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Financial Services UK
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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.
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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.
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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.
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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April 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen budget airline Ryanair file a claim against NATS PLC after the air traffic controller's system collapsed, Mastercard and Visa Europe face group claims from Christian Dior and dozens of other beauty retailers, an intellectual property clash between the publisher of The Sun and ITV, and ISC Europe sue a former director for alleged money laundering. Here, Law360 looks at these and other new claims in the U.K.
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April 26, 2024
HSBC Recruiter Can't Bring Claim Over 'Eye-Rolling' Boss
A former HSBC recruiter with an obsessive-compulsive disorder can't sue the bank for disability bias over his manager's eye-rolling after a tribunal ruled the claim was brought too late.
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April 26, 2024
HSBC Beats Investors' £1.3B Disney Film Scheme Fraud Case
HSBC fended off on Friday a £1.3 billion ($1.6 billion) fraud claim brought by hundreds of investors who alleged the bank misled them into financing a Disney movie tax relief scheme it developed which turned out to be worthless.
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April 25, 2024
Law Firm Escapes £68M Ponzi Fraud Negligence Claim
Lupton Fawcett LLP has averted a £68 million ($85 million) professional negligence claim against it, as a London court ruled the claimants' alleged loss as victims of a Ponzi fraud could not be linked to the law firm's actions.
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April 25, 2024
UN Insurance Climate Group Relaunched After Backlash
An alliance of global insurers formed to accelerate the sector's move to a carbon-neutral economy was replaced on Thursday by a group encompassing less stringent requirements, after attempts to establish shared climate efforts prompted legal and regulatory backlash last year.
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April 25, 2024
Ex-Locke Lord Atty Loses Fight To Challenge Fraud Sentence
A London appellate court on Thursday blocked Locke Lord LLP's former banking partner from challenging his prison sentence for taking part in a £21 million ($26.2 million) Ponzi scheme.
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April 25, 2024
Standards Setter Unveils Toolbox for Central Counterparties
A global standards setter released a new toolbox Thursday to ensure that national authorities have access to adequate financial resources and tools to address the failure of central counterparties, which are essential to financial markets.
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April 25, 2024
Firms Urge Delays To 'Unclear' FCA Greenwashing Guidance
Financial companies are urging the City watchdog to slow its anti-greenwashing rule that comes in force in May as legal experts warn that it has failed to clarify all its expectations in final guidance, putting businesses that make the wrong call at risk of enforcement action.
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April 25, 2024
Hipgnosis Ditches Blackstone Bid For Concord's $1.5B Offer
Hipgnosis Songs has accepted a revised offer from its U.S. competitor Concord Chorus to buy the music rights investor for $1.5 billion, ditching Blackstone's $1.2 billion offer just days after accepting the private equity giant's deal.
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April 25, 2024
EU Parliament Gives Final Approval To AML Package
The European Parliament has given the final go-ahead to a package of laws to fight money laundering and terrorist financing, creating a single rule book and establishing a dedicated agency for the bloc.
Expert Analysis
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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.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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Russia Ruling Shows UK's Robust Jurisdiction Approach
An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.
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How New Loan Origination Regime Will Affect Fund Managers
Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.
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How EU Sustainability Directive Will Improve Co. Reporting
The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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What Lawyers Can Learn From FDI Screening Report Findings
The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
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UK Review May Lead To Lower Investment Screening Burden
The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
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The State Of UK Litigation Funding After Therium Ruling
The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
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UK Shareholding Report A Missed Opportunity For New Tech
The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
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Tools M&A Deal Makers Can Use To Bridge Valuation Gaps
As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.