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Financial Services UK
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Featured
FCA's Investigation Regime May Tarnish Unnamed Individuals
Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.
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May 24, 2024
BREAKING: Woman Imprisoned For Laundering $5B Bitcoin Fraud
A British-Chinese woman was imprisoned for more than six years on Friday at a London court for laundering bitcoin converted from an alleged £5 billion ($6.3 billion) investment fraud.
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May 24, 2024
Addleshaw Guides Coventry's £780M Co-op Bank Deal
Coventry Building Society has formalized plans to buy the Co-operative Bank for £780 million ($990 million), the lenders said in a joint statement Friday, a move they claim will create an institution better equipped to challenge larger high street names.
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May 23, 2024
NY Top Court Revives FanDuel Investors Suit
New York's top appeals court on Thursday revived a suit brought by FanDuel investors who claim they were deprived of profits from a merger, disagreeing with a lower court's interpretation of Scottish law.
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May 23, 2024
White & Case Adds Former A&O Tax Pro In Luxembourg
White & Case LLP announced it has added a tax partner to its Luxembourg office from A&O Shearman who specializes in international and Luxembourg corporate tax law.
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May 23, 2024
Marketer Denies Owing Investors For Flawed Property Scheme
An investment marketer has denied owing care home investors £2.3 million ($2.9 million) after they sank money into a flawed property scheme, claiming it never said the investments were safe.
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May 23, 2024
FSB Spots Weaknesses In Short-Term Funding Markets
The Financial Stability Board said vulnerabilities used in short-term markets for financing companies need to be addressed because of the risk to the wider financial system in times of crisis such as COVID-19.
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May 23, 2024
Investec Sets Aside £30M For FCA Motor Finance Review
Investec PLC has put aside £30 million ($38 million) as the banking group faces the Financial Conduct Authority's industry-wide motor finance review, according to the company's report for financial year 2024 published Thursday.
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May 23, 2024
Trader Denies Using 'Magic Money Tree' At £1.4B Fraud Trial
Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), denied using a "magic money tree" in his trading at a London court Thursday.
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May 23, 2024
Pension Plans Must Get Handle On Data Quality, TPR Says
Retirement savings plans in the U.K. face increased regulatory scrutiny to ensure that Britain has the best possible standards on safeguarding the personal data of clients, the pensions watchdog has said.
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May 23, 2024
Bank Sues Adviser For £9M In Property Overvaluation Dispute
A U.K. bank has alleged a retail adviser owes it £9.2 million ($11.7 million) for overvaluing a property development and causing it to lend millions of pounds more than it should have.
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May 23, 2024
Tech Resilience Regime Ambiguous, European Banks Say
A trade body representing banks in Europe warned on Thursday that new regulations requiring finance firms to prevent risks arising from cyberattack or systems failure are ambiguous and could create differing approaches to compliance.
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May 23, 2024
FCA Fines HSBC £6.2M For Mistreating Customers In Arrears
The Financial Conduct Authority said Thursday that it has fined HSBC £6.2 million ($7.9 million) for inadequate treatment of customers in financial difficulty.
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May 23, 2024
Hargreaves Lansdown Snubs £4.7B Bid From CVC, Abu Dhabi
The board of Hargreaves Lansdown said Thursday that it has rejected a proposed £4.7 billion ($6 billion) takeover offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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May 22, 2024
Property Transfer For Tax Break Not Dishonest, UK Court Says
Two liquidated London real estate companies failed to convince the United Kingdom Court of Appeal that their former director behaved dishonestly by transferring their holdings to Jersey trusts for less than market value to obtain a tax advantage, according to a judgment released Wednesday.
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May 22, 2024
HSBC Can't Use Brexit To End UK Role In EU Body, Staff Say
High street lender HSBC is obligated to keep the U.K. arm of its European works council despite Brexit, the representative body for European staff argued Wednesday as it challenged a ruling that the bank could exclude the U.K. once it left the European Economic Area.
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May 22, 2024
Ex-Goldman Banker Gets Contempt Sentence Suspended
A London appellate court on Wednesday chose "the road of mercy rather than justice" and suspended a prison sentence for a former Goldman Sachs banker who breached court orders to hand over information concerning the financial assets of the wife of an imprisoned Turkish politician.
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May 22, 2024
Hilco Exec Wins £296K After Being Sacked For Whistleblowing
A tribunal has awarded a former Hilco Capital Ltd. HR director almost £296,000 ($377,000) in compensation after she was unfairly sacked for blowing the whistle over alleged banking irregularities.
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May 22, 2024
UK Gov't Calls Elections For July 4 Despite Poor Polls
Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.
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May 22, 2024
City Group Warns Financial Fraud Still Major Problem
A City trade body for financial institutions said Tuesday that payment fraud remains a major problem, with criminals stealing more than £1 billion ($1.27 billion) in 2023, shifting into growth areas such as mobile banking.
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May 22, 2024
Swiss Gov't Adopts Proposals For Tougher AML Laws
Switzerland on Wednesday approved a new anti-money laundering framework that will introduce a register in which companies and other legal entities in the country will have to disclose information on their beneficial owners in a major shift in its anti-money laundering rules.
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May 22, 2024
UK Dependency To Implement Pillar 2 Starting In 2025
The island of Jersey, a U.K. crown dependency, said it would implement the international minimum tax for large corporations known as Pillar Two, with the law taking effect next year.
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May 22, 2024
HSBC Rejects Ex-Football Pro's £2M Loan Dispute
HSBC has denied losing former professional footballer Matthew Jansen almost £2 million ($2.5 million) by allegedly failing to monitor the risk of loans secured against properties during the 2008 financial crisis, claiming the sportsman could have kept track himself.
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May 22, 2024
Chinese Woman Faces Oct. Criminal Crypto Possession Trial
A Chinese woman and her alleged accomplice are scheduled to stand trial in London in October, charged with criminal possession and transfer of cryptocurrency, a judge said Wednesday.
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May 22, 2024
Digital Assets Investor To Return Up To £34M To Shareholders
Phoenix Digital Assets PLC launched on Wednesday a share repurchase program worth up to £33.7 million (£43 million), a move guided by Fladgate LLP, following the sale of some of its assets.
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May 22, 2024
EU Watchdog Seeks New Powers For Markets Regulation
The European Union's financial markets watchdog called Tuesday for more regulatory powers and a simplified rulebook to improve the bloc's declining global competitiveness.
Editor's Picks
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5 Questions for Osborne Clarke Partner Nick Price
The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
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Ex-Barclays Litigation Head Joins M&A Startup As 1st CLO
The former leader of Barclays PLC's litigation team and longtime in-house lawyer there has taken on the role of chief legal officer for Tidal Partners, the new mergers and acquisitions advisory boutique has announced.
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Sberbank Unit 'Failing' As Deposits Pulled, ECB Warns
The European subsidiary of one of Russia's biggest banks is "failing or likely to fail" as customers pull deposits after the Russian invasion of Ukraine, according to a notice issued by the European Central Bank on Monday.
Expert Analysis
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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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.