Financial Services UK

  • August 07, 2024

    Asset Freeze Continuing In OneCoin Investor Claim

    A London judge allowed a freezing order to continue Wednesday against eight people and four companies alleged to have been involved in the $4 billion OneCoin cryptocurrency scam, in an early stage of a group action claim brought by the scheme's investors.

  • August 07, 2024

    Adviser Tells Investor To Pay Up After €150M Investment

    A real asset adviser has accused an investor of failing to pay for its services securing a €150 million ($164 million) investment.

  • August 07, 2024

    Thurrock Sues Advisers Over Bond Investment Guidance

    A cash-strapped English local authority has sued Laven Advisors LLP for more than £20 million ($25.4 million), arguing that fraudulent statements by a representative of the regulatory host caused it to invest in high-risk bonds.

  • August 07, 2024

    Ex-Citibank Worker's Wages Claim Struck Out

    An employment tribunal has refused to hear a former Citibank worker's claim that the lender unlawfully paid him nothing for his work, finding there is no evidence he did anything worth paying for after he knew his contract was terminated.

  • August 07, 2024

    Crypto-Asset Firms Must Improve On Compliance, FCA Says

    The financial watchdog said Wednesday it has found that more work "needs to be done" to improve compliance with new marketing rules in many cases at crypto-asset companies

  • August 07, 2024

    Investment Co. Sues Rival Biz For Passing Off Qube TM

    Qube Research & Technologies has sued a rival investment manager over the use of the word "Qube" in its branding, accusing it of trying to mislead consumers into believing that there is a connection between the companies.

  • August 07, 2024

    FCA Expands Leeds Office With 100 More Employees

    Britain's financial watchdog announced plans on Wednesday to expand its presence in Leeds by adding 100 new employees to its workforce in the northern English city, reflecting the emergence of the region as a second financial center.

  • August 07, 2024

    Insurer Loses Appeal Over Romanian License Withdrawal

    Euroins Insurance Group AD has lost its bid to challenge a refusal by the European Insurance and Occupational Pensions Authority to investigate why the Romanian Financial Supervisory Authority withdrew the operating license of a subsidiary, the EU-wide regulator said Wednesday.

  • August 07, 2024

    Gov't Urges Pension Plans To Feed Infrastructure Spending

    The government said Wednesday that it wants the U.K. to adopt a Canadian-style model for pensions, with a handful of megafunds investing in vital infrastructure projects to "fire up" the economy.

  • August 07, 2024

    EY Sanctioned For Breaching Fee Cap Over Russian Client

    The accounting watchdog said Wednesday that it has ordered Ernst & Young LLP to pay just over £251,000 ($319,000) for breaching a fee cap on work it carried out for Evraz, a steel and mining group based in Russia.

  • August 07, 2024

    Asset Manager To Pay Investors €250M After FCA Probe

    The Financial Conduct Authority said Wednesday that asset manager H20 AM LLP will pay €250 million ($272 million) to investors unable to gain access to funds since 2020 after the regulator found serious breaches of rules, including a failure to manage conflicts of interest and making false statements.

  • August 06, 2024

    Travel Biz Directors Misused Funds, Leaving £17.6M Shortfall

    Directors of a defunct holiday tour operator left the company with a £17.6 million ($22.3 million) shortfall after racking up debts that were used to pay personal bills and transfer money to relatives, a London judge ruled Tuesday

  • August 13, 2024

    Davis Polk Hires PE Pro From A&O Shearman In London

    Davis Polk & Wardwell LLP said Tuesday that it has hired a private equity specialist from Allen Overy Shearman Sterling as a partner in its London corporate practice as the U.S. firm looks to seize "ripe" opportunities for growth in the City.

  • August 06, 2024

    Forfeiture Gives NCA's Rarely Used 'McMafia' Order A Boost

    The seizure by the National Crime Agency of £22 million ($28 million) in properties from a banker's wife who is in prison allowed it to display its "McMafia" powers, although lawyers still have doubts about the future of the rarely-used enforcement tool.

