Financial Services UK

  • August 27, 2024

    Hong Kong Woman's Asset Freeze Extended Over Fraud Case

    A London judge on Tuesday allowed a freezing order to be extended against a woman accused of defrauding her former employers of 164 million Hong Kong dollars ($21 million).

  • August 27, 2024

    Starmer Warns Of 'Painful' Budget As UK Braces For Tax Hikes

    U.K. Prime Minister Keir Starmer warned Tuesday of "painful" decisions to plug budget gaps, including tax increases and spending cuts, looming in the Oct. 30 budget statement.

  • August 27, 2024

    25 Banks To Adopt Tool For Survivors Of Economic Abuse

    Twenty-five banks and building societies have committed to working with a new tool designed to help survivors of economic abuse, Britain's banking trade body said on Tuesday.

  • August 27, 2024

    BCLP Guides Fintech Plus500 On $110M Buyback Program

    Plus500 Ltd. rolled out a $110 million share repurchase program Tuesday aimed at rewarding investors,which the financial technology business said reflects its "continued confidence" in its prospects.

  • August 27, 2024

    Pinsent Masons Steers Insurer On £42M Pensions Deal

    British insurer Just Group said on Tuesday that it has taken on pension liabilities valued at £42 million ($56 million) from a retirement savings plan sponsored by a British farmer-owned dairy co-operative, First Milk.

  • August 27, 2024

    Gov't Urged To Reform Pension Tax To Fill Budget Gaps

    The Labour government should reform £66 billion ($87 billion) worth of pension tax relief to raise extra revenue to help plug the black hole in public finances, a think tank affiliated to the party has said.

  • August 27, 2024

    Santander To Buy Back Shares Worth €1.5B To Trim Capital

    Banco Santander SA said Tuesday that it is launching a €1.5 billion ($1.7 billion) buyback program as the Spanish group looks to reward shareholders with approximately 50% of its underlying profit.

  • August 24, 2024

    Italian Prosecutors Open Criminal Probe Into Yacht Sinking

    Italian prosecutors said Saturday that they have opened a criminal investigation into the sinking of a superyacht that claimed the lives of seven people including a partner at Clifford Chance LLP and his client, British technology mogul Mike Lynch.

  • August 23, 2024

    Ex-Iraqi Minister Foils Reporting Org.'s Defense In Libel Case

    An Iraqi politician has successfully persuaded a judge to throw out an investigative reporting organization's qualified privilege defense to his defamation claim, with the judge ruling Friday that an article about alleged corruption in the Iraqi oil business did not accurately reflect court proceedings.

  • August 23, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Google sue several Russian media outlets in response to challenges to the tech giant's response to international sanctions, easyGroup bring an intellectual property claim against delivery company Easycargo, and e-money business Nyavo challenge action by the Financial Conduct Authority.

  • August 23, 2024

    Oligarch Denied Bid To ID Client Linked To $20M Transfer

    A judge refused Friday to let an imprisoned Russian oligarch force a group of companies to disclose the identity of a client who requested a $20 million transfer, saying that revealing the person's identity runs the risk of violating criminal law in Liechtenstein.

  • August 23, 2024

    Direct Line Reveals Capital Ratio Accounting Error

    Direct Line Insurance Group PLC said Friday it has corrected a miscalculation in its accounting that distorted its capital buffer in its financial results for the year ending December 2023.

  • August 23, 2024

    UK Terrorism Reinsurer Appoints Howden, Aon As Advisers

    Britain's terrorism reinsurer has said it has appointed Aon Securities Ltd. and Howden Capital Markets as advisers for insurance-linked securities transactions.

  • August 23, 2024

    Swiss Watchdog Recognizes Insurance Self-Regulation Plan

    The financial watchdog of Switzerland said Friday that it has officially recognized the insurance industry's self-regulation concerning the training and education of insurance intermediaries, but warned that it will intervene if necessary to protect consumers.

