Exec Calls Prosecution Political

    The founder of a financial group based in Montenegro accused of defrauding his company out of €12.5 million ($12.2 million) would be "at the mercy" of his political opponents if he is extradited there, his lawyer told a London court on Friday.

  • September 30, 2022

    EU Plans Disclosure Rules For Gas, Nuclear Investment

    Issuers of financial products with exposure to investments in fossil gas and nuclear energy could face new disclosure requirements, according to proposals published by European Union financial regulators on Friday.

  • September 30, 2022

    Pension Funds Urged To Act After BoE £65B Bond Rescue

    Pension schemes should use the breathing space created by the Bank of England's purchase of £65 billion U.K. government bonds to stabilize the country's reeling debt market, experts said Friday, as questions remain over how long the calm will last.

  • September 30, 2022

    Irish Insurers Asked To Lower Prices After Reforms

    Insurance companies in Ireland should pass down savings they have made to struggling customers, following the roll-out of reforms to the sector, a government minister said on Friday.

  • September 30, 2022

    Half Of UK Adults Affected By Scams, Study Says

    Just over half of U.K. adults surveyed have been or know someone who has been contacted by scammers in the past year, according to research published Friday, which indicated a rise in online fraud amid the cost-of-living crisis.

  • September 30, 2022

    Fund Manager Says It Won't Return $5M In Copper Mine Deal

    An investment fund manager has pushed back at claims that it did not return its share of a $45 million loan to fund a Chilean copper mine, claiming that it had no obligation to pay back the money "at all."

  • September 30, 2022

    Watchdog To Force Banks To Reimburse Fraud Victims

    The Payment Systems Regulator has floated new rules that would force banks to reimburse most victims tricked by fraudsters into sending money to a bank account they control, targeting the most prevalent type of payment fraud.

  • September 30, 2022

    Developer Gets 12 Years Over £226M Caribbean Fraud

    A property developer was sentenced to 12 years imprisonment on Friday for defrauding thousands of investors out of £226 million ($253.5 million) that had been pooled for luxury holiday resorts in the Caribbean that were never built in what the judge termed a "gigantic Ponzi scheme."

  • September 29, 2022

    EU Adviser Calls For Spain Tax Scheme Ruling To Be Annulled

    A European Court of Justice advocate general recommended Thursday the partial annulment of a lower court order for the return of tax breaks given to buyers of Spanish ships, saying the amounts to be recovered were improperly calculated.

  • September 29, 2022

    Deloitte Adds Employment Law Pro From Seyfarth

    Deloitte Legal has appointed an employment law specialist from Seyfarth Shaw LLP as a member of its core financial services sector team in London.

  • September 29, 2022

    ECJ Urged To Approve Restrictions On PrivatBank

    A Latvian measure prohibiting PrivatBank from having certain international clients should be allowed because it is aimed at preventing money laundering and terrorist financing as required by European Union laws, an adviser to the bloc's highest court said Thursday.

  • September 29, 2022

    Linklaters Adds M&A Pro From Latham To Madrid Office

    Linklaters LLP has rehired a former chair of Spain's securities watchdog to be a partner on the mergers and acquisitions team in the firm's Madrid office.

  • September 29, 2022

    British Steel Pension Probes At Latter Stages, FCA Says

    The Financial Conduct Authority has said it is close to wrapping up five investigations into individuals or companies connected to the British Steel Pension Scheme scandal.

  • September 29, 2022

    Metro Bank Accused Of Stealing Coin Counting Software

    A company that makes software for coin counting machines has sued Metro Bank in a London court for more than £24 million ($26.6 million), claiming that Metro Bank shared its source code with another developer without permission.

  • September 29, 2022

    Investors Settle £150M Shareholder Suit Against RSA

    Hundreds of institutional investors have agreed to settle their £150 million ($165.8 million) lawsuit accusing RSA Insurance Group of defrauding the market by overstating its profit and causing the shareholders to lose money due to a decline in capital reserves.

  • September 29, 2022

    FCA Exec Says 'Time Is Ticking' As Consumer Regime Nears

    The U.K.'s financial watchdog warned firms to prepare to implement its "milestone" new Consumer Duty rulebook to be introduced in just one month, and revealed more detail on Thursday about how its rules will be enforced.

  • September 29, 2022

    Banks Fight For Shot To Exit Forex-Rigging Suit Before Trial

    Leading investment banks told a competition tribunal on Thursday that it would be a "real injustice" if questions over the limitation period of a foreign exchange market rigging claim were not heard before a major trial in 2025.

  • September 29, 2022

    Pensions Regulator Updates Climate Guide With Metrics Rule

    Britain's retirement industry watchdog on Thursday published its amended climate reporting guide, which now includes a mandatory requirement for pension schemes to publicly say how their investments match global climate change targets.

  • September 29, 2022

    Dexia Wins Fight Over Validity Of Italian Province's Swaps

    A London judge has ruled that Dexia's agreement to restructure an Italian province's debts is valid and can be enforced, handing the Italian bank a win in the latest in a series of lawsuits over a series of municipal interest rate swaps. 