  • August 06, 2024

    Senior SFO Official Heads For Exit After Less Than 2 Years

    The Serious Fraud Office's chief operating officer is set to leave after less than two years on the job, leaving a vacancy at the top of the white-collar crime prosecutor as it undergoes a shake-up in leadership.

  • August 06, 2024

    BoE Identifies Resolution Issues At Top UK Banks

    The Bank of England urged five major U.K. banks on Tuesday to make further enhancements in how they prepare for orderly failure in a report, identifying only at Standard Chartered a shortcoming that could impede resolution.

  • August 06, 2024

    Pension Body Urges Sector Tech Overhaul After CrowdStrike

    The pension industry must take steps to bolster its data security or else put the life savings of millions of Britons at risk, experts warned Tuesday.

  • August 06, 2024

    Eversheds Steers Sale Of Kodak Unit By Pensions Lifeboat

    The U.K. Pension Protection Fund has sold a business unit of photography giant Kodak to U.S. private equity firm Kingswood Capital Management in a deal steered by Eversheds Sutherland and Kirkland & Ellis LLP.

  • August 06, 2024

    Law Firm Sued Over Negligent Property 'Ponzi Scheme' Advice

    Four investors have sued AI Law for £373,000 ($473,000) over the regional English firm's alleged failure to advise them that there is a risk their purchase of leases in apartments was an investment in a potential Ponzi scheme.

  • August 06, 2024

    Alternative Investor Great Point Enters Into Liquidation

    Alternative investment fund manager Great Point Investments Ltd. has wound up its operations and liquidated its assets to pay off creditors after its parent company became insolvent, the financial watchdog said Tuesday.

  • August 06, 2024

    Brown & Brown Buys Trade Credit Insurance Specialist

    Brown & Brown (Europe) Ltd. said Tuesday that it has bought trade credit insurance broker The CI Group Holdings Ltd. to expand its services for lenders and the small and midsized businesses in the U.K.

  • August 05, 2024

    NCA Not Liable For Regulator's License Withdrawal Decision

    A former financial investigator cannot sue the National Crime Agency for losing his license, after an employment tribunal ruled that the agency could lobby on his behalf but couldn't overturn a regulatory body's decision.

  • August 05, 2024

    Azeri Banker's Wife Forfeits Golf Club, Knightsbridge Home

    The wife of a jailed Azeri banker has agreed to forfeit a house and golf course that the National Crime Agency says were bought with embezzled money, the agency announced on Monday.

  • August 05, 2024

    Glencore Ordered To Pay $152M In Swiss Bribery Case

    Switzerland's federal prosecutor ordered commodities trader and miner Glencore on Monday to pay $152 million for failing to prevent bribery linked to the acquisition by a business partner of minority stakes in two mining companies in the Democratic Republic of Congo in 2011.

  • August 05, 2024

    Most Pension Plans Unclear On Members' Retirement Income

    Aon PLC said Monday that almost two-thirds of defined contribution pension plans in Britain do know how much money a typical member can expect in retirement — and welcomed the intention of the new government to make remedying this a priority.

Expert Analysis

  • Libor Fallback To Prime May Increase Corporate Loan Costs

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    Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.

  • Report Can Aid With Sustainable Finance Disclosure Filings

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    The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    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.

  • Audit Reform Takeaways After Record KPMG Fine

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    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.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    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.

  • Putin Ruling May Have Unintended Sanctions Consequences

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    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.

  • Navigating The New Framework On Nature-Related Reporting

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    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.

  • FCA Engagement Signals New Direction In ESG Disclosures

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    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.

  • New Policies Will Aid UK Cos. Accessing US Capital Markets

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    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.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    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.

  • Creating A Safe Workplace Goes Beyond DEI Compliance

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    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.

  • Asset Managers Should Prepare For Nature-Related Reporting

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    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.

  • What Justices' Cert. Denial Of Terrorism Suit Means For Banks

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    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.

  • Firms Should Prepare For New DEI Reporting Requirements

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    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.

  • What The UK Digital Markets Bill Will Mean For Businesses

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    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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