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Financial Services UK
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February 29, 2024
FCA Says Market For Credit Ratings Data Must Improve
The markets for credit ratings, benchmarks and data vendor services lack competition and this is driving up the price of information, according to a report published Thursday by the Financial Conduct Authority.
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February 29, 2024
Global Regulator Seeks Stronger Swiss Bank Safeguards
A global standards setter recommended on Thursday that the Swiss authorities introduce tougher rules for the country's biggest banks as it learns from the crisis that led to the rushed UBS-Credit Suisse merger in 2023.
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February 29, 2024
FCA Plan To Name Suspect Firms Early Alarms Finance Sector
Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.
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February 29, 2024
£1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent
Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.
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February 29, 2024
Car Leasing Execs To Face 2026 Trial In £88M SFO Fraud Case
Two directors of a failing car leasing company accused by the Serious Fraud Office of carrying out an £88 million ($111 million) investment fraud are set to face trial in September 2026, a judge confirmed on Thursday.
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February 28, 2024
MPs Launch Inquiry Into Effectiveness Of Russia Sanctions
Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.
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February 28, 2024
Staveley 'Feared For Life' When Signing £36M Loan Demand
Amanda Staveley "feared for her life" when she signed new repayment demands that allegedly make her personally liable for a £36 million ($45.5 million) demand from a Greek shipping magnate, her lawyers told a London court on Wednesday.
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February 28, 2024
DLA Piper Hires Trio Of Energy And Infrastructure Partners
DLA Piper announced Wednesday that it has recruited the former head of energy, natural resources and infrastructure at Paul Hastings and two other partners to boost its corporate and finance offerings in London.
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February 28, 2024
Gov't Minister Sees Need For Simpler SME Access To Funding
The economic secretary to HM Treasury, Bim Afolami, told members of Parliament on Wednesday that regulations need to be "simpler, easier and less onerous" to give small and midsize businesses better access to funding.
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February 28, 2024
Sanctions Ruling Affords Gov't Leeway In Foreign Affairs
The failed attempt by two wealthy businessmen to overturn U.K. sanctions on appeal has underscored the court's limited role in questioning matters of foreign policy, even though the judiciary has carved out a larger role in weighing the proportionality of individual sanctions, lawyers say.
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February 28, 2024
Profit Warnings Rise For Pension Scheme Sponsors
One in five U.K.-listed companies with a defined benefit pension scheme issued a profit warning in 2023, according to research published by EY-Parthenon, marking a year that "exceeded levels" seen at the peak of the financial crisis.
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February 28, 2024
Director Banned Over Unlawful £57M Investment Scheme
The man behind an unlawful care home funding scheme that lost investors more than £57 million ($72 million) has been banned from being a company director for 14 years, according to the U.K.'s Insolvency Service.
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February 28, 2024
Draft EU Withholding Law Breezes Through EU Parliament
The European Parliament gave a clear green light on Wednesday to a draft law intended to streamline refunds for withholding tax and prevent fraud in the European Union, completing a necessary procedural step in the legislative process.
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February 28, 2024
FRC Plans To Review Code For Asset Managers
Britain's accounting watchdog announced it will carry out a fundamental review of the Stewardship Code and revise its rules for investors where necessary to help promote U.K. competitiveness.
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February 28, 2024
St James's Place Sets Aside £426M For Potential Client Refunds
One of the U.K.'s largest wealth managers said Wednesday that it has set aside £426 million ($540 million) for potential refunds to clients that have complained they did not receive financial advice they paid for.
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February 27, 2024
HMRC Customer Service At All-Time Low, Report Finds
The U.K. tax authority has reached an all-time low level of customer service due to the rising demands from taxpayers and the growing complexity of tax problems, according to a parliamentary report published Wednesday.
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February 27, 2024
EX-NMC Health Group CFO Denies Knowledge Of $4.7B Fraud
The former chief financial officer of United Arab Emirates healthcare group NMC has denied he was involved in a $4.7 billion fraud that administrators allege saw cash siphoned off from the firm for himself and its founder, claiming it was concealed from him.
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February 27, 2024
Global Pension Assets Total $55T In 2023, Broker Says
Global pension assets rose by 11% to reach $55.7 trillion in 2023, according to research published by broker WTW, showing a rebound from weaker economic performance across the previous year.
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February 27, 2024
Ex-Linklaters Pro Penalized Over Conduct In Saudi Fund Trial
A former Linklaters LLP partner was hit on Tuesday with an indemnity costs order by a judge who dismissed his bid to challenge a $25 million ruling against him for failing to return an investment fund to a Saudi princess.