  • August 22, 2024

    Fidelis Denies Liability For $238M Over Stranded Planes

    Fidelis has argued it should not be liable for paying out claims totaling more than $238 million over planes stranded in Russia, arguing the lessors had not been irretrievably deprived of the aircraft under the terms of the policies.

  • August 22, 2024

    Barclays Denies Losing Trader £6.7M On Investor Platform

    Barclays has denied costing a customer £6.7 million ($8.7 million) after he was blocked from trading on the bank's investor platform, claiming the market trader was aware of the uncertain situation of his shares and any loss was his own.

  • August 22, 2024

    Mike Lynch's Path From Tech Founder To DOJ Target

    Friends and colleagues paid tribute to Mike Lynch following his death in a yachting accident on Thursday, hailing the British tech entrepreneur for the decades he spent furthering the industry despite the legal troubles that threatened to overshadow his career.

  • August 22, 2024

    EU Decision Keeps Tax Relief For UK Investment Schemes

    The European Commission will allow U.K. government-backed programs that encourage private investment in small companies to continue offering favorable tax terms for investors, according to a decision published Thursday.

  • August 22, 2024

    Ukrainian Man Hits Cyprus Companies For £1.2M Loan Debt

    A Ukrainian man has sued two banks in a London court for allegedly defaulting on a £1 million ($1.3 million) loan.

  • August 22, 2024

    'Beloved By Everyone': Attys Recall Clifford Chance's Morvillo

    Clifford Chance LLP partner Christopher Morvillo, who died this week after a luxury yacht he was on sank off the coast of Sicily, is being remembered not only as a lion of the legal community but also as an "extraordinary human being" and a "Renaissance man" who was devoted to his family.

  • August 22, 2024

    Over 3M UK Pensioners To Be Dragged Into Higher Tax Rates

    Government data shows 3.1 million U.K. pensioners will be dragged into paying higher taxes in the next four years due to the freeze on income thresholds, financial firm Quilter PLC said Thursday.

  • August 22, 2024

    UK Pension Deal Market Likely To Hit £40B In 2024

    The value of pension insurance transactions in 2024 is likely to drop to £40 billion ($52.4 billion), an insurer has said, bucking expectations of another record-breaking year for the market.

  • August 22, 2024

    Mike Lynch's Body Recovered From Yacht Wreck

    Mike Lynch, founder of technology company Autonomy, died when a yacht he was aboard sank off the Sicilian coast, his family confirmed Friday, after a trip the entrepreneur had reportedly chartered with his legal team to celebrate their victory in a U.S. fraud case.

  • August 22, 2024

    Bank Of Georgia To Buy Back Shares Worth $27M

    Bank of Georgia Group PLC said on Thursday that it will launch a share buyback program worth 73.4 million Georgian lari ($27 million) aimed at cutting its outstanding share capital, as it reported increased profit.

  • August 21, 2024

    Top Commercial Disputes To Watch In 2nd Half Of 2024

    A claim against BHP from victims of Brazil's deadliest environmental disaster, a $10 billion insurance megatrial over planes stranded in Russia and a legal challenge to the response by the U.K. financial regulator to the mis-selling scandal are just some of the trials to look out for in the second half of 2024.

Expert Analysis

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • What New Digital Sandbox Regs Hold In Store For UK Markets

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    The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.

  • Why Investment In Battery Supply Chain Is Important For UK

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    The recently published U.K. battery strategy sets out the government’s vision for a globally competitive battery supply chain, and it is critical that the U.K. secures investment to maximize opportunities for economic prosperity and net-zero transition, say lawyers at Watson Farley & Williams.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

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    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • A Consequential Moment For Sanctions Activity

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    It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.

  • ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring

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    A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.

  • Economic Crime Act Offers Welcome Reform To AML Regime

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    The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • What Venice Swaps Ruling Says About Foreign Law Disputes

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    The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

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