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Financial Services UK
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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.
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September 06, 2024
UK Lags Globally In Pensions Allocation To Domestic Stocks
British pension funds have a "significantly lower" allocation of their assets to the domestic stock market than most of their counterparts around the world, a think tank has said.
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September 06, 2024
UK Regulators Back Nationwide's £2.9B Deal For Virgin Money
Two U.K. financial regulators have given their consent for Nationwide Building Society's £2.9 billion ($3.8 billion) acquisition of Virgin Money UK PLC, the lenders said Friday.
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September 06, 2024
City Task Force Calls For Shake-Up Of UK Capital Markets
The U.K. must encourage risk-taking in its capital markets in order to remain competitive in the global stage and help fund £1 trillion ($1.32 trillion) of fresh investment needed to hit economic targets, a task force of City heavyweights said on Friday.
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September 06, 2024
Companies Failing To Oversee Reps Properly, FCA Finds
The Financial Conduct Authority warned Friday that firms are failing to properly oversee the agents that carry on regulated activities for them without having to be individually authorized.
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September 06, 2024
Pensions Campaigners Say Gov't Meeting 'Start Of Something'
The chair of a campaign group working to secure compensation for women after the government failed to tell them that their retirement age had changed said Friday that its first meeting with the pensions minister was "the start of something."
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September 06, 2024
British Savers Urged To Track Down Lost Pension Pots
British insurers urged U.K. savers on Friday to take action and track down their lost pension pots in a new campaign aimed at raising awareness about planning for retirement.
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September 05, 2024
Investors Claim £12.6M Bank Investment Started With A Lie
An investment company and its owner have sued two business partners for more than £12.6 million ($16.6 million) paid to set up a specialist bank, accusing the pair of lying by saying less than half that amount would be needed to get the bank off the ground.
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September 05, 2024
FCA Boasts Accelerated Authorizations For Firms
The Financial Conduct Authority said Thursday in its 2023-2024 annual report that it has significantly improved its authorization process, but has missed some targets in relation to processing applications of payments firms.
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September 05, 2024
'Act Now' On Dashboard Prep, Pensions Watchdog Warns
Pension scheme trustees should "act now" to be ready for the long-awaited government project designed to connect workers with lost pots and avoid enforcement action for failing to meet their duties, The Pensions Regulator warned Thursday.
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.