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February 27, 2024
Grim UK Fiscal Outlook Precludes Tax Cuts, Think Tank Warns
The U.K. government should focus on reducing the national debt rather than tax cuts in the March 6 Budget statement, according to research published Tuesday by the Institute for Fiscal Studies, an influential think tank.
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February 27, 2024
Financial Ombudsman Braced For APP Fraud Claims
Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.
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February 27, 2024
Simpson Thacher-Led EQT Nets Record $24B For PE Fund
Private equity giant EQT said Tuesday that it has raised €22 billion ($23.8 billion) for its latest flagship fund EQT X from global investors, exceeding a €20 billion target.
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February 27, 2024
FCA To Start Naming Finance Firms Under Investigation
The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.
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February 27, 2024
Bank Of Ireland Kicks Off €520M Buyback After Profit Gains
Bank of Ireland Group PLC started a share buyback program on Tuesday worth up to €520 million ($564 million) as it looks to downsize the amount of its outstanding capital and bolster returns to investors after reporting strong earnings.
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February 27, 2024
British Pensions Sector Backs FCA 'Advice Gap' Review
The U.K. pensions industry has thrown its support behind a sweeping review designed to plug a growing advice gap among workers approaching retirement.
Expert Analysis
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Why 2023 Could Be The Year Of The Restructuring Plan
As U.K. businesses face a challenging economic environment going into 2023, the stage may be set for a rise in restructuring plans, with early signs such as an increasing body of case law, the pragmatic approach taken by the judiciary to date and the cross-class cramdown mechanism, say Rachael Markham and Charlotte Møller at Squire Patton.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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UK Sustainability Disclosure Regime Complicates Compliance
The U.K. Financial Conduct Authority's new sustainability disclosure rules — likely to be finalized later this year — are the latest piece in an evolving compliance puzzle that fund managers may struggle with, due to conflicting interplay between regulatory requirements and investor expectations, say attorneys at Akin Gump.
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FCA Sends Banks Strong AML Message With Santander Fine
The recent nine-figure financial penalty imposed on Santander by the U.K. Financial Conduct Authority shows the regulator's appetite to go after big banks for AML failings remains undiminished after the landmark case against National Westminster Bank in 2021, says Tom Bushnell at Hickman Rose.
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Why Your Fund Name Needs To Be Trademarked
It is a common misconception that the mere formation of a fund vehicle provides a trademark for its name — but the rights of brand owners are not safeguarded without trademark registration, and the fund is vulnerable if a third party registers the same or a similar mark and seeks to enforce it, says Sophie Peat at Ogier.
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ESG Initiative From FCA Likely To Inform Future Regulation
The code of conduct for environmental, social and governance data and ratings providers to be developed by the U.K. Financial Conduct Authority may be voluntary, but market participants should be aware that compliance will likely offer the best mitigation against potential regulatory and litigation risks, say Ferdisha Snagg and Andreas Wildner at Cleary.
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5 Tips For Adding Value To Legal Clients' Experience In 2023
Faced with a potential economic downturn this year, attorneys should look to strengthen client relationships now by focusing on key ways to improve the client experience, starting with a check-in call to discuss client needs and priorities for the coming year, say attorneys at Troutman Pepper.
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ECJ Fiat Ruling Sets Clear Boundaries For EU State Aid Law
The European Court of Justice's recent landmark decision in Fiat v. Commission limiting the commission’s attempts to circumvent the lack of EU powers in the area of tax law has important implications in EU state aid law and beyond, say Andreas Reindl and Pietro Stella at Van Bael.
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Key Considerations For Charities Receiving Crypto Legacies
With an increase of cryptocurrency donations, charities should ensure they are aware of the implications of being a beneficiary of a crypto legacy and understand what to expect from executors, say Natasha Stourton and Hannah Brearley at Withers.
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A Look Ahead At ESG Expectations For 2023
There are a number of themes that will shape market developments and legislative agendas in the environmental, social and corporate governance sphere in 2023, and a continuing shift from the development of standards to their implementation is likely, say Rebecca Perlman and Ernst Muller at Herbert Smith.
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Cos. Can Expect Intense Antitrust Enforcement This Year
In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.
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An ICO Reminder On Managing Subject Access Requests
Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.
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Foreign Direct Investment Considerations For Buyers, Sellers
The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.
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Widely Forecast UK Recession Is Likely To Reshape M&As
Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.