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Financial Services UK
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September 11, 2024
UK Pension Funding Surplus Dips £500M After BoE Rate Cut
The funding surplus of U.K. pension plans fell by £500 million ($653 million), according to official figures, after the Bank of England cut interest rates in August.
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September 11, 2024
TV Property Developer Appears In Court On Fraud Charges
A television property developer appeared at a London criminal court on Wednesday to face charges for the first time that he defrauded a U.S. rental company out of £2 million ($2.6 million).
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September 11, 2024
Latham Hires Senior Tax Pro From Travers Smith In London
Latham & Watkins LLP said on Wednesday that it has recruited a former head of tax at Travers Smith LLP for its office in London, a blow for the U.K. law firm, which has been hit by the departure of a series of partners.
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September 10, 2024
TPG, Rosatom Seek To Bar Jailed Oligarch's $14B Fraud Claim
Russia's state atomic energy corporation and private equity firm TPG Group on Tuesday urged a London judge to block an imprisoned oligarch's $14 billion fraud conspiracy claim over the alleged seizure of his port and transport businesses led by the Russian state.
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September 10, 2024
V&E Launches New Dublin Office In Aviation Finance Push
Vinson & Elkins LLP has launched a new office in Ireland to provide New York and English law advice to clients on aviation leasing and financing matters.
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September 10, 2024
Crypto-Biz Loses 'Mara' TM Over Virtual Coin Services
British officials have partially pulled the plug on an African technology company's trademark for "Mara," ruling that a rival business had already cornered the virtual coin market with a similar-looking name.
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September 10, 2024
Local Gov't Audit Deadlines 'Necessary Step,' Watchdog Says
Legislation recently tabled in Parliament that introduces statutory deadlines for local authorities and their auditors to publish accounts is a "necessary step" to rebuild a system hampered by delays, Britain's accounting watchdog said Tuesday.
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September 10, 2024
White & Case Guides £100M Hedge Fund Deal For Spectator
Hedge fund manager Paul Marshall has bought The Spectator for £100 million ($130 million), the 196-year-old news magazine said on Tuesday, a move that will keep the publishing institution independent and out of foreign control.
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September 10, 2024
FCA Charges 1st Individual With Running Illegal Crypto-ATMs
The Financial Conduct Authority said Tuesday that it has launched its first criminal prosecution of an individual suspected of running a network of illegal cryptocurrency ATMs.
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September 10, 2024
Investors Sue Broker For Assisting $129M Forex Fraud
A group of investors who lost tens of millions of dollars in a fraudulent foreign exchange scheme have sued a London broker for approximately $43 million for allegedly providing credit for the company to trade through brokerage accounts which perpetuated the fraud.
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September 10, 2024
Ex-Barclays VP Loses Bid To Retry Lost Promotion Claim
An attempt by a former Barclays vice president to revive her claim that she faced racial discrimination during a promotion round has failed, as an employment tribunal ruled that she was merely trying to "have another bite at the cherry."
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September 10, 2024
Paul Hastings Taps Capital Markets Pro From Davis Polk
Paul Hastings LLP has hired a prominent capital markets transactions expert as a partner at its London office as it looks to boost its global practice, which it has identified as a priority.
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September 09, 2024
Brit Fights Fraud Extradition, Says He Is Protected Witness
A retired British accountant urged a London court Monday to block Spanish authorities' request that he be extradited to face money laundering and fraud charges, arguing that the request is abusive because he is entitled to protection as a witness for prosecutors in related cases.
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September 09, 2024
EU Should Loosen Merger Rules To Compete, Report Says
The European Union should loosen its merger rules and reform trade policy and the energy market in order to boost EU competitiveness enough to catch up with the U.S. and China, a former European Central Bank president reported Monday.
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September 09, 2024
Think Tank Sets Out UK Pension Reform For Self-Employed
The government needs to introduce reforms to boost the level of pension contributions among self-employed workers, a think tank said.
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September 09, 2024
Barratt, Lloyds Bank Form £150M JV For UK Housing
Housebuilder Barratt Developments PLC said Monday that it has formed a £150 million ($195 million) joint venture with Lloyds Banking Group and the U.K.'s housing and regeneration agency to develop thousands of houses across the country.
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September 09, 2024
FCA Proposes Rules For Banks Delaying Suspicious Transfers
The Financial Conduct Authority set out guidance on Monday for banks seeking to delay suspicious payment transactions under new legislation as the watchdog seeks to ensure fair treatment for customers and efficient processing.
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September 09, 2024
Asset Manager Alpha Seals Guernsey Insurance Biz Buyout
Alpha Growth PLC said on Monday that it has completed the purchase of 93.36% of Jeometri, an insurance management company in Guernsey, for £449,300 ($588,300) including costs, as the asset manager moves to expand its life insurance business across the U.K. and streamline its operations.
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September 09, 2024
UK Crypto-Marketing Rules Risk Regulatory Overreach
Legal advisers for crypto-asset companies are concerned by how strenuously the financial watchdog will enforce new guidelines for promoting complex digital financial products for consumers, and have warned that overinterpreting the rules could handicap development of the market.
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September 06, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Rockfire Capital sue its former director, Liam Kavanagh, after he was accused of cheating cash-strapped Thurrock Council out of £150 million ($197 million), FedEx launch a claim against an Israeli supply chain business, and a legal dispute between steel magnate Sanjeev Gupta and a former colleague. Here, Law360 looks at these and other new claims in the U.K.
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September 06, 2024
FCA Fines, Bans 4 For 'Reckless' Pension Transfer Advice
Britain's finance watchdog on Friday announced it has fined four people a total of nearly £600,000 ($793,300) and banned them from working in financial services because of pension transfer advice they gave that showed a "reckless disregard" for customers.
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September 06, 2024
Magnate Can't Stop Sale Of Airline Shares In €50M Dispute
A company with links to aviation magnate German Efromovich on Friday failed to get an order restraining the chairman of Aeroitalia SRL from selling the assets of the budget carrier pending the determination of a €50 million ($55 million) dispute.
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September 06, 2024
Travers Smith Names Elmore As New Head Of Funds
Travers Smith LLP said Friday that it has appointed Jeremy Elmore as its new head of funds, as the firm looks to continue building its practice following partner exits in 2023.
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September 06, 2024
EU Gears Up For New Commission With A Plea: More Women
European Commission President Ursula von der Leyen is gearing up to distribute the top jobs in foreign trade, economics and antitrust among the new commissioners for their five-year mandate, but she is pressing countries in the bloc to nominate more female candidates.
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September 06, 2024
Finance Co. Beats Would-Be CEO's Whistleblowing Claim
A U.K. finance company sacked its would-be chief executive because he lacked the experience and skills for the role — not because he had flagged alleged compliance breaches, a tribunal has ruled.
Expert Analysis
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration
The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.