  • September 29, 2022

    UK Delays End Of Synthetic Sterling Libor Rates By 3 Months

    The Financial Conduct Authority said Thursday it will extend the final deadline for ceasing publication of its 1- and 6-month synthetic sterling Libor settings by a further three months until March 31.

  • September 29, 2022

    Pension Lifeboat Fund Floats Halving Levy On Schemes

    The U.K.'s pension safety net scheme said Thursday that it hopes to cut its annual levy on the retirement sector by £190 million ($208 million), after being buoyed by continued strong investment performance.

  • September 29, 2022

    Gov't Reaches Deal With Barristers In Bid To End Strikes

    The U.K. government's justice department said Thursday that it has agreed to increase barristers' fees for legal aid work by 15% for most pending cases in a bid to end strike action and reduce the backlog in the crown courts.

  • September 29, 2022

    Bank Of Ireland Fined Record €100M Over Mortgage Breaches

    The Central Bank of Ireland said on Thursday that it has hit one of the country's top lenders with a €100.5 million ($97 million) fine over its handling of tracker mortgage customers, noting the "devastating" effect the lender's failings has had on some clients.

  • September 28, 2022

    Aircraft Lessors Fight UniCredit Over $69M Guarantees

    Three Irish aircraft leasing companies fought Wednesday to make UniCredit pay over $69.3 million total in letters of credit that secured lease agreements with Russian aviation companies.

  • September 28, 2022

    CMA Defends £100M Fine Over Advanz Thyroid Drug Pricing

    The U.K.'s competition watchdog told a tribunal Wednesday that the prices charged by pharmaceutical company Advanz for its thyroid tablets were excessive and unfair as it began its defense of a £100 million ($107 million) fine.

Expert Analysis

  • A Trusted Cybersecurity Framework Is Imperative For Lawyers

    Author Photo

    The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

  • Recent Restructuring Plan Shows Benefits For Smaller Cos.

    Author Photo

    A small vacation property management company's recent restructuring plan provides a perfect example of the flexibility and creativity that this relatively new device can offer small and medium-sized businesses in the anticipated economic downturn, say Bethan Moore and Lemi McAuley at Shoosmiths.

  • The New EU Data Act Proposal Raises Several Questions

    Author Photo

    In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

  • Preparing For FCA's New Appointed Representative Rules

    Author Photo

    The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.

  • SFO Must Learn From Recent Mistakes

    Author Photo

    The Serious Fraud Office must work on rebuilding its reputation following independent reports on failures in the high-profile Serco and Unaoil cases, and needs to focus on fully understanding and engaging with the disclosure process as well as improving compliance with its internal policies and procedures, say Shula de Jersey and Matt Davies at BCL Solicitors.

  • Opinion

    A Better Gov't Response To Pensions Misselling Is Needed

    Author Photo

    To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.

  • UK Service-By-NFT Ruling Opens Doors For Fraud Victims

    Author Photo

    By permitting a claim in a cryptocurrency fraud case to be served via non-fungible token to otherwise-untraceable defendants, the English High Court is adapting existing legal principles to create tools that may offer better recourse to victims of digital asset fraud, say attorneys at Dechert.

  • UK Courts' 3rd-Party Disclosure Rule Sets Global Precedent

    Author Photo

    The quiet change about to take place in the English Civil Procedure Rules, enabling U.K. courts to require pre-action disclosure of information from overseas third parties, is uncharted territory and will have profound implications for any organization that handles assets on behalf of a party, says Simon Bushell at Seladore Legal.

  • A Review Of The New UK Financial Services And Markets Bill

    Author Photo

    In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.

  • How Greenwashing Litigation Is Affecting Financial Services

    Author Photo

    A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.

  • A Review Of UK's Proposal To Extend EU Securitization Rules

    Author Photo

    The welcome proposal to extend the temporary recognition in the U.K. of EU simple, transparent and standardized securitizations, which benefit from preferential regulatory treatment, is expected to help bridge the gap until an equivalence regime can be put in place under the U.K. Securitization Regulation, say Merryn Craske and Elif Eke at Morgan Lewis.

  • Metaverse Presents IP Protection Challenge For Brand Owners

    Author Photo

    In any new trademark filing, brand owners should consider securing protection in the 3D virtual world of the metaverse, where the risks of third-party infringements and damage to brands present a significant challenge that could spill over to the real world, says Kate Ellis at Konexo.

  • Latest Cum-Ex Fine Signals Increased FCA Scrutiny

    Author Photo

    The TJM Partnership's recent fine by the Financial Conduct Authority for compliance failings linked to suspected cum-ex trading highlights the importance of businesses having in place adequate in-house procedures to reduce the risk of financial crime and money laundering, says Nicola Sharp at Rahman Ravelli.

  • FCA Consumer Duty Shows Shift In Retail Financial Services

    Author Photo

    The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.

  • Examining UK's Proposals For New AI Regulatory Framework

    Author Photo

    While the U.K.’s recent proposals for a regulatory framework that will put an emphasis on the context in which an artificial intelligence system is used are to be welcomed, there is concern that the new cross-sectoral decentralized approach may lead to uncertainty in a number of areas, say attorneys at Akin Gump.